The vast majority of taxpayers receive a tax refund averaging about $2,000. For many Canadians this is the biggest paycheque they’ll receive all year. This year, your tax refund is as important as ever.
While receiving your refund is exciting, filing your taxes also caps off your financial year. It’s like the New Year’s Eve of finances (except without the countdown, noise makers and champagne). And like the dawn of a New Year, preparing and filing your taxes is another great opportunity to make some financial resolutions. There’s a reason why filing income taxes is described as “the golden moment for savings.”
While there are lots of good options for what to do with your refund like paying off debt, investing in a high interest savings account or investments like a TFSA or RRSP, for some the first step is knowing where you stand and Intuit has a couple of great apps to do just that: Mint and Credit Karma.
A fresh way to manage money
Mint, Canada’s #1 personal finance app, gets you closer to your money. See when your refund hits your bank account, track the performance of any investments or get notified of fees or when a bill is due. Mint is a great way to make the most of your hard-earned refund.
See all your accounts in one app
See where all your money goes by easily adding your cash, credit cards, investments and bills
Put an end to late fees
Don’t pay more than you need to. Track bills to help you make sure you never miss a due date.
Stay focused on your financial goals
Improve your spending habits. Save for a home, crush debt, and prepare for the future.
If you’re looking to reach your goals or just want to get closer to your money, you can do it all for free with Mint.
Check your credit score for Free
It’s a common misconception that checking your credit score hurts your credit score – it’s not true.
In fact, your credit score is an important part of your financial life. While the outcome of filing your taxes doesn’t have a direct impact on your credit score, deciding what to do with your refund or how you pay your balance might. Using your refund to pay down credit cards and loans can help you build a stronger score. On the other hand, paying your balance on a credit card and missing payments can have a negative effect. The important thing is, that you know how it’s changing and why. With Credit Karma, you can check your credit score and report for free, forever.
New Score and Report each week, all free
Update your free score and report as often as every 7 days, without paying a cent
Free credit monitoring, tips and education
Get alerts about important changes and learn how to improve your credit
A smarter way to find financial products
Search for credit cards, loans and mortgages tailored to your score and personalized to you
If you don’t know your credit score or if you haven’t checked it in a while, check out Credit Karma today.
So, happy financial new year and all the best for the next 12 months! We’re sure you’ll love Mint and Credit Karma, two great products from Intuit, the makers of TurboTax.
We are serious about security!