It's tempting to spend your tax refund, but investing it in your future pays off in the long run. Whether you're starting your retirement savings for the first time, or adding to existing investments, your refund can help you build the retirement you want.

Even a few hundred dollars now can turn into more weekday fishing trips, more travel destinations and more time with family. We want to help get you there and we have many investment options tailored to your needs and risk tolerance.

If you are receiving a tax refund this year, put that money to work for you:

1. Jump start next year’s RRSP. Contributing early allows you to take advantage of extra months of tax-free growth. This can mean thousands more in your pocket when you retire.
2. Invest in a tax-free savings account. You are allowed to contribute up to $5,500 in 2017 and earnings are 100% tax free!
3. Add to your emergency fund. Set aside enough cash to cover six months of expenses in case the unexpected happens.
4. Pay down credit cards and other high interest debt. You will save money on interest charges and increase your monthly cash flow.
5. Pay down your mortgage. Lump sum payments on your outstanding principal will save significant dollars in interest charges over the long term. It also means you will be mortgage-free sooner.
6. Save for a child’s education. Invest in a registered education savings plan on behalf of a child or grandchild.
7. Pay outstanding RRSP loans. Some loans have three or four month grace periods during which time you are not required to make any payments towards the interest or principal. Remember that the interest owed accumulates until the loan is paid in full.