Congratulations! Now's the time to consider that all-important question-what will you do with the money? While it's tempting to splurge and spend, here are some options that can ultimately be a lot more satisfying and rewarding:

1. Invest in a TFSA
   Your tax refund is an easy way to get started on--or top up--your Tax Free Savings Account (TFSA). You are allowed $10,000 in total--$5,000 for each tax year 2009 and 2010. Pay no tax on any growth in the account, and use it to save for a short-term goal, or long-term investment.
2. Deposit into your RRSP-and beat the rush to the deadline
   Plant your tax refund in your RRSP in the spring. That way, you can enjoy almost a full extra year of potential growth in your RRSP, and be stress free at deadline time.
3. Pay down your mortgage
   Remember that mortgage pre-payment option? Dust it off, and use your tax refund to pay down your mortgage, reduce the total interest you pay, and help you get mortgage-free faster.
4. Do away with debt
   Use your tax refund to pay off debt - starting with any loans that carry high interest rates, such as credit card bills
5. Save it away for your child's education
   A Registered Education Savings Plan (RESP) comes with a bonus-- the government will also contribute money toward your child's education.
6. Build an emergency fund
   Financial experts advise you to build an emergency fund with enough money to cover your expenses for a few months. Your tax refund can help you build that safety net.

Now what's the best strategy for you or your family members?

It all depends on your personal situation. Discuss these options with an expert financial planner who can help you make the most of your tax refund.

Reminder:

Tax Filing Deadline is
midnight April 30, 2010