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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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Stock Market Today: Record Highs as Fed Signals Delay in Rate Cuts



Investors rejoiced today as Wall Street surged to new heights, building upon a record-setting rally. The Federal Reserve’s recent signals of delaying but not slowing down rate cuts fueled the market’s optimism.

Key Highlights:

  1. Fed’s Decision: The Federal Reserve announced its decision to keep interest rates steady, but with a twist. It expects to cut rates three times this year, providing a boost to investor confidence.

  2. Reddit’s IPO: Social media giant Reddit (RDDT) made its public debut on the New York Stock Exchange (NYSE) today. Priced at $34 per share, the company is now valued at nearly $6.5 billion.

  3. Market Rally: All three major indices – the Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 (GSPC) – closed at new highs. The S&P 500 surpassed the 5,200 level, while the tech-heavy Nasdaq Composite moved up 0.9%.

  4. Inflation Concerns: Despite sticky inflation data, the Fed maintained its outlook for three rate cuts in 2024. Policymakers remain committed to their easing strategy.

  5. Gold Soars: Gold prices (GC=F) jumped to a record above $2,200 an ounce, reflecting investors’ confidence in the Fed’s approach.

  6. AI Growth and Beyond: While AI growth continues to boost tech stocks, other market drivers are likely to come into focus in the coming weeks.

  7. Swiss National Bank’s Move: The Swiss National Bank surprised markets by lowering interest rates, signaling confidence that tightening has peaked in leading economies.

With the next Fed policy meeting scheduled for May, investors will closely monitor economic indicators and corporate developments. As Reddit joins the NYSE, and Micron (MU) shares surge, the market remains dynamic and full of opportunities.

Stay tuned for more updates as the stock market continues its upward trajectory.


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