“Sometimes you just need a little help getting back on track, and that’s where a payday loan from MyCanadaPayday.com can help,” says Sundeep Thind, manager of MyCanadaPayday’s Surrey office.

“Sometimes you just need a little help getting back on track, and that’s where a payday loan from MyCanadaPayday.com can help,” says Sundeep Thind, manager of MyCanadaPayday’s Surrey office.

How to make your tax refund work harder

Use your refund to help reach your financial goals

When that tax refund comes in, it’s easy to see it as “free” money to treat yourself to something fun – a weekend away, or special purchase you’ve been eyeing for awhile.

But remember, your refund is actually a percentage of your own hard-earned income, so if you really want to get the most from your refund, it pays to pay yourself first:

1. Start an emergency fund: Your tax refund is the perfect opportunity to start your emergency fund – money set aside in case of situations like income loss or unexpected car repairs. Start with as much as you can afford, building up over time until you have enough to cover three months of bills. When the unexpected happens, you’ll be prepared.

2. Send it directly to savings: Setting up direct deposit allows quicker access to your refund, and can make it a lot easier to save that money: instead of sending it to your primary chequing account, direct your refund right to your savings!

3. Pay down your credit: Most can benefit from paying off credit card debt. If you have multiple cards, put your refund onto the card with the highest interest rate to save money over time in interest charges, and boost your credit score!

4. Put it toward a major financial goal: Maybe it’s time for a more reliable car or to think about buying your first house. A larger downpayment can make major purchases much more affordable longterm, lowering the amount paid over time and offering long-term advantages like lower interest rates. Your tax refund can help make your financial dreams a reality!

5. Start a retirement account: While retirement savings can be tough to commit to with so much else tugging on your wallet, every bit helps. If you’ve already started saving through an RRSPs, RIFs or Tax-Free Savings Account, your tax return can give your savings a boost. Even better, that contribution will lighten your tax burden next year!

6. Invest in the online stock market: Today online investing is becoming easier and much more accessible, allowing beginners and professionals alike to create a diversified portfolio. Robo-advisors provide sophisticated algorithms, comprehensive dashboards and interactive reporting that allow you to take a set-it-and-forget it approach and still see long-term benefits.

7. Spend it (wisely) on yourself: There’s no harm in spending a little of your tax refund on yourself, but as with so many things, the key is moderation. Maybe it’s time to pay for that certification or class, or invest in a stand-up desk. These are ways to use your refund to invest in yourself!

When you need short-term help

If your refund was not as much as you were expecting, or worse yet, you end up owing this year, easy, safe and secure options are available through Canada’s licensed payday loan specialists.

“Sometimes you just need a little help getting back on track, and that’s where a payday loan from MyCanadaPayday.com can help,” says Sundeep Thind, manager of MyCanadaPayday’s Surrey office.

“We have the entire process online, including the one-page application form, and our specialists are here to help you reach your financial goals.”


My Canada Payday is a Canadian-owned and operated direct lender. To learn more, call 604-630-4783 or email getpaid@mycanadapayday.com.

DebtFinancial planning

Just Posted

LETTER: Writer questions spread of variant and timing of vaccinations

Will there ever be a return to normal, or will people need to invest in respirators?

A family of geese wandered through the beach area of Whonnock Lake recently. (Heather Colpitts/Black Press Media)
VIDEO: Whonnock Lake visitors marvel at cute goslings

Defecating fowl can also bring with them potential issues for Maple Ridge park

Edward Wang shared this picture of an alpaca amid a field of hay in Pitt Meadows, seeking a little shade under the summer-like skies. (Special to The News)
SHARE: Grazing in the field

Send us your photo showing how you view Maple Ridge or Pitt Meadows, and it could be featured soon

Sandie Bannie is opposed to Pitt Meadows council move to put an RCMP detachment in a park. (Special to The News)
LETTER: Pitt Meadows resident opposed to costly RCMP detachment for small population

Letter writer urges residents to voice opposition before June 28 deadline

Dylan Ross, a Maple Ridge resident for 25 years, is like so many other local residents. He gravitates to the local trails and waterways for a little relaxation. He shared a few pictures along the local dikes near Sharpe Road during a recent kayaking adventure. (Special to The News)
SHARE: Regular relaxation retreat

Send us your photo showing how you view Maple Ridge or Pitt Meadows, and it could be featured soon

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

(Black Press Media files)
Burnaby RCMP look for witnesses in hit-and-run that left motorcyclist dead

Investigators believe that the suspect vehicle rear-ended the motorcycle before fleeing the scene

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

A police pursuit involving Abbotsford Police ended in Langley Saturday night, June 20. (Black Press Media file)
Abbotsford Police pursuit ends in Langley with guns drawn

One person arrested, witnesses say an officer may have been hurt in collision with suspect vehicle

Most Read