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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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Tragedy at Sea: Migrant Boat Capsizes Near Canary Islands, Claiming Seven Lives

At least seven people—four women and three girls—lost their lives when a migrant boat capsized while arriving at a port in Spain’s Canary Islands on Wednesday. The vessel, carrying over 100 people, tipped over as rescuers attempted to remove minors upon its arrival at El Hierro island. 

Spain’s maritime rescue service reported that the movement of passengers caused the boat to overturn, throwing its occupants into the water. Emergency responders, including Spanish rescuers and Red Cross personnel, rushed to pull survivors from the sea. A rescue diver recovered one of the young victims. 

The Canary Islands have long been a perilous gateway for migrants seeking refuge in Europe. Thousands risk their lives on overcrowded and fragile boats, often departing from West African nations such as Mali, Senegal, and Morocco. Last year, nearly 47,000 migrants successfully reached the archipelago, surpassing previous records. 

This latest tragedy underscores the dangers of the Atlantic migration route, where unpredictable weather and treacherous waters continue to claim lives. Authorities and humanitarian organizations remain committed to providing aid and support to those undertaking these perilous journeys.

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