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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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Kyiv Endures One of Russia’s Largest Air Assaults of the War

A man stands on a roof of destroyed residential buildings that were hit during Russian drone and missile strikes, amid Russia's attack on Ukraine, in Kyiv, Ukraine September 28, 2025.

Ukraine faced one of the most intense aerial bombardments since the start of the full-scale invasion, as Russia launched nearly 600 drones and dozens of missiles across the country overnight. The capital, Kyiv, was the primary target, with explosions and anti-aircraft fire echoing for more than 12 hours.

According to Ukraine’s military, air defences intercepted 568 drones and 43 missiles, but several still struck residential areas, factories, and a cardiology clinic. At least four people, including a child, were killed, and nearly 80 others injured. In Zaporizhzhia, authorities reported dozens wounded after what President Volodymyr Zelenskiy described as an “extraordinarily fierce” attack.

Neighbouring Poland briefly closed its airspace and scrambled fighter jets in response to the barrage. Russia’s defence ministry claimed the strikes targeted military infrastructure, though widespread civilian damage was reported.

Zelenskiy condemned the assault as “vile” and renewed calls for tougher international sanctions, urging allies to cut off Russia’s energy revenues that continue to fund the war. He also confirmed the deployment of an additional Patriot missile system, while stressing that Ukraine’s defences remain stretched under repeated large-scale attacks.

As dawn broke over Kyiv, residents emerged from underground shelters to find homes reduced to rubble, shattered windows, and streets littered with debris—another stark reminder of the war’s relentless toll.


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