Just a gentle reminder that tomorrow 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).
Over the past few days we surveyed over 1,300 Canadians to see if they had filed taxes yet and 10% of them told us that they would file on either April 29th or 30th. That's fewer procrastinators than we thought and down from 13% at the same time last year!
26% of Canadians surveyed will file in the last week of tax season while a full 7% admit that they will file after the deadline.
68% 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 53% 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 continue to struggle with household expenditures and inflation, 25% said that they would spend part of their tax refund on Groceries compared to just 11% who said they would spend it on travel.
Similar to last year, it looks like we will not see a flood of new money coming into retail as refunds hit Canadians' bank accounts this year!
Check out last year's results here: