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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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Ontario Government Assumes Control of Four School Boards Amid Budget Troubles

 

The Ontario government has stepped in to take control of four publicly funded school boards, citing persistent financial mismanagement and rising concerns over budget deficits. The Ministry of Education announced the move Friday, stating that external supervisors will temporarily oversee operations to stabilize governance and restore fiscal responsibility.

Education Minister Rachel Thompson emphasized that the intervention was necessary to protect student services and ensure that taxpayer dollars are used effectively. “We are committed to providing every student with access to quality education in a financially sustainable way,” she said.

The boards involved—three English-language and one French-language—have reportedly struggled with budget planning, overspending, and long-term financial forecasting. The province did not disclose the names of the boards but confirmed they operate in both urban and rural regions.

Education advocacy groups have expressed mixed reactions. Some praise the province’s willingness to intervene, while others worry about transparency and the impact on local governance.

The government has stated that the takeovers are temporary and that normal governance will resume once the boards demonstrate improved financial accountability.


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