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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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Fragile Diplomacy: Israel Accepts U.S. Ceasefire Proposal, Hamas Hesitates

 

In a significant development, Israel has accepted a U.S.-brokered proposal for a temporary ceasefire in Gaza, marking a potential turning point in the ongoing conflict. The White House confirmed that Israeli officials have backed the plan, which aims to halt hostilities and facilitate humanitarian aid. 

However, Hamas has responded with caution, stating that it is reviewing the proposal to ensure it aligns with the interests of the Palestinian people and leads to a permanent ceasefire. The militant group has long demanded a full Israeli withdrawal from Gaza and a lasting truce, conditions that remain points of contention in negotiations.

The ceasefire proposal reportedly includes a 60-day pause in fighting, during which Hamas would release 10 living hostages and several deceased individuals in exchange for over 1,100 Palestinian prisoners. Additionally, humanitarian aid would be allowed into Gaza, addressing the worsening crisis in the region.

Despite the diplomatic progress, tensions remain high. Israeli Prime Minister Benjamin Netanyahu has reiterated that Israel will not end the war until all hostages are freed and Hamas is dismantled. Meanwhile, Hamas continues to push for broader concessions, including governance changes in Gaza.

As both sides weigh their options, the world watches closely, hoping that this temporary ceasefire could pave the way for a more lasting resolution to the conflict.


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