Will you spend or save that tax refund?
Many Canadians look forward to a tax refund with great anticipation. They consider it a tax-free windfall that they can spend without feeling guilty. 
We’re so anxious to do so that hundreds of thousands of us choose to receive our tax refund on the spot, generally paying as much as 10 cents on the dollar for the privilege.
Most advisors decry the practice, arguing that an instant refund is a stupid to pay to access your own money and that getting a refund in the first place means you've already provided the government with an interest-free loan.
Instead, they argue, you’d be better off waiting a couple of weeks and then using any refund to pay off debt or get started on some sort of rainy day fund.
But not everyone sees things that way.
Strelecky says we don’t know what the future brings, so spend more time doing what you want.
"If you are going to spend it on something that you won't remember 30 days from now, it's a waste," he maintains. "But if you are going to spend it on a Bucket List item that will be a lifelong experience of tremendous value, you are better off doing it now."
What plans do you have for your refund? Do you buy Strelecky's argument?
By Gordon Powers, MSN Money
* Follow Gordon on Twitter here.
Posted by: saver not a spender | Apr 5, 2021 10:35:02 AM
I work with a guy whose wife stays home and looks after their 3 kids, so he's the sole provider, I also know how much he makes and every extra penny this guy has in his pocket he spends on something. Whether its a new laptop and desktop computer or an ipad money burns a hole right through this guys pocket. He spends the extra to get his tax rfund right away and instead of saving it or paying of his massive school loan he bought electronics with it. I just look at him when he tells me all this at work and I think your an idiot you have 3 kids and a wife to support and you have no savings, emergency fund or RRSP! But you dont think twice about blowing your tax return on a bunch of junk.
Posted by: Bobby Star | Apr 5, 2021 11:42:20 AM
Boring as it sounds...my tax refund will be going onto my mortgage!!
Smartest move you can make with the "free money". Otherwise it would be spent on a nice trip, but I would rather have more equity in my home sooner and be able to live mortgage free as soon as possible. At that time I look forward to taking a trip around the world!!!
Posted by: Money | Apr 5, 2021 1:27:52 PM
Going to pay off my car. Always put money you can live without towards things that are unpaid. Debt is the way society keeps you tangled and grounded. To be free and live without borders is to carry no debt. That way whatever happens you're not bound to anyone or any organization.
Posted by: Chip | Apr 5, 2021 4:03:31 PM
@saver not a spender..... I know quite a few people like that. They live for the day. Little gadgets up the ying yang and more to come when the next upgraded gadget comes along. So sad. If your co-worker ever loses his job, maybe he'll be able to pawn his gadgets at 10% of purchase cost and put a few macaroni and cheese dinners on the table to feed his family. Having 3 kids and acting that way already shows his sense of responsibility and intellligence.
Posted by: Kevin Chafe | Apr 6, 2021 7:51:20 AM
I will spend mine.Not the way I wish though.I will spend mine on my HYDRO BILL.my WATER BILL and catch up on my TAXES( hopefully).
Posted by: Jack S. | Apr 10, 2021 9:57:39 PM
What an easy question. I wish all questions were this easy. Of course I will save my tax refund. OH WAIT, I didn't get a tax refund!!!!!!! I owed the government!!!!! I had their money in my possession and used it earned more money in my investments. I am one of those people not stupid enough to overpay my taxes and then get a thrill by getting a refund and thinking that I am smarter than everyone else. DUH!