Canadians love to travel on tax refunds

Although the majority of Canadians say that they use their tax refunds — which in 2011, averaged out at $1,506 — to pay off existing debt and contribute to their savings, a new survey from reveals that in a perfect world — where people didn’t need to do either — the first thing Canadians would spend their tax refunds on would be travel. The survey found that 51% would choose to take a vacation over buying a big-ticket item, pampering themselves with a new wardrobe or spending their tax refund on an indulgent evening out. Western Canadians were the most likely to fill up airport departure lounges with 63% of British Columbians and 55% of Albertans opting for travel; Ontarians matched the national average of 51%. While the majority of Quebecers’ would chose travel with a tax refund surplus at 39%, they were the least likely of all the regions to choose a vacation option and lower than the national average. Both men and women almost equally would chose to travel with their refund (49% and 53%, respectively) suggesting that Canadians as a whole are eager to explore the rest of the world or just need a break. As for where Canadians would using their tax refunds, the survey found that 25% would prefer to go to a beach destination such as Mexico or the Caribbean. The second most popular choice was Europe at 22% of respondents. Staying close to home and seeing more of our own country came in as the third at 17% followed closely by the US at 16%. Canadians 18 to34 years old would prefer a European getaway (29%), beating out Mexico or the Caribbean (20%). Those between the ages of 35 and54 would prefer to relax and soak up the sun with a Mexican or Caribbean getaway at 32%. And 22% of respondents aged 55 and over stated they would prefer to take a trip to the United States, just slightly higher than Mexico or Europe which tied for second place at 21%.

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