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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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Senate Blocks War Powers Resolution as GOP Backs Trump’s Iran Strikes

In a closely watched vote, the U.S. Senate on Friday rejected a Democratic-led resolution aimed at curbing President Donald Trump’s authority to launch further military action against Iran. The measure, introduced by Senator Tim Kaine of Virginia, sought to reaffirm Congress’s constitutional role in authorizing acts of war, particularly following Trump’s recent strikes on Iranian nuclear facilities.

The resolution failed in a 53-47 vote, with most Republicans standing firmly behind the president. Only one Republican, Senator Rand Paul of Kentucky, broke ranks to support the measure, while Democrat John Fetterman of Pennsylvania voted against it.

Supporters of the resolution argued it was a necessary check on executive power, especially in light of Trump’s willingness to consider additional strikes. “We shouldn’t send our sons and daughters into war unless there’s a political consensus,” Kaine said ahead of the vote.

Republicans countered that the president acted within his rights as commander-in-chief, citing an imminent threat from Iran. Senator Bill Hagerty emphasized, “We must not shackle our president in the middle of a crisis when lives are on the line”.

Despite the defeat, the debate underscored growing tensions between the legislative and executive branches over military engagement and the future of U.S. policy in the Middle East.

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