{"id":72063,"date":"2026-04-10T12:00:41","date_gmt":"2026-04-10T12:00:41","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/04\/10\/posthaste-more-canadians-desperate-for-tax-refund-to-plug-holes-in-their-finances\/"},"modified":"2026-04-10T12:00:41","modified_gmt":"2026-04-10T12:00:41","slug":"posthaste-more-canadians-desperate-for-tax-refund-to-plug-holes-in-their-finances","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/04\/10\/posthaste-more-canadians-desperate-for-tax-refund-to-plug-holes-in-their-finances\/","title":{"rendered":"Posthaste: More Canadians desperate for tax refund to plug holes in their finances"},"content":{"rendered":"<p> \n<br \/><br \/>\n<iframe loading=\"lazy\" title=\"Why are Canadian bond yields surging?\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/0a2FJo3fSR8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<\/iframe><br \/>\n<img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg\" title=\"\" \/><\/p>\n<p> Accountants will tell you that getting a <\/p>\n<p>                        tax refund<\/p>\n<p>                         is bad financial planning, but more Canadians are nonetheless depending on that cash injection to help with their finances, according to two new surveys. <\/p>\n<p> \u201cMore than a third (36 per cent) say they are relying on their tax refund more this year than last year, reflecting the impact of the current economic climate on household finances,\u201d EQ Bank said in a release about its survey on Thursday. <\/p>\n<p> As the April 30 deadline for Canadians to file their <\/p>\n<p>                        tax returns<\/p>\n<p>                         comes closer into view, some groups depend on the refund more than others. <\/p>\n<p> A bit more than 40 per cent of people aged 18-34 are counting on a tax refund as a financial buffer \u2014 the highest share among all the age groups \u2014 while 41 per cent of women said \u201cthey are relying on their refund for expenses,\u201d compared with 32 per cent of men, EQ Bank. <\/p>\n<p> Despite much lower interest rates than a few years ago and slowing overall inflation, Canadians continue to struggle with their finances. <\/p>\n<p> Homeowners<\/p>\n<p>                         set to renew their <\/p>\n<p>                        mortgages<\/p>\n<p>                         this year, likely at higher <\/p>\n<p>                        interest rates<\/p>\n<p>                        , were preparing to tighten up their budgets to manage those larger payments, a survey by <\/p>\n<p>                        Toronto-Dominion Bank<\/p>\n<p>                         said. <\/p>\n<p> And two-thirds of NerdWallet Canada survey respondents said they used a <\/p>\n<p>                        credit card<\/p>\n<p>                         to <\/p>\n<p>                        pay for basics<\/p>\n<p>                         such as groceries or utilities in the past year, up from 74 per cent last year and 69 per cent in 2024. <\/p>\n<p> Similar to the EQ Bank findings, 40 per cent of people are relying on their tax refund to help cover the cost of living, a TurboTax Canada survey of 1,500 Canadian adults said. <\/p>\n<p> Some of its survey\u2019s results paint an even more dire picture of how dependent people are on their tax refunds. <\/p>\n<p> For example, nearly seven in 10 said they would be \u201cfinancially impacted\u201d if they didn\u2019t receive the refund they were expecting and 26 per cent said they would be \u201cseverely impacted.\u201d Gen-Zers and millennials said the financial fallout from not getting the expected refund in the mail would be significant. <\/p>\n<p> Taxpayers take their refunds so seriously that 60 per cent worried about missing out on deductions or credits that would help them net a bigger refund. <\/p>\n<p> So far the <\/p>\n<p>                        average refund<\/p>\n<p>                         received is $2,000, according to the <\/p>\n<p>                        Canada Revenue Agency<\/p>\n<p>                        . <\/p>\n<p> Plans for that money varied, with people looking to use it to pay down <\/p>\n<p>                        debt<\/p>\n<p>                        , contribute to either a <\/p>\n<p>                        tax-free savings account<\/p>\n<p>                         or <\/p>\n<p>                        registered retirement savings plan<\/p>\n<p>                        , hold the refund in cash or use it for everyday costs, EQ Bank said. <\/p>\n<p> EQ Bank also asked people about the expanded <\/p>\n<p>                        GST\/HST credit program<\/p>\n<p>                        , now called the Canada Groceries and Essentials Benefit, that will give lower-income Canadians a 25 per cent boost to their GST rebates over the next five years, as well as a one-time top-up of 50 per cent in 2026. <\/p>\n<p> Nearly half said they believe they will be eligible for the credit and planned to use the money for everyday expenses, savings, paying down debt or adding to an emergency fund. <\/p>\n<p> \u201cOverall, the findings suggest Canadians are approaching tax season cautiously, prioritizing stability and financial resilience over discretionary spending,\u201d EQ Bank said. <\/p>\n<ul class=\"related_links\">\n<li>Posthaste: How the U.S. dollar stole the Canadian dollar&#8217;s petrocurrency thunder<\/li>\n<li>Posthaste: High cost of living has more Canadians using credit for essentials<\/li>\n<\/ul>\n<hr \/>\n<p> <em><strong>\u00a0Sign up here to get Posthaste delivered straight to your inbox.<\/strong><\/em> <\/p>\n<hr \/>\n<p> <strong><br \/> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-1758646\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" width=\"838\" \/><\/strong> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/04\/Posthaste-chart.jpg\" title=\"\" \/><\/p>\n<p> <span>The United States Federal Reserve got some bad news on Thursday. New data showed that household income is falling but inflation is ticking up, making the job of setting interest rates harder as the central bank tries to deal with a slowing economy amid rising prices.<\/span> <\/p>\n<p> <span>\u201cThe figures pointed to a significant slowdown in household spending in the first quarter,\u201d Jocelyn Paquet, a senior economist at National Bank of Canada Capital Markets, said in note, citing bad weather, a decline in population growth and a cooling labour market as factors.<\/span> <\/p>\n<p> <span>The personal consumption expenditure (PCE) index rose 4.4 per cent on an annualized basis\u00a0 \u2014 \u201csomething that has not been seen since 1991,\u201d except during the pandemic, Paquet said.<\/span> <\/p>\n<p> <span>Tariffs as well as supply chain trouble with microprocessors were mostly to blame for the PCE heating up, the economist said, adding that the Fed had previously depended on deflation in the PCE to help achieve its two per cent inflation target.<\/span> <\/p>\n<p> <span>Headline U.S. inflation currently stands at 2.4 per cent year over year. New consumer price index numbers were slated for release on Friday with the estimates calling for inflation to accelerate 3.4 per cent in March.<\/span> <\/p>\n<p> <span>\u201cTruly, the (PCE) numbers released this morning show that the central bank was already facing a difficult situation, marked by slowing growth and rising inflation, even before the conflict in the Middle East began \u2026 and things may not have improved much since then,\u201d Paquet said.<\/span> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/07\/subhead-1.jpg\" title=\"\"><\/p>\n<ul>\n<li><strong>Today\u2019s data<\/strong>: Canada job numbers for March, hourly wage rate for permanent employees, U.S. inflation for March, U.S. factory orders, University of Michigan consumer sentiment index<\/li>\n<li><strong>Earnings<\/strong>: Chorus Entertainment Inc., The Children\u2019s Place Inc.<\/li>\n<\/ul>\n<p>\n<img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080180\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" width=\"838\" \/> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/04\/chart-new.jpg\" title=\"\" \/><\/p>\n<p> \u00a0 <\/p>\n<figure class=\"embedded-image\"><\/figure>\n<hr \/>\n<p> <strong><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080181\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" width=\"838\" \/><\/strong> <\/p>\n<ul>\n<li>How the global energy crisis is shaking Canada from coast to coast \u2014 and could leave a lasting legacy<\/li>\n<li>\u2018Time to shift that narrative\u2019 \u2014 RBC to launch $1-billion fund to help Canadian businesses grow<\/li>\n<li>Employers are avoiding terminations by not-so-subtly phasing employees out. Cue the lawsuits<\/li>\n<\/ul>\n<p> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-2059284\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" width=\"838\" \/><br \/>\n<span><\/span> <\/p>\n<p> <span>This Financial Post reader has a plan to help his wife increase her investment income without having to pay capital gains or interest. It involves him loaning her $500,000 and gifting $100,000 to his son who will then transfer that money to his mother, who is the reader\u2019s wife. It doesn\u2019t end there. The reader\u2019s wife will then transfer the $100,000 back to the reader with the goal to reduce the outstanding loan amount. The reader plans several of these transfers. Keep reading here to find out if this plan will get by the Canada Revenue Agency or raise red flags.<\/span><br \/>\n<img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/11\/FP-West-Energy-Insider-Logo.png\" title=\"\" \/><\/p>\n<p>                         Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country\u2019s most important sectors. <\/p>\n<p>                        Sign up here. <\/p>\n<hr \/>\n<div class=\"x_elementToProof\"><span>Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at\u00a0<\/span>wealth@postmedia.com<span><\/span><span>\u00a0with your contact info and the gist of your problem and we\u2019ll find some experts to help you out while writing a Family Finance story about it (we\u2019ll keep your name out of it, of course).<\/span><\/div>\n<hr \/>\n<h2>McLister on mortgages<\/h2>\n<p> Want to learn more about mortgages? Mortgage strategist Robert McLister\u2019s <\/p>\n<p>                        Financial Post column <\/p>\n<p>                        can help navigate the complex sector, from the latest trends to financing opportunities you won\u2019t want to miss. Plus check his <\/p>\n<p>                        mortgage rate page<\/p>\n<p>                         for Canada\u2019s lowest national mortgage rates, updated daily. <\/p>\n<hr \/>\n<h2>Financial Post on YouTube<\/h2>\n<p> Visit the Financial Post\u2019s <\/p>\n<p>                        YouTube channel<\/p>\n<p>                         for interviews with Canada\u2019s leading experts in business, economics, housing, the energy sector and more. <\/p>\n<hr \/>\n<p> <em>Today\u2019s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.<\/em> <\/p>\n<p> Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at\u00a0<\/p>\n<p>                        posthaste@postmedia.com<\/p>\n<p>                        . <\/p>\n<hr \/>\n<p> <em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add\u00a0financialpost.com\u00a0to your bookmarks and sign up for our newsletters here<\/em> <\/p>\n<p><\/img><br \/>\n<br \/>\n<br \/>Posthaste: More Canadians desperate for tax refund to plug holes in their finances<\/a><br \/>\n<br \/>2026-04-10 12:00:41<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accountants will tell you that getting a tax refund is bad financial planning, but more Canadians are nonetheless depending on that cash injection to help with their finances, according to&#8230;<\/p>\n","protected":false},"author":2,"featured_media":72064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-72063","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/72063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=72063"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/72063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/72064"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=72063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=72063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=72063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}