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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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Israeli Airstrikes Kill at Least 22 People in Rafah, Palestinian Officials Say


Israeli airstrikes on the southern Gaza city of Rafah have resulted in the tragic loss of at least 22 lives, including six women and five children, according to Palestinian health officials. One of the children killed in the strikes overnight into Monday was just 5 days old. The situation in Rafah remains dire, with the ongoing conflict causing immense suffering for civilians.

Rafah has been a frequent target of Israeli airstrikes since the start of the war, and there are concerns that it could become the site of a ground invasion. The city, located on the Egyptian border, has become a refuge for over a million Palestinians seeking safety. The United States and other nations have urged Israel to avoid an invasion, fearing a humanitarian catastrophe.

U.S. Secretary of State Antony Blinken is currently on his seventh diplomatic mission to the Middle East since the Israel-Hamas war began more than six months ago. His visit comes amid renewed concerns about the conflict spreading in the region. Meanwhile, prospects for Israeli-Saudi rapprochement remain stalled due to Israel’s refusal to consider one of the Saudis’ main conditions for normalized relations: the creation of a Palestinian state.

The Israel-Hamas war was triggered by an unprecedented raid into southern Israel, during which militants killed around 1,200 people, mostly civilians, and abducted approximately 250 hostages. Israel claims that the militants are still holding around 100 hostages and the remains of more than 30 others. Tragically, the war has claimed the lives of more than 34,000 Palestinians, with around two-thirds of the casualties being children and women.

As the conflict continues, the world watches closely, hoping for a peaceful resolution and an end to the suffering in Rafah. Ceasefire talks are expected in Cairo, but the situation remains tense and uncertain. Our thoughts are with the affected families during this difficult time.


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