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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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Starmer Retreats on Welfare Cuts Amid Mounting Labour Dissent

British Prime Minister Keir Starmer has scaled back controversial welfare reform plans following a significant backlash from within his own Labour Party. The proposed changes, which aimed to tighten eligibility for key disability benefits and reduce support for low-income individuals with health conditions, were expected to save the government £5 billion annually.

However, more than 100 Labour MPs publicly opposed the reforms, warning they would disproportionately harm vulnerable citizens. Facing a potential defeat in Parliament just a year after his landslide election victory, Starmer’s government announced that existing recipients of the Personal Independence Payment (PIP) would no longer be affected. The revised plan will now apply only to new claimants.

Work and Pensions Minister Liz Kendall emphasized that the government remains committed to reforming the welfare system to ensure sustainability while protecting those most in need. The move was welcomed by some Labour figures as a “workable compromise,” though critics labeled it another in a series of government U-turns.

The revised bill is set to be voted on in Parliament on July 1.

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