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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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Deep Dive into the Future: Canada’s High-Stakes Submarine Showdown

 

Prime Minister Mark Carney holds up a model submarine he was presented with as he tours Thyssenkrupp Marine Systems (TKMS), a submarine building facility in Kiel, Germany on Tuesday, Aug. 26, 2025. 


Canada’s decades-old Victoria-class submarines — bought second-hand from the U.K. in 1998 — are nearing the end of their service life, with only one currently operational. Faced with a looming capability gap, Ottawa has launched an ambitious procurement program to secure a new fleet by 2035, a move that could finally push defence spending above NATO’s 2% GDP target.

The government has narrowed the competition to two shipbuilders: Hanwha Ocean of South Korea and ThyssenKrupp Marine Systems (TKMS) of Germany. Hanwha is pitching its lithium-ion battery-powered KSS-III, promising rapid delivery — four subs by 2035 if contracted next year — and a steady pace thereafter. TKMS is offering its hydrogen fuel cell and diesel-powered Type 212CD, already on order for Germany and Norway, emphasizing NATO interoperability and proven Arctic performance.

The stakes are high. Canada’s vast coastline, Arctic sovereignty, and global security commitments demand a fleet with stealth, endurance, and under-ice capability. With allies also shopping for submarines, delays could push Canada to the back of the production queue. The final decision, expected before 2028, will shape the Royal Canadian Navy’s underwater power for decades — and could redefine Canada’s role in global maritime security.


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