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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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Unlocking the World: 5 Essential Tips for First-Time Travel Credit Card Users

 

Stepping into the world of travel credit cards can be both exciting and overwhelming. If you’re new to this, here are five key things you need to know to make the most of those enticing perks:

  1. Understand Your Credit Score: Before applying for a travel credit card, it’s crucial to check your credit score. A good score increases your chances of approval and access to better rewards. If your score needs improvement, consider building it up with a secured or student credit card first.

  2. Match the Card to Your Travel Goals: Different travel credit cards offer various perks, from points for flights and hotels to free checked baggage and lounge access. Think about your travel habits and goals to choose a card that aligns with your needs.

  3. Be Aware of Fees: Many travel credit cards come with annual fees. While these fees can be offset by the rewards and benefits, it’s important to ensure that the perks you receive are worth the cost.

  4. Maximize Your Rewards: To get the most out of your travel credit card, use it for everyday purchases to accumulate points or miles. Pay attention to bonus categories where you can earn extra rewards, such as dining, travel, or groceries.

  5. Know the Redemption Options: Understanding how to redeem your points or miles is essential. Some cards offer flexible redemption options, while others may have restrictions or blackout dates. Choose a card that offers the most convenient and valuable redemption options for you.

By keeping these tips in mind, you can navigate the world of travel credit cards with confidence and start enjoying the perks that come with them. Happy travels!


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