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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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Rouble Slips as Russian Markets Brace for Fresh US Sanctions

 


Russian financial markets are under renewed pressure as investors brace for a fresh wave of U.S. sanctions, prompting a sharp decline in the rouble and heightened volatility across key asset classes.

The rouble weakened significantly against major currencies this week, reflecting growing concerns over Washington’s potential punitive measures targeting Russia’s financial and energy sectors. Traders cited increased geopolitical tensions and speculation around expanded restrictions on Russian banks and state-owned enterprises as key drivers of the sell-off.

Russian equities also saw a downturn, with the MOEX index slipping amid fears that tighter sanctions could further isolate the country from global capital markets. Bond yields rose as investors demanded higher returns to compensate for rising risk.

Economists warn that additional sanctions could exacerbate inflationary pressures and complicate the central bank’s monetary policy stance. “The rouble’s weakness is a signal that markets are pricing in more aggressive moves from the U.S.,” said a Moscow-based analyst. “If sanctions hit key financial institutions, the ripple effects could be severe.”

The Kremlin has downplayed the impact, insisting that Russia’s economy is resilient and prepared for external shocks. However, with foreign investment dwindling and trade routes increasingly constrained, the outlook remains uncertain.

As global attention turns to Washington’s next move, Russian markets are bracing for turbulence—and the rouble may not find relief anytime soon.


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