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February 17, 2022

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



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo),,, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...