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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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Trans Mountain's $1.25-Billion Payment: A Boost for Canada's Energy Vision

Trans Mountain Corp. is set to pay the federal government $1.25 billion in 2025, marking a significant financial milestone for the federally owned oil pipeline. This payment is largely attributed to record shipments on the expanded pipeline system and a refinancing deal that has reduced costs.

Since the commercial launch of the expanded pipeline system on May 1, 2024, Trans Mountain has seen an average daily throughput of 757,000 barrels in the first quarter of 2025, reaching 90% capacity in March. The refinancing deal, executed in December 2024, allowed Canada TMP Finance Ltd. to repay $17.9 billion in debt, reducing interest costs and aligning Trans Mountain’s financial structure with industry standards.

Trans Mountain’s chief executive, Mark Maki, emphasized the company’s commitment to supporting Ottawa’s vision of making Canada an energy superpower. With increased revenue and optimized operations, the pipeline is expected to play a crucial role in the country’s energy sector moving forward.

This financial development underscores the pipeline’s growing impact on Canada’s economy and energy infrastructure, setting the stage for further expansion and investment in the years ahead.

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