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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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Gaza Reels from Israeli Strikes as Ceasefire Talks Gain Momentum

At least 60 Palestinians were killed in a series of Israeli airstrikes across Gaza late Friday into Saturday, according to health officials, as diplomatic efforts to broker a ceasefire appear to be gaining traction.

The strikes targeted multiple locations, including a shelter near Palestine Stadium in Gaza City and residential buildings, resulting in dozens of casualties. Hospitals in Gaza, including Shifa and Nasser, reported receiving scores of bodies, many of them women and children.

The escalation comes amid growing international pressure to end the 21-month-long conflict, which has claimed over 56,000 Palestinian lives, according to Gaza’s Health Ministry. U.S. President Donald Trump stated on Friday that a ceasefire agreement could be reached “within the next week,” signaling renewed diplomatic engagement.

Meanwhile, humanitarian conditions in Gaza continue to deteriorate. Food supplies remain critically low, and aid distribution has been hampered by looting and violence. Despite limited aid trickling in since mid-May, many Palestinians remain without access to basic necessities.

As negotiations resume, families of hostages and civilians alike await a breakthrough that could bring an end to the suffering on both sides.

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