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What would you do with a tax refund?

4/20/2016

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Well I would be dancing like this! I am self employed so always owe .
Park the cheque into a saving account, not the black hole affectionately known as joint checking . 

• RRSP contribution would get you another tax refund next year 
• TFSA earns more tax-free investment income.
• Repaying credit card especially high interest ones 
• Slim down a line of credit, mortgage or student loan 
• Donating to a charity of choice and get a tax receipt 
• Making a Registered Education Savings Plan (RESP) contribution get 20 to 30% grant and helps pay for the rising costs of education.
• Registered Disability Savings Plan (RDSP) for a special needs family member often gets dollar for dollar matching 
• Leaving it  in your saving account but shop for interest rates ( ask me how to get 2% plus)
• Paying an outstanding bill 
•Building the emergency account 
• Invest in your business 
• Lending it at the prescribed rate to the low tax bracket spouse.
• Help an adult child stop paying rent and own a home 
• Add to your retirement planning 
• Experiences make memories plan a family trip or event 
• Renovate home to save energy or increase value 
• Investing in yourself ,  improving your career or education.
• Save it for the next tax bill! 
• Start a Christmas gift fund.
 20 ..........not so sensible ............take your sweet heart out for coffee and desert . people are more important than money 

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