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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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Deadly 6.9-Magnitude Earthquake Rocks Central Philippines, Triggers Widespread Damage

 

                                            A 6.9 Earthquake Hits Central Philippines.


A powerful 6.9-magnitude earthquake struck the central Philippines late Tuesday night, shaking Cebu and nearby provinces and leaving behind collapsed buildings, power outages, and casualties. The quake’s epicenter was located just offshore near Palompon, close to the city of Bogo in Cebu province, at a shallow depth of 10 kilometers, according to the US Geological Survey.

The tremor caused severe structural damage across Cebu, Bantayan Island, and Leyte, with reports of a sports complex collapsing during a basketball game in San Remigio, killing at least 13 people, including members of the Philippine Coast Guard and a firefighter. Rescue teams are racing to reach those trapped under debris, while hospitals are treating dozens of injured residents.

Authorities reported widespread power outages after transmission lines tripped, plunging communities into darkness. Several schools, churches, and commercial buildings sustained heavy damage, and local officials have suspended classes and work until safety inspections are completed.

The Philippine Institute of Volcanology and Seismology (Phivolcs) initially issued a tsunami alert for Cebu, Leyte, and Biliran provinces, but later lifted it after confirming no major threat. However, residents were urged to remain cautious due to aftershocks and possible minor sea-level disturbances.

Governor Pamela Baricuatro of Cebu appealed for calm, assuring residents that emergency aid and rescue operations are underway. With more than half a million people experiencing strong shaking, the disaster has once again highlighted the Philippines’ vulnerability as it sits along the Pacific Ring of Fire, one of the world’s most seismically active regions.

This is a developing story, with damage assessments and relief efforts continuing across the Visayas.


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