Should I use my tax refund to pay down debt?

A simple order of priority:

1. Emergency fund — if you have none, keep part of the refund as a buffer so new emergencies don't go on credit.
2. High-interest debt — credit cards, payday loans and high-APR instalment loans first.
3. Registered accounts — TFSA, RRSP or FHSA once high-interest debt is gone.
4. Low-interest debt — mortgages and low-rate lines of credit last.

Paying $2,000 off a card at 20.99% saves roughly $420 in interest a year — more than most investments return.