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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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Federal Funding Freeze Sparks Debate Over Free Speech and Academic Freedom

The Trump administration has taken a controversial step by freezing federal grants to several universities, including Cornell and Northwestern, citing concerns over pro-Palestinian protests and Diversity, Equity, and Inclusion (DEI) policies. Over $1 billion in funding for Cornell and $790 million for Northwestern have been paused, affecting research in defense, health, and cybersecurity. 

The administration has accused these universities of failing to address antisemitism on campus, linking pro-Palestinian protests to support for Hamas. Critics argue that this conflation undermines free speech and academic freedom, with human rights advocates raising concerns about the broader implications. 

This move has sparked a heated debate about the balance between combating hate speech and preserving the right to protest. Universities like Harvard and Princeton are also under scrutiny, with billions in federal funding at stake. 

The situation highlights the tension between government oversight and institutional autonomy, leaving many to question the future of academic freedom in the United States.

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