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Canadians’ motivations for saving are various, prioritizing protecting sudden bills, avoiding extra debt, and planning for retirement.
Regardless of financial hurdles, 73 % adhere to a practical method in direction of spending, refraining from purchases they can not afford with out resorting to credit score. This cautious spending conduct underscores a broader dedication to monetary prudence amongst Canadians.
As tax season approaches, 81 % of Canadians stress the significance of maximizing their tax refund, with 36 % anticipating a refund and an identical proportion unsure of their tax end result.
This situation underlines a niche in consciousness concerning eligible tax credit and advantages, with practically half counting on their tax refund to navigate by way of financially difficult instances.
Regardless of the wrestle to reinforce financial savings, Canadians preserve a wide range of financial savings and retirement accounts, underscoring their intent to safe their monetary future. This tax season, a portion of Canadians plans to speculate their refunds into RRSPs, TFSAs, or FHSAs, and to contribute in direction of a “wet day” fund, highlighting the crucial position of tax submitting in private monetary administration.
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