A new Scotiabank survey suggests that British Columbians will be the Canadians most likely to save the tax refund they expect to receive this year.
About a third of British Columbians surveyed said they planned to deposit or reinvest their refund. That compares with 24% of Canadians overall.
Albertans were the most likely to use their refund to pay down debt (27%) versus 21% of Canadians over all.
Less than 20% of respondents planned to spend their refund. About 8% said they would go shopping, while 5% said they would use their refund to go on a vacation. Only 4% said they would use it to do some home renovations.
Adam Salahudeen, Scotiabank's senior manager of tax advisory services, said those receiving a tax refund should file their taxes sooner than later to take advantage of extra time to earn any extra investment income from investing a month or so before the filing deadline.