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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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Wall Street Rebounds: U.S. Stocks Hit Record Highs After Tariff Turmoil

In a dramatic turnaround, U.S. stock markets closed at all-time highs on Friday, just months after a steep plunge triggered by fears over escalating tariffs. The S&P 500 rose 0.5%, surpassing its previous record set in February, while the Nasdaq Composite and Dow Jones Industrial Average also posted gains of 0.5% and 1%, respectively.

This milestone marks a swift recovery from a nearly 20% drop earlier in the year, when uncertainty surrounding the Trump administration’s trade policies rattled investors. The rebound was fueled by easing tensions with China, a preliminary trade deal, and signs of resilience in consumer spending despite inflationary pressures.

Nike led the charge with a 15.2% surge, even as it warned of tariff-related challenges. Meanwhile, oil prices stabilized and inflation data came in largely as expected, helping to calm market nerves.

Though concerns remain—particularly around ongoing trade negotiations and inflation—the market’s resilience has offered investors a renewed sense of optimism. As one strategist put it, “Investors will breathe a sigh of relief”.

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