The annual tax deadline is fast approaching, and many are wondering what they can do with their refund.

One option is to put it away for an emergency, or retirement.

Tony Gill, a Wealth Advisor with a Credit Union, says not enough people look ahead to retirement when it comes to saving.

"You need to take ownership on your own retirement, if you rely on government funding alone, and even if you qualify for maximum CPP and OAS you would still be bringing in less than $20,000 this year."

He adds having a budget can help control expenses, and highlight necessities, "it is essential to know what you are spending and where. The first step in preparing a budget is to track all of your purchases, literally, every single dollar you spend in a month, then identify and seperate your purchases into fixed expenses or discretionary buys."

As well, establishing a budget can make it easier to know when to take on debt, and how much can be afforded.

"On the flip side, another misconception is that debt is a bad thing and should be avoided at all costs but when utilized properly debt can help you to obtain an asset and gain the use of it now while you work at paying it off over a specified term."

Setting aside money for savings, and planning for retirement are important things to consider at tax time.