Are you expecting a tax refund? If so, do you have a plan?

The best way to get the most out of your tax refund is to have a plan. It’s your money after all – coming back to you! Before you dip into it (even a little bit), take a moment to think about your goals and what kind of a difference this money could make. Even if it’s a small amount, it all adds up.

• Are you saving for anything? A wedding, a trip or a new car? This could be a great start.
• Do you have a nagging debt that you want to be rid of?
• Have you started saving for retirement? Funds put into a Retirement Savings Plan today can serve many purposes such as planning for your future, a contingency fund or home down payment. In any case, it likely ensures less tax paid next year too!

Knowing what you want to do with the money may be all it takes to tip the balance to use the funds towards one of your goals before it disappears amongst all the other ‘ins and outs’ of your bank account.

If you aren’t expecting a tax refund, you won’t pay interest and penalties if you submit your taxes by the deadline (April 30th for personal taxes). If you can not submit them by April 30th, do it as soon as possible to minimize these extra costs!