Millennials to use tax refunds to reduce debt
Tax refunds that may be due to millennials will be used wisely by the vast majority. In a BMO Nesbitt Burns tax survey 37 per cent said they would use any cash they get back to pay bills or to reduce debt while 33 per cent plan to invest the money. Those in Atlantic Canada and Ontario are most likely to reduce their debt while those in the Prairies are least likely. The survey also reveals that just 48 per cent of 18-34 year olds understand how to invest their refund in the most tax-efficient way.