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May 07, 2021

Canadians prefer to travel with their tax refund cash: survey

There are any number of things we know about Canadians, including but not limited to our favour of certain coffee chains, hockey teams and duct tape-related comedy.

Financially, though, as a stereotype, we are a fairly responsible bunch. On the global scale, Canadians are considered more restrained than other free-spending nations, and our nation’s regulation-heavy banking sector gets credit today for us falling into merely a recession four years ago and not a full-out societal meltdown.

In any case, just don’t expect Canadians to be fiscally accountable when it comes to tax refunds.

Indeed, by a new survey, what many Canucks consider “free money” each spring isn’t being put toward retirement or paying down debt.

According to the poll, Canadians would rather use their refund cheques toward a vacation over tackling debt or other consumer ambitions.

*Bing: What debt should you pay off first?

Consider the source of the survey, of course – it’s Expedia, the travel provider – but by their poll, at least, 51 per cent of Canadians said they’d book a trip with their tax refund cash over buying clothes, fancy dinners or other big-ticket items.

British Columbians and Albertans were most likely to travel with their tax refund money (63 per cent and 55 per cent said yes, respectively), while Quebecers were the least likely (39 per cent said yes.)

Where to?

With a tax return cheque that averaged $1,506 in Canada last year, most (25 per cent) said they’d hit up a beach in Mexico or the Caribbean, 22 per cent said Europe, 17 per cent said they’d travel Canada and 16 per cent said they’d head south of the border.



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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...

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...