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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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Trump Threatens Renewed Strikes on Iran, Halts Sanctions Relief

In a sharp escalation of rhetoric, U.S. President Donald Trump announced Friday that he has abandoned plans to lift sanctions on Iran and would “absolutely” consider bombing the country again if it continues its nuclear activities.

The remarks came in response to Iranian Supreme Leader Ayatollah Ali Khamenei’s claim that Iran had “slapped America in the face” following a recent 12-day conflict with Israel. Trump, in a fiery social media post, accused Khamenei of spreading “anger, hatred, and disgust,” and claimed he had personally spared the Iranian leader’s life by vetoing an Israeli plan to assassinate him.

Trump said he had been working on a sanctions relief package to aid Iran’s recovery but dropped the effort after Khamenei’s comments. “I get hit with a statement of anger, hatred, and disgust, and immediately dropped all work on sanction relief,” he stated.

The president also reiterated his support for international inspections of Iran’s nuclear sites, though Iran’s parliament recently voted to suspend cooperation with the International Atomic Energy Agency (IAEA), complicating diplomatic efforts.

The situation remains tense, with both sides trading barbs and no clear path forward for renewed negotiations.

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