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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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High-Stakes Court Clash Over Ruby Liu’s Hudson’s Bay Lease Ambitions

 

                            Billionaire Ruby Liu tours a former Hudson's Bay-owned Saks Off 5th department store.


A tense legal battle is unfolding in Ontario Superior Court over B.C. billionaire Ruby Liu’s bid to acquire 25 former Hudson’s Bay store leases for $69.1 million. Liu, who already owns three Bay leases in malls she controls, plans to launch a new department store chain under her own name, backed by a proposed $400 million investment.

However, landlords — including major property owners like KingSett Capital, Cadillac Fairview, Oxford Properties, and Ivanhoé Cambridge — argue her plan is financially unrealistic and operationally flawed. KingSett’s lawyer, Matthew Gottlieb, told the court the $400 million Liu cites is “non-existent,” noting she has refused to personally guarantee the funds and that much of her capital is tied up in companies without binding commitments to support the venture.

Landlords also point to significant losses at Liu’s existing malls and claim her renovation budgets and timelines underestimate the work needed to revive the shuttered spaces. The court-appointed monitor, Alvarez & Marsal, has recommended rejecting the deal, citing concerns over the viability of her business plan.

Hudson’s Bay, which is under creditor protection, supports the sale, arguing Liu was the highest bidder in a court-supervised process and that the deal could return up to $50 million to senior creditors. The outcome could set a precedent for future lease transfers in insolvency cases.

The hearing continues, with both sides framing the decision as pivotal — either a bold retail revival or a costly misstep.

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