What will you do with your tax return cheque?
There is one discernable event that man, woman and child – whether they be white/black/brown or Jew/Christian/Muslim – all enjoy the same.
Tax return day.
Call it what you want: the All-Healing Relief, Happiness on Paper, an Overdue Financial Aphrodisiac or whatever. Everyone loves a tax return cheque.
The question is, what do you do with yours?
Sure, it’s early, but we’re getting dangerously close to that glorious time when the federal government gives back and puts some pep in our step.
And, despite it being never too soon to get excited about tax refund dollars, it’s worth getting a head start on preparing for that magnificent day when we hop and skip back inside from the mailbox.
The responsible among us will use any return cash to pay down debts, buy some blue-chip stock or contribute to our long-neglected RRSPs. Commendable, noble investing there.
But we didn’t get launched into an epic recession because people were conscientious with their cash, so there are other refund-haemorrhaging strategies that are of note here, too.
People could upgrade their DVD collections to Blu-ray, for example. Or maybe they’ll party with Snooki from Jersey Shore for one night. Or perhaps someone finally has the money to get that autographed Jose Canseco jersey from the one year he spent with the Chicago White Sox.
A Consumerist poll today includes a vast range of refund cash plans among Americans: 21% will save for a rainy day, 26% will pay down their credit cards, 2% will buy groceries, 16% will “have fun.”
How responsible will you be? What do you plan to do with your tax refund cheque?
By Jason Buckland, MSN Money
Posted by: Max Tall | Feb 18, 2022 9:15:43 AM
It will pay my golf membership this year
Posted by: Lisa | Feb 18, 2022 11:03:47 AM
I listen to Suze Orman. I will pay down debts...then, put a few pennies away for a rainy day.
Hopefully by my mid-50's, I will be able to use the money for something frivolous.
Posted by: ALICE | Feb 18, 2022 11:30:00 AM
I WILL PAY OFF THE MONEY STORE,GET MY GLASSES,CAUSE I HAVE NO COVERAGE,WHATS LEFT,TAKE MY 9 YR.OLD GRANDAUGHTER OUT FOR A NICE SUPPER .OR IF ENOUGH LEFT TAKE HER TO N/FALLS FOR A WEEKEND,WISH THE GOVERMENT WOULD GIVE ME MORE ON MY PENSION CHEQUE (AMEN)
Posted by: Brian | Feb 18, 2022 11:56:55 AM
I am exopecting what I clal a sizeable refund ($7K)
Posted by: Glen | Feb 18, 2022 8:07:37 PM
Will be able to pay off 2/3rds of my credit card.. no brainer where that is going..
Posted by: Mrx | Feb 18, 2022 11:20:09 PM
Wow, the government gives you YOUR OWN MONEY BACK THAT YOU SLAVE FOR and you so mercifully thank them for it. BOW DOWN you hopeless sheep and kiss the feet of your makers, its all your good for.
Posted by: BNER | Feb 18, 2022 11:41:06 PM
Getting $7600 back. I will pay for my golf membership ($800), buy an IPOD and the rest I will split between a TFSA and RRSP contributions
Posted by: Alex | Feb 19, 2022 11:02:26 AM
I pay every year.
Posted by: Redoder | Feb 19, 2022 2:01:41 PM
I argree with Mr.X. Bui its still nice to get it back. It's kinda like money you put away can't touch and then get back in one lump some. I know if i tried to save what i get back in income tax, throughout the whole year...it'd never happen. I can barely save what I have.
Posted by: J Steed | Feb 21, 2022 5:47:22 AM
I would go to the bank and deposit it. Is this a trick question?
No wait! I don't get refund cheques. I wouldn't be stupid enough to pay more tax than I need during the year, then get expect a refund.
Posted by: Alero01 | Feb 21, 2022 11:42:15 AM
My tax refund is going to pay for a nice vacation this year. :)
Posted by: David | Feb 24, 2022 2:36:52 PM
Buying stock - Scotiabank, Transcanada, and Corby A. Give me the dividends - I want them. Retired by 53, low fees, index funds and dividend stocks are the way to go - has worked like a charm since January of 1987. Financial planners, aka sales people, aren't making any commissions off of me so I can see them driving their beemers and living their follish lifestyle. The sheep aren't the ones waiting for their refund! They are the ones that take advice from these salespeople who blow their money but put on a good show because they don't follow their own advice. Wake up people, become financialy literate and do it yourself. Listen to Warren Buffet when he says that all the average investor needs to do is invest in index funds - the costs are low and they beat over 85% of the managed funds year over year. Why pay 2+% for the advice?
Posted by: Brian | Feb 27, 2022 1:27:15 PM
I should pay down my credit card but I'm in need of a new computer so guess where my refund is going. Credit cards can always wait until next year...can't they?
Posted by: mary bell | Feb 27, 2022 1:39:07 PM
Paying for my vacation and redoing my basement. Never carry a balance on my credit cards so they are all paid off. mb
Posted by: Linda | Feb 27, 2022 9:03:07 PM
Pay off credit card balances.
Posted by: Steve | Feb 28, 2022 4:25:14 AM
Buying new teeth!
Posted by: Tracey | Mar 2, 2022 11:33:08 AM
paying off my credit card and taking my daughter to Disney on Ice!
Posted by: CHINITA | Mar 13, 2022 11:30:06 AM
THROWING OUR LAVISH 6 YEAR WEDDING ANNIVERSARY THIS SUMMER
EXPECTING 10K BACK =)
Posted by: mb | Apr 20, 2021 1:12:26 PM
I will be buying food, since I havent worked in 9 months because every job in my field has been farmed out to china. God I hate this country.