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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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Showdown in Washington: Shutdown Looms as Talks Collapse

 


With just hours left before the federal funding deadline, President Donald Trump and top congressional leaders left a high-stakes White House meeting on September 29 without a deal, pushing the government to the brink of a shutdown.

The discussions, described as “frank and direct,” exposed deep divisions between Republicans and Democrats. Republicans are pressing for a short-term funding extension to keep the government open until late November, while Democrats are demanding the reversal of recent Medicaid cuts and the extension of health care subsidies set to expire this year.

House Speaker Mike Johnson blamed Democrats for refusing to accept what he called a “simple solution,” while Senate Minority Leader Chuck Schumer countered that Republicans were holding health care access “hostage” in the negotiations. Vice President JD Vance signaled little optimism, telling reporters, “I think we’re headed to a shutdown”.

If no agreement is reached by midnight on October 1, federal agencies will begin closing their doors, with millions of workers facing furloughs and critical services disrupted. The standoff marks the most serious budget crisis of Trump’s second term and underscores the widening partisan gulf in Washington.


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