Just a gentle reminder that today is the final day to file your federal taxes in Canada and if you haven't filed yet, you're not alone (but you are in the minority).
On April 29th we surveyed over 1,000 Canadians to see if they had filed taxes yet and 13% of them told us that they would file on either April 29th or 30th. That's fewer procrastinators than we thought!
21% of Canadians surveyed will file in the last week of tax season while a full 8% admit that they will file after the deadline.
Many Canadians are expecting a refund (cha-ching) and we wondered if the old stereotype of buying a big ticket item (like a new car stereo or a VCR) with the refund still held true.
Alas, the Canadians we surveyed are a responsible lot with about half of respondents saying they would direct at least a portion of the refund to savings or to pay down debt. Maybe as an indicator of how Canadians are struggling right now, 23% said that they would spend part of their tax refund on Groceries compared to just 11% who said they would spend it on travel.
It looks like we will not see a flood of new money coming into retail as refunds hit Canadians' bank accounts this year!