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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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Russia Unleashes Largest Drone Attack on Ukraine Ahead of War's Third Anniversary

In a dramatic escalation of hostilities, Russia launched its largest drone attack on Ukraine since the onset of the war. Ukrainian President Volodymyr Zelenskiy reported that over 200 drones were deployed in an overnight assault, marking the most significant aerial offensive to date.

The Ukrainian air force successfully intercepted 138 of the drones, while another 119 were neutralized through electronic warfare measures. Despite these efforts, damage was reported across five regions, including Dnipropetrovsk, Odesa, Poltava, Kyiv, and Zaporizhzhia.

President Zelenskiy condemned the attack as "aerial terror" and called for unity among Ukraine's allies to secure a "just and lasting peace". He emphasized the need for international support, highlighting the strength of Europe, America, and all partners committed to peace.

The attack comes on the eve of the third anniversary of Russia's full-scale invasion of Ukraine, underscoring the ongoing intensity of the conflict. As the war continues, the resilience of the Ukrainian people and the solidarity of their allies remain crucial in the face of such unprecedented aggression.



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