More Canadians Set to Save or Invest Tax Refunds This Year: TD Survey

About this update from Toronto-dominion Bank

[{"type":"text","content":"\n\n\nMore Canadians Set to Save or Invest Tax Refunds This Year: TD Survey\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nGen Z leads the way with investing their refunds (33%), but most (63%) still say they don't know enough about registered accounts\nTORONTO, May 4, 2026 /CNW/ - With tax refund season underway, a new TD survey finds many Canadians who receive a refund are choosing to put that money to work in practical ways and skipping the splurge.Economic headwinds are redefining financial priorities for many Canadians polled and directly shaping how they plan to use their refunds this year, particularly for Gen Z:More than 2 in 5 Canadians expecting a refund (41%) say they'll use it differently than they normally would because of today's economic conditions. That rises to roughly half among Gen Z (53%).Almost 2 in 3 Gen Z respondents expecting a refund (63%) plan to save it, well above the national average (47%) and a huge jump from 2025 (30%).Gen Z is also the most likely to invest their refund (33%), compared with the national average (25%) and more than doubling year-over-year (14% in 2025).\"Younger Canadians, especially Gen Z, are showing that you don't have to wait for the 'perfect' moment to start investing,\" said Aaron Clark, Senior Vice President, Everyday Banking, Saving and Investing at TD. \"For many, it's as simple as opening a TFSA, contributing as they're able and learning as they go. That kind of early momentum can help build confidence and long-term financial stability.\"How Canadians plan to use their tax refundsRather than spending on travel or major purchases, the survey found that Canadians expecting a tax refund this year are far more likely to save, pay down debt or invest than they did in 2025, signaling a more intentional approach to managing their money:8 in 10 Canadians (80%) are expecting a tax refund this year.Nearly half (47%) plan to save their refund, up from 29% last year.More than a third (36%) say they'll use it to pay down debt, compared to 23% in 2025.1 in 4 (25%) intend to...

More updates from Toronto-dominion Bank