There’s not much time left to file your taxes, and a new survey finds that if you do get a refund, most of us will be spending the majority of it on paying down debt.

While others will be saving the extra money, a significant 40 per cent will dedicate their refund to paying down house debt and credit cards.

Laura Parsons, with BMO, says this is a good strategy and shows more Canadians are being fiscally responsible.

“(Only) eleven per cent are thinking of using it for travel or leisure, which is very tempting when you get a refund,” Parsons said. “Good to see that Canadians are making debt a real priority.”

About 20 per cent of people will be investing in some sort of savings account, down slightly from last year.

The average tax-refund in 2010 was just over $1,500, according to the CRA.

While there are various deadlines depending on your status and type of return, most tax returns need to be filed by April 30, 2012. You can find more info on the deadlines here.