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Russ MacDonaldAs the tax season winds down some individuals will be receiving their income tax refunds. If you are one of these individuals and are deciding on what to do; here are 3 options for you to look at.

Pay down high interest rate credit cards. Cards with 19% interest rates can be a killer to pay down. Think about it — only 80% of your monthly payment goes towards paying down the debt. By using your tax refund you will either shorten the time it takes to pay off or it will just pay it off completely. Either way that's less money wasted and more money in your pocket.

Invest into a TFSA. The basic concept of a TFSA (Tax Free Savings Account) is that any interest earned is not subject to tax. If you happen to hold the investment over a long period of time the growth could be significant. Tax free savings accounts aren't just issued at banks, they are offered by basically all financial companies and investment representatives. They have annual contribution limits that can be carried forward if not used all at once. For 2016 the carry forward room is $46,500.

Contribute to your child's education (RESP). Do you wish to help offset the costs of your child's education? If so an RESP is a great way to do just that. On an RESP the government issues grants to help supplement growth on money invested. On a basic CESG grant the government matches 20% on the first $2500 up to $500 per year. Depending on your family income, you may even qualify for more grants.

The above represents just 3 options to consider using your refund for. All three represent a way to keep more of your hard earned money in your pocket. If you would like to review these or any other options with me please don't hesitate to call.

-Russ MacDonald
Heritage Insurance Ltd., (306) 631-9738


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Looking for financial advice? Heritage Insurance LTD can help. Call us at (306) 693-7640 or contact us online for more information.
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