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What to Do with Your Tax Refund: 5 Smart Moves for Canadians

  Tax Season · Personal Finance By MoneySavings.ca Editorial Team • May 7, 2026 • 7 min read Tax season is wrapping up across Canada, and for millions of Canadians, that means a refund cheque — or a direct deposit — is on its way. The average Canadian tax refund hovers around $1,800. That's real money. The question is: what's the smartest thing you can do with it? It's tempting to treat a tax refund like "found money" and splurge. But here's the truth — that refund was your money all along. The government was just holding it for you, interest-free. So before it quietly disappears into day-to-day spending, let's look at five moves that will make it work harder for you. $1,800 The average Canadian tax refund — enough to make a meaningful dent in debt, pad an emergency fund, or kick-start your TFSA for the year. 1 Pay Down High-Interest Debt First If you're carrying a balance on a credit card, this should be your very first call. Most Canadian credit car...
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How to Live Longer and Healthier: Advice from a Top Insurance CEO


Living longer is not the same as living better. That’s the message of Roy Gori, the president and CEO of Manulife, Canada’s largest insurance company. He spoke at the World Economic Summit in Davos, Switzerland, on Thursday, about the challenges and opportunities of increasing life spans.

According to Gori, the average American life span has increased by almost 13 years since 1950, from 65 to 77.5 years. But that doesn’t mean people are enjoying those extra years. Only 85% of the average American’s life span is spent in good health, which means the average American can expect to spend nearly 12 years in poor health.

Gori identified four main barriers to extending the health span, or the number of years a person spends in good health, in tandem with the life span. These are:

  • Poor diet: Gori said that 60% of the average American’s diet consists of ultra-processed foods, which are linked to illness and obesity. He also said that children are especially vulnerable to the effects of unhealthy eating habits.
  • Loneliness: Gori said that loneliness is as bad for your health as smoking, as it increases the risk of early death and various diseases. He cited a recent AARP survey that found that a third of Americans ages 45 and older say they’re living in social isolation.
  • Lack of exercise: Gori said that physical activity is essential for maintaining health and preventing chronic conditions. He said that only 23% of Americans meet the recommended guidelines for aerobic and muscle-strengthening activities.
  • Inadequate health care: Gori said that the American health system is not designed to support longer and healthier lives. He said that the system is focused on treating diseases rather than preventing them, and that it is costly and inefficient.

Gori said that these barriers can be overcome by individual and collective actions, such as adopting healthier lifestyles, building social connections, engaging in lifelong learning, and reforming the health system. He said that Manulife is committed to helping its customers and employees achieve their health and wellness goals, by offering incentives, tools, and programs.

Gori concluded by saying that living longer and healthier is not only possible, but desirable, as it can improve the quality of life and create new opportunities for personal and social development. He said that the World Economic Summit is a great platform to share ideas and best practices on how to navigate longer life spans.

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