Canadians advised to use tax refunds wisely

Canadians are receiving their tax refunds, providing an opportunity to improve financial situations. Experts suggest using these funds wisely, focusing on debt reduction, emergency savings, and investments. Paying off high-interest debt, like credit cards, can relieve financial pressure. Building an emergency fund is also recommended, ideally reaching three to six months of living expenses. Investing in retirement accounts or specific savings plans, like the First Home Savings Account, can yield long-term benefits. Allocating a small portion of the refund for personal enjoyment, such as fitness or travel, is also encouraged.