Two Thirds of Canadians Lend Money to CRA for Free1

Believe it or not; A tax refund is nothing to be excited about. Essentially, a refund means you lent your own money, for up to 16 months—interest free—to Canada Revenue Agency (CRA). A tax refund is simply CRA returning your own money—late—and with less buying power than when you lent it to them. Further, a hefty opportunity cost could be added to the equation: If you have any debt, the cost to you is actually the cost of your highest interest debt. For...