A recent TD survey showed the impact that a personalized financial plan can have for Canadians

In today’s complicated financial environment, every dollar counts for Canadians, and during tax season, many may miss the opportunity to make the most of the money they have.

It’s no secret that tax season – stressful as it may be – also brings some financial excitement for Canadians receiving their tax refund. Some may choose to put those funds towards personal spending, while others put those refunds toward their savings or perhaps toward any high-interest debt, but what if there was another way to use that money to offer you even more financial benefit? Why not consider putting that refund towards your investments?

A recent TD Survey[1] found that 47% of Canadians have not made or are not planning to make any contributions to their investments this year, with 47% not feeling confident in their level of investment knowledge.

While a financial education gap may be the reason, the opportunity to contribute to your investment portfolio with the money you get back as a tax refund is one that nearly half of Canadians may miss out on.

“Any opportunity to strengthen your investment portfolio and better position you for the future is one that Canadians should consider, especially when our survey uncovered that 43% of Canadians are not confident that they’ll be able to retire by the time they planned to,” says, Pat Giles, VP Saving and Investing Journey at TD.

“When it comes to mapping out your specific financial goals, Canadians with professional financial advice and direction are seemingly better positioned to navigate a dynamic financial environment.

With many Canadians admitting they aren’t sure what they should be doing with the money they have, including the money they get back from their tax refund, Giles says that before making any big investment decisions, it can be advantageous to meet with a TD Personal Banker, who can help navigate next steps for each customer’s unique financial needs.

“It may seem as if, especially as Canadians are challenged by evolving economic times, the opportunities to invest are few and far between,” added Giles.

“With the help of a TD Personal Banker, Canadians can get creative with how they make the most out of the money they have available to invest, like using your tax refund to supplement your investments and may help you reach your financial goals sooner.”

So, what should you be investing in to optimize your financial future?

“It’s important to take advantage of the registered plans that have available in Canada, particularly Registered Retirement Saving Plans and Tax-Free Savings Accounts,” explains Giles. “It’s okay if you don’t know which one to invest in first – everyone’s financial situation is different, and these are exactly the types of conversations TD Personal Bankers have with Canadians every day. There’s no amount too small to start with – what’s important is getting into the investing habit and sticking to it.”

For savings vehicles like RRSP’s and TFSA’s, 39% of Canadians are not confident they know when to contribute, with 35% also stating that they were not confident they had selected the right investment vehicles.

With tax refunds top of mind for Canadians and the opportunity to contribute to investments available, TD also offers several tools and resources to help them on their investment journey. TD Personal Bankers are available in branches across the country and can provide personalized financial advice to help Canadians reach their financial goals, no matter what they are.

To connect with a TD Personal Banker, learn more here.

[1] About the TD Survey

This Maru Public Opinion survey was conducted on behalf of the TD Bank Group and undertaken by the sample and data collection experts at Maru/Blue. From October 23-24, 2023, the online survey ran among 1,524 randomly selected Canadian adults who are Maru Voice Canada panelists. The findings are weighted to reflect the Canadian population and a comparative probability sample of this size has an estimated margin of error (which measures sampling variability) of ±2.6%, 19 times out of 20.