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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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US Stock Market Awaits Fed Decision Amidst Earnings Anticipation


As the US stock market approaches a pivotal moment, investors hold their breath in anticipation of the Federal Reserve’s rate decision and Amazon’s upcoming earnings report. The pause in US futures signals a cautious stance before these significant events, potentially marking the end of a five-month winning streak.

Key Takeaways:

  • Fed’s Rate Decision: Investors expect the Federal Reserve to maintain interest rates at high levels, with the two-day meeting commencing today.
  • Amazon’s Earnings: The market eagerly awaits Amazon’s results, which could influence the direction of a Big Tech-driven rally.
  • Market Performance: April has been tough for stocks, with major indexes likely to report monthly losses despite recent recovery attempts.
  • Price Hikes Impact: Companies like Coca-Cola and Molson Coors report strong quarters, attributing success to effective price increases amidst inflation concerns.

This brief pause reflects the market’s uncertainty and the high stakes involved in the upcoming announcements, which could set the tone for future market trends.

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