76% of Gen Z Canadians expecting a tax return are ready to invest it but many are unsure how TFSAs fit in

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76% of Gen Z Canadians expecting a tax return are ready to invest it but many are unsure how TFSAs fit in /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire New TD survey reveals nearly a third of Gen Z still unclear on TFSAs, potentially missing out on long-term, tax-free growth TORONTO , April 23, 2025 /CNW/ - As tax refunds land in Canadians' bank accounts, a new TD survey reveals that Gen Z is leading the charge when it comes to investing their returns—but many may be leaving money on the table. According to the survey, three-quarters (76 per cent) of Gen Z Canadians expecting a tax return this year say they plan to invest it, outpacing both Millennials (60 per cent) and Gen X ( 48 per cent ). Yet despite this enthusiasm, only half (51 per cent) say they have a TFSA (Tax-Free Savings Account) and among those that don't, nearly one-third (30 per cent) say it's because they don't understand how it works – a knowledge gap that could potentially be costing them valuable growth opportunities. "A TFSA isn't just a savings account—it's a gateway to long-term, tax-free growth," says Pat Giles , Vice President, Saving & Investing Journey at TD. "For young Canadians, the earlier you start, the more powerful the impact. Even small, consistent contributions can build serious financial confidence over time, making sure your money is working as hard as you are." Economic pressures are pushing Canadians to rethink their financial and investment strategies. TD's survey also finds that 90 per cent of Canadians are shifting their financial strategies in response to external pressures—like inflation and rising costs of living. Two-thirds (67 per cent) say those pressures are directly impacting how they'll use their tax refund this year. Among Canadians expecting a tax return: 53 per cent plan to invest their refund in their future; 44 per cent will contribute to a TFSA; 31 per cent will add to an RRSP. But among those without a TFSA, the barriers are clear: 51 per cent say they don't have enough money to contribute; 20 per cent cite confusion about how TFSAs work; 14 per cent prefer...

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