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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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TD Bank to face hefty penalty for faulty anti-money laundering controls

 

Canada’s TD Bank is expected to face a significant monetary penalty after an examination by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) found faulty anti-money laundering controls. 

The penalty is expected to exceed C$10 million ($7.44 million), which could be the biggest ever penalty slapped on a Canadian financial institution by the country’s anti-money laundering agency. The examination was completed in late 2023, and TD Bank’s anti-money laundering compliance was deemed unsatisfactory. TD Bank has appointed new executives and advisers to head its anti-money laundering program and is improving its compliance efforts.

This is not the first time that FINTRAC has imposed penalties on Canadian financial institutions. Last month, the agency fined Royal Bank of Canada and CIBC for a total of about C$9 million for violations that included failing to submit suspicious transaction reports, the first time it has taken such action. TD Bank is also facing a rare probe and a likely fine by the U.S. Department of Justice related to its anti-money laundering practices, shortly after it called off its First Horizon acquisition.

The penalty imposed on TD Bank highlights the importance of financial institutions having robust anti-money laundering controls in place. The penalties imposed by FINTRAC serve as a warning to other financial institutions to ensure that their anti-money laundering programs are up to date and effective.


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