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It's tax time, what are you going to do with your refund?

It's tax time, what are you going to do with your refund?

Pay down debt

It's unlikely that you'll miss this chunk of money, since you've technically already paid your taxes and are just getting some of that back. Use it to pay of some debt and reduce the interest you're paying on that loan. Less interest paid means more money in the bank for living expenses.

Stash it away

Leaving that cash in a savings or chequing account makes it easy to access - and spend. Take advantage of tax savings in 2018 by depositing your 2017 refund into your RRSP plan or a tax-free savings account.

Update your home

While your tax refund may not be enough to fund a fill-blown renovation, the average refund is definitely enough to cover some upgrades to your home. This can boost your return if you're planning on selling in the near future. If you're planning on staying in the home you'll enjoy the added livability - and some shiney new faucets!

Increase your mortgage payment

Depending on your mortgage terms and conditions, you may be able to make a lump sum payment. You'll pay less interest and more in principal. While $1500-$2000 may seem like a drop in the bucket, every dollar counts.

Build your down payment

If home ownership is a goal of yours in the near future, consider putting your tax refund into a down payment fund. An RRSP is a great option. You'll enjoy a tax break, and you can borrow up to $25,000 (tax free!) for your down payment and other home purchase related costs when you're ready to buy.

Be sure to consult with your financial advisor to explore your best options.