10 May 2011

Toronto residents paying off debt, saving with tax return money

A new poll is indicating that instead of going out and spending money with their tax returns, most Canadians will be using it to pay down their debt or save it for a rainy day.

According to a CIBC Harris poll, 42 percent plan to use the money to pay down debt on things they already own and 30 percent plan on investing it. Just 8 percent plan to spend their new found earnings.

"The fact that the majority of Canadians plan to pay down debts or shore up their bank accounts with their tax refund is a clear sign that Canadians are indeed focused on getting their financial house in order," said Jame Golombeck, CIBC's head of tax and estate planning.

Golombeck went on to say that Canadians shouldn't rely on tax returns to pay down their debts but instead resort to cost-saving tactics earlier in the year.

There are ways to make money even in the most unlikely of places, such as by raiding one's storage unit and selling unused items. In April, a report from Kijiji Canada found that 40 percent of the country's residents throw out belongings that could sell for hundreds of dollars.

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