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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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U.S. Court Blocks Trump’s Tariffs, Casting Doubt on U.K. Trade Deal

A recent ruling by the U.S. Court of International Trade has blocked former President Donald Trump’s sweeping global tariffs, raising concerns about the future of the U.K.-U.S. trade deal. The court determined that Trump exceeded his authority when imposing the tariffs, which were originally justified under emergency economic measures.

The U.K. had negotiated a trade agreement with the U.S. to mitigate the impact of these tariffs, particularly on industries such as steel, aluminum, and automotive exports. However, with the court’s decision effectively nullifying many of Trump’s tariff policies, questions arise about whether the U.K. will still benefit from the deal or if renegotiations will be necessary.

While the ruling provides relief for businesses affected by the tariffs, uncertainty remains as the White House has vowed to appeal the decision. Trade experts suggest that ongoing negotiations between the U.K. and the U.S. could be disrupted, as the legal landscape surrounding tariffs continues to evolve.

For now, British exporters and policymakers will be closely watching the developments, assessing how this ruling might reshape trade relations between the two nations.

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