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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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Smart Savings for a Sharp School Start: Canadian Parents’ 2025 Guide

 

As summer winds down and school bells start ringing again, Canadian families are gearing up for one of the busiest—and often priciest—times of year. With inflation still nipping at household budgets, back-to-school season in 2025 calls for sharper saving strategies than ever. But fear not, frugal parents! Here's a short guide to help you cut costs without compromising on quality or preparedness.

Top Back-to-School Savings Tips for 2025

  • Shop Your Home First
    Before you hit the stores, rummage through last year’s supplies. You may already have unused notebooks, pens, or art materials tucked away in drawers.

  • Set a Budget (and Stick to It)
    Break down expenses by category—supplies, clothing, tech—and assign spending limits. Use budgeting apps like Mint or YNAB to stay on track.

  • Buy in Bulk with Other Parents
    Team up with friends or neighbours to buy bulk items like paper, tissues, or snacks. You'll all save money—and maybe build a mini community supply swap.

  • Watch for Tax-Free Days and Digital Coupons
    In provinces like Ontario, many stores offer tax-free or "back-to-school deal" weekends. Stack deals with manufacturer coupons or loyalty points for extra discounts.

  • Go Secondhand for Tech and Fashion
    Thrift stores, Facebook Marketplace, and certified refurbished electronics websites can help slash costs on tablets, calculators, and stylish clothes.

  • Don't Overbuy
    Teachers often provide updated supply lists during the first week. Hold off on buying specialty items until you know what's truly needed.

Bonus Tip: Invest in Quality Backpacks

While cheaper options can be tempting, a durable, ergonomic backpack will go the distance—and save you from shelling out again mid-year.


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