With tax season upon us, experts say it's best to take a hard look at your finances before deciding what to do with your tax refund -- and they emphasize there is no one-size-fits-all approach for everyone to take.
"There isn't a cookie-cutter solution. Everybody's different," said Brenda Hiscock, a fee-only, advice-only certified financial planner at Objective Financial Partners in Toronto.
Next, Hiscock recommends looking into employer matching programs for retirement savings, in which an employer matches an employee's contribution into a registered retirement savings plan . It's often dollar-per-dollar up to a certain amount or up to a given percentage of an employee's salary. If you make $50,000 or less a year and you have a limited ability to invest, she recommends setting aside money in a TFSA.
"There's being practical, of course, but there's also making ourselves happy and enjoying life, and I think that we need to find a good balance there," she said. People with debt -- especially high-interest debt -- should pay it off early to ensure that they can take back control of their finances, said Jahrig.
If you're uncertain of what to do with your tax refund or would like to receive personalized advice from an expert, Hiscock and Jahrig said you should speak to a certified financial planner, a trusted financial adviser, or perhaps even an accountant who may be doing your taxes.
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