If you owe money to CRA (Canada Revenue Agency), you’re not a happy camper but if you have a tax refund coming to you…you are likely smiling! 

Essentially it’s money you’ve paid to the government in one form or another but after reconciling your 2014 income and deductions with what you truly owe, you didn’t need to pay quite so much. It’s very similar to forced savings and can be a tidy sum that lands in your pocket. The trick is not to let it trickle away…..

What will you do with your tax refund? If you were expecting a refund, perhaps you have a plan (savings or repay debt) and if so, allocate the funds as you intended. If you didn’t, it only takes a moment to make the most of it. Depending on the amount you expect to receive, you could consider splitting it 3 ways between savings (retirement or other), debt repayment and something fun for yourself and/or family. Alternatively and if you’re committed to reaching your financial goals sooner rather than later, a 2 way split between debt and savings will see you to the finish line faster.

Either way, don’t delay – deploy the money as soon as it arrives in your account.