Canadians’ motivations for saving are numerous, prioritizing overlaying surprising bills, avoiding further debt, and planning for retirement.
Regardless of financial hurdles, 73 % adhere to a realistic strategy in the direction of spending, refraining from purchases they can not afford with out resorting to credit score. This cautious spending habits underscores a broader dedication to monetary prudence amongst Canadians.
As tax season approaches, 81 % of Canadians stress the significance of maximizing their tax refund, with 36 % anticipating a refund and an identical proportion unsure of their tax final result.
This situation underlines a spot in consciousness concerning eligible tax credit and advantages, with almost half counting on their tax refund to navigate by way of financially difficult occasions.
Regardless of the wrestle to boost financial savings, Canadians keep quite a lot of financial savings and retirement accounts, underscoring their intent to safe their monetary future. This tax season, a portion of Canadians plans to take a position their refunds into RRSPs, TFSAs, or FHSAs, and to contribute in the direction of a “wet day” fund, highlighting the important position of tax submitting in private monetary administration.
