More than three-quarters of Gen Z Canadians are ready to invest their tax returns

What’s your TFSA strategy?

Gen Zs who invest early as an investment strategy outpace the rate of Millennials (60%) and Gen X (48%) who plan to do the same.

However, among Gen Z investors who don’t have a TFSA, nearly one-third say it's because they don't understand how it works – a knowledge gap that could potentially be costing them valuable growth opportunities.

Overall, 44% of Canadians will contribute to a TFSA, while 31% will add to an RRSP. But among those without a TFSA, the barriers are clear: Slightly more than half say they don’t have enough money to contribute, while a fifth are confused about how they work.

Lastly, 14% simply prefer other savings vehicles.

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Canadians’ savings plans

TD's survey also finds that 90% of Canadians are shifting their financial strategies in response to external pressures, like inflation and rising costs of living. Two-thirds say those pressures are directly impacting how they'll use their tax refund this year.

Among Canadians expecting a tax return, just over half are planning to invest their refund in their future.

For current TFSA holders, survey respondents reported using it in a variety of ways:

• 29% use it for both short-term savings and long-term investing
• 28% focus on long-term growth (e.g., retirement)
• 21% prioritize tax-efficient investing
• 18% use it as a short-term savings tool

Survey methodology

The survey was conducted overnight by The Harris Poll Canada on March 21, with 1,544 randomly selected Canadian adults who are Maru Voice Canada online panellists. The results have been weighted by age, gender, region and education (and in Quebec, language) to match the population, according to census data.