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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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Russia Claims Sanctions Resistance Amid New U.S. Threats

 

                                           Trump said on Tuesday that the United States would
                                          start imposing tariffs and other measures on Russia 
                                          in 10 days if Moscow showed no progress towards
                                         ending its more than three-year-long war in Ukraine

Moscow’s Defiant Response to Trump’s Warning

The Kremlin has announced that Russia has built a “robust immunity” to Western sanctions, responding to recent threats made by former U.S. President Donald Trump regarding potential new measures. According to Kremlin spokesperson Dmitry Peskov, Russia's economy and political system have adapted over time, cushioning the impact of repeated sanctions from Western nations.

This statement comes as Trump publicly suggested he would reintroduce or intensify sanctions against Moscow if re-elected, citing geopolitical tensions and ongoing global concerns.

Peskov emphasized that while sanctions once posed significant challenges, Russia’s internal restructuring, increased self-reliance, and strengthened trade partnerships—particularly with non-Western countries—have fortified its resilience. “These tools of pressure no longer yield the results their creators intended,” he said.

Analysts remain divided on the long-term effectiveness of sanctions, especially as global alliances shift and countries like Russia seek alternatives to Western-dominated financial systems.


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