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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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Markets Cool After Hot July: Wall Street Slips as Tariff Deadline and Jobs Data Weigh on Sentiment

 


Wall Street Ends July on a Cautious Note Amid Tariff Tensions and Jobs Report Jitters

The U.S. stock market closed the final trading session of July with modest losses, capping a month of strong gains on a sour note as investors braced for President Trump's looming tariff deadline and a pivotal jobs report.

  • Dow Jones Industrial Average fell about 0.7%
  • S&P 500 slipped 0.4%
  • Nasdaq Composite dipped below the flatline after earlier gains

Despite Thursday’s decline, July was a solid month overall:

  • S&P 500 gained 2.3%
  • Nasdaq rose 3.7%
  • Dow ended the month nearly flat

Tariff Deadline and Trade Uncertainty

President Trump’s tariff deadline on Friday has markets on edge. While he extended current rates with Mexico for 90 days, broader trade terms with other partners remain uncertain. The U.S. also struck a deal with South Korea, applying 15% tariffs in exchange for duty-free treatment on many American goods.

Fed Policy and Inflation Concerns

The Federal Reserve held interest rates steady this week, but its preferred inflation gauge—the PCE index—showed price increases accelerated in June, keeping inflation above the 2% target. Fed Chair Jerome Powell emphasized that no decisions have been made about a potential rate cut in September.

Jobs Report Looms

Friday’s jobs report is expected to show the U.S. added just 104,000 jobs in July, potentially the weakest monthly gain since February. Powell noted that the unemployment rate remains the key metric to watch, as labor force participation continues to decline.

Big Tech Earnings Shine

Amid the macroeconomic uncertainty, Big Tech delivered standout performances:

  • Meta (META) surged over 11% on strong earnings and bullish guidance
  • Microsoft (MSFT) briefly jumped 8%, pushing its market cap above $4 trillion
  • Investors now await results from Apple (AAPL) and Amazon (AMZN)


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