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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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Families of Israeli Hostages Voice Doubts as Trump and Netanyahu Announce Gaza Deal


The families of Israeli hostages held in Gaza have expressed deep concern following the announcement of a U.S.-brokered peace plan between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. The 20-point proposal, unveiled at the White House, calls for an immediate ceasefire, the release of all remaining hostages within 72 hours, and a phased Israeli withdrawal from Gaza.

While Netanyahu hailed the plan as meeting Israel’s “war aims,” relatives of the captives fear that ongoing military operations could jeopardize the lives of the roughly 20 hostages still believed to be alive. Demonstrators gathered outside the White House, urging Trump to prioritize the hostages’ release above political maneuvering.

The plan also includes the exchange of Palestinian prisoners, the deployment of an international security force, and the establishment of a temporary governing body chaired by Trump with former UK Prime Minister Tony Blair among its members. Hamas has yet to formally respond, though mediators in Qatar and Egypt say the group is reviewing the proposal “in good faith”.

Despite international support from several Arab and Western nations, uncertainty remains. For hostage families, the deal represents both a glimmer of hope and a source of anxiety, as they wait to see whether promises on paper will translate into the safe return of their loved ones.


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