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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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TSX Futures Slip as Markets Brace for Key Economic Data

 

                                        The facade of the original Toronto Stock Exchange building is seen in Toronto.


Futures tied to Canada’s main stock index edged lower Friday, with investors turning cautious ahead of domestic GDP figures and a closely watched U.S. inflation report. As of early morning trade, S&P/TSX index futures were down 0.21%.

The pullback comes after the benchmark index ended flat on Thursday, as traders locked in profits from earlier gains driven by strong bank earnings. Markets are now focused on the U.S. personal consumption expenditures (PCE) price index — the Federal Reserve’s preferred inflation gauge — due later today. The data could influence expectations for a September interest rate cut, with current odds at over 85%.

In Canada, June GDP is expected to show a modest 0.1% monthly gain, but second-quarter growth is forecast to contract 0.6% on an annualized basis. The figures will be closely watched for signs of tariff impacts and to gauge the Bank of Canada’s next policy move.

Oil prices slipped on demand concerns as the U.S. summer driving season winds down, though they remain on track for a weekly gain. Gold prices also eased but are set for a monthly advance.

Canada’s benchmark index is heading toward its fourth consecutive monthly gain, supported by easing trade tensions and resilient corporate earnings.

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