How will Canadians spend their RRSP tax refunds?

One third of Canadians who expect to receive a tax refund after making an RRSP contribution will save or invest the money.

By Staff | March 2, 2016 | Last updated on September 15, 2023

1 min read

One third of Canadians who expect to receive a tax refund after making an RRSP contribution will save or invest the money, finds a BMO survey.

This is down slightly from 34% in 2015 and 36% in 2014. Other ways they will spend their tax refund include:

Paying down a mortgage (16%, compared to 15% last year)
Home renovations (14%, compared to 13% last year)
Travel or leisure items (13%, up slightly from 11% last year)

If you need some fresh ideas for inspiring clients to save, read Creative ways to motivate clients. Here’s a snippet:

“When Kevin Cork’s clients hit $1 million in invested assets, he treats them to what he calls a Millionaire’s Night Out. A stretch limo arrives to whisk the clients to dinner at a fancy Calgary restaurant and a cultural event—maybe the theatre, opera or a Calgary Flames hockey game.”

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