Resources

Fitzallen Sutton, CFP

You’ve Filed Your Taxes Now What?

Tax season is over. You’ve crunched the numbers, submitted the paperwork, and (hopefully) received a refund. But before you splurge on that weekend getaway or the latest tech gadget, let’s talk about something smarter: investing after taxes.

For many young professionals, tax season is the first real encounter with money that doesn’t involve student loans or rent payments. But here’s a secret: it’s also the perfect time to kickstart your investment journey.

Why Post-Tax Season Is a Great Time to Start Investing

1. Your Finances Are Fresh in Your Mind
   You’ve just gone through all your income, expenses, and deductions. That financial clarity makes it easier to create a realistic investment plan.
2. You Might Have a Refund
   That tax refund? It’s not “free money” it’s money you overpaid. Instead of letting it sit in your checking account, put it to work.
3. A Natural Fresh Start
   Just like New Year’s resolutions, post-tax season is a time to reset your financial goals. Let “investing smarter” be one of them.

Smart Ways to Invest After Filing Your Taxes

1. Top Up Your TFSA or RRSP

If you haven’t maxed out your Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP), now’s the time. These accounts offer tax advantages that help your money grow faster.

TFSA = Tax-free growth + flexibility
RRSP = Tax-deferred growth + retirement savings

Tip: Use part of your tax refund to contribute to next year’s RRSP. You’ll thank yourself next tax season. Is an RRSP contribution right for you?

2. Start a Simple Investment Portfolio

If you’re new to investing, don’t overthink it. A diversified ETF portfolio or a robo-advisor can be a great place to start. These options provide automatic diversification and often come with lower fees.

Bonus Tip: Look for platforms that offer auto-deposits to build consistent investing habits.

3. Pay Down High-Interest Debt

While technically not “investing” in the traditional sense, paying off credit cards or high-interest loans offers a guaranteed return. Think of it this way: if your credit card interest is 20%, paying it off is like earning 20% risk-free. Calculate if paying down your loans faster is right for you.

4. Invest in Yourself

Courses, certifications, or professional coaching can significantly increase your future income. Personal growth is a powerful and underrated form of investing, especially early in your career.

5. Set Up a Financial Plan

If you don’t have a roadmap, it’s easy to get lost. Work with a financial planner who can help align your investment strategy with your short- and long-term goals. Plan Today for the Retirement Income You’ll Need Tomorrow

Final Thoughts: Make Tax Season a Launch Pad, Not a Finish Line

You did the hard work of filing your taxes, now let your money do the work for you. Whether it’s building your first portfolio, contributing to your TFSA, or simply learning more about investing, now is the time to take action.

Don’t let another year go by saying, “I’ll start next time.” The best time to invest was yesterday. The second-best time? Right after tax season.

Ready to Invest Smarter?

If you’re a young professional looking to build wealth with purpose, let’s chat. we help people just like you create simple, tax-efficient investment plans that grow with your goals.