Last updated: June 04 2008
Last week, the CRA released figures for the average tax refund for the 2007 tax season.
They touted the government's tax relief measures as the reason for the significant increase in refunds. But what do these large refunds mean for the average Canadian? It means that, on average, the government is withholding over $100 too much from the taxpayer's income each month. While some taxpayers consider this to be a form of forced savings (you don't miss what you don't see), is this really the best use of their money?
Taxpayers should always remember this: a refund is not a good thing!
Let us know how your clients feel about getting a tax refund - vote in our poll question below.