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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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Market Jitters Rise as Futures Slip Amid Shutdown Fears

US stock futures edged lower on Tuesday as investors braced for the growing likelihood of a government shutdown and fresh trade tensions. Futures tied to the Dow Jones Industrial Average dipped about 0.2%, while S&P 500 contracts slipped 0.2% and Nasdaq 100 futures eased 0.1%.

The pullback followed President Trump’s latest tariff announcements targeting lumber, timber, and furniture imports, adding to concerns about the global economic outlook. Markets are also on edge as lawmakers face a midnight deadline to avert the first government shutdown since 2019. Vice President JD Vance signaled pessimism after failed negotiations, saying, “I think we’re headed to a shutdown”.

A shutdown would halt key government data releases, including the closely watched September jobs report, which is central to the Federal Reserve’s policy outlook. Investors are also awaiting earnings from Nike later today, while labor market data and consumer confidence readings are expected to provide additional clues on economic momentum.

At last check, the Dow hovered near 46,296, down slightly from its prior close. The S&P 500 traded around 6,661, up modestly, while the Nasdaq showed similar caution in early moves.


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