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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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Relentless Push: Russia Claims Strategic Edge in Ukraine Offensive

 

Servicemen of the 115th Separate Mechanised Brigade of the Ukrainian Armed Forces use an RPG-7 grenade launcher during training between combat missions, in Kharkiv region, Ukraine.


Russia’s top military commander, General Valery Gerasimov, has declared that Russian forces are conducting a non-stop offensive along nearly the entire front line in Ukraine, asserting that the “strategic initiative” now lies with Moscow.

According to Gerasimov, Russian troops have intensified airstrikes on Ukrainian cities far from the battlefield, including a recent attack on Kyiv that killed at least 23 people and wounded 38. He reported that since March, Russia has seized more than 3,500 square kilometers of territory, captured 149 villages, and now controls the vast majority of the Luhansk, Donetsk, Zaporizhzhia, and Kherson regions.

The offensive has also pushed into Ukraine’s southeastern Dnipropetrovsk region, with seven villages reportedly under Russian control. Moscow says it has carried out 76 targeted strikes this year on Ukrainian military-industrial facilities, aiming to cripple production of long-range missiles and drones.

Ukrainian officials accuse Russia of deliberately targeting civilian areas, a charge the Kremlin denies. The escalation comes less than two weeks after a high-profile summit between U.S. President Donald Trump and Russian President Vladimir Putin, which Washington had hoped would advance peace efforts.


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