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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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Earnings Optimism Lifts Stocks at Start of Fed Week

 

Stock markets around the world are riding the wave of earnings optimism as traders gear up for a busy week of company results. Here are the key highlights:

Asian Stocks Rise, Yen in Focus

  • Asian stocks climbed, following the rally in US markets after an inflation reading eased concerns about a more hawkish Federal Reserve.
  • Equities in Australia and South Korea opened higher, while the Japanese stock market remained closed for a holiday.
  • US futures nudged higher after the S&P 500 rose 1% on Friday.
  • Yen traders are closely monitoring efforts to support the currency, which is currently at its weakest level in more than three decades.

Tech Earnings and Global Stocks

  • Asian technology stocks may see movement in early trading after strong earnings reports from Microsoft Corp. and Google’s parent, Alphabet Inc. These results underscore the value of investments in artificial intelligence and cloud computing.
  • The rally in tech shares has helped mitigate the global stock market’s decline this month (the first monthly loss since October). Concerns over lingering inflation pressures and geopolitical tensions in the Middle East have weighed on investor sentiment.
  • While the recent correction may be over, there remains a risk that it’s merely a bounce from oversold conditions. However, stocks are likely to see further gains as disinflation resumes, central banks maintain high interest rates, and recession risks remain low.

Fed Meeting in Focus

  • Traders are closely watching the Federal Reserve’s policy meeting scheduled for Wednesday. The central bank’s preferred measure of inflation rose briskly in March, roughly in line with estimates.
  • While officials are expected to keep rates steady at a more than two-decade high, the focus will be on any shift in the tone of the post-meeting statement and Chair Jerome Powell’s press conference.
  • Societe Generale economists suggest that the FOMC will likely row back from earlier predictions of meaningful policy easing this year, given the recent acceleration in US consumer prices.

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