More Canadians Plan to Save Tax Refunds, TD Survey

TORONTO More Canadians plan to save or invest their tax refunds this year amid ongoing economic uncertainty, according to a new survey by TD Bank, with younger adults showing the strongest shift toward financial caution.

The survey found that 47 percent of respondents intend to save their refunds, a rise from 29 percent the previous year. This trend is led by Generation Z, among whom 63 percent plan to set aside the money, up significantly from 30 percent in 2025. Additionally, 33 percent of Gen Z respondents aim to invest their refunds, compared with 14 percent last year, exceeding the national average of 25 percent.

Aaron Clark, senior vice president of everyday banking at TD Bank, attributed the change among young Canadians to accessible investing options. "For many young Canadians, investing has been as simple as opening a tax-free savings account and learning as they go," Clark said. "That's helping them build confidence and long-term financial stability."

Respondents overall are prioritizing practical uses over discretionary spending. More than a third, or about 34 percent, plan to apply refunds toward paying down debt, up from 23 percent last year. One quarter intend to...