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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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Canada Joins UK and France in Recognizing Palestinian State Amid Gaza Crisis

 


Canada Aligns with UK and France on Palestinian Recognition as Gaza Starvation Worsens

In a historic shift, Canada has announced its intention to formally recognize the State of Palestine at the upcoming United Nations General Assembly in September 2025. This move places Canada alongside the United Kingdom and France, both of which recently declared similar plans in response to the deepening humanitarian crisis in Gaza.

Prime Minister Mark Carney cited the “intolerable level of human suffering” in Gaza as a driving force behind the decision. The region has been devastated by ongoing conflict, with starvation and displacement escalating due to Israel’s blockade and military operations. Carney emphasized that the recognition is contingent on the Palestinian Authority implementing democratic reforms and ensuring Hamas plays no role in future governance.

A Global Shift in Diplomacy

  • UK Prime Minister Keir Starmer announced Britain would recognize Palestine in September unless Israel agrees to a ceasefire and commits to a two-state solution.
  • France’s President Emmanuel Macron declared that recognition is “the only path forward” and will proceed regardless of Israeli actions.
  • Canada’s move marks a departure from its long-held position that recognition should follow peace negotiations. Carney stated, “The prospect of a Palestinian state is literally receding before our eyes”.

Israeli and U.S. Backlash

  • Israeli Prime Minister Benjamin Netanyahu condemned the recognitions, calling them “rewards for terrorism” and warning of diplomatic consequences.
  • U.S. President Donald Trump criticized Canada’s decision, suggesting it could jeopardize trade negotiations and accusing Ottawa of “rewarding Hamas”.

Symbolism vs. Substance

While the recognitions are largely symbolic, they reflect a growing disillusionment among Western democracies with Israeli policies and signal increased support for Palestinian sovereignty. More than 140 UN member states already recognize Palestine, but the addition of G7 nations like France, the UK, and Canada adds significant diplomatic weight.

As the humanitarian crisis in Gaza worsens, these recognitions may serve as a catalyst for renewed international pressure on Israel and a reinvigorated push for a two-state solution.


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