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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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Trump Warns Democrats of Lasting Cuts as Shutdown Looms

The sun sets behind the U.S. Capitol dome, on the day U.S. President Donald Trump met with top congressional leaders from both parties, just ahead of a September 30 deadline to fund the government and avoid a shutdown, in Washington, D.C., U.S., September 29, 2025.

President Donald Trump warned congressional Democrats that a looming government shutdown could trigger “irreversible” actions, including permanent cuts to programs and benefits they support. Speaking from the Oval Office, Trump suggested that his administration could use the shutdown to downsize federal operations in ways that would be difficult to reverse later.

Trump praised budget director Russell Vought for his ability to trim spending, framing the shutdown as an opportunity to reduce what he described as “fraud, waste, and abuse” in government programs. He emphasized that Democrats were “taking a risk” by holding out for expanded health benefits and other provisions in the funding bill.

The standoff comes as Congress faces a midnight deadline to keep the government open. Without a deal, federal agencies will begin furloughing workers and suspending non-essential services. Past shutdowns have disrupted air travel, delayed small business loans, and halted environmental cleanup efforts.

Democrats argue that Republicans are refusing to extend critical health subsidies, while Trump insists that the shutdown could be avoided if Democrats drop their demands. With no breakthrough in sight, the U.S. is bracing for its 15th government shutdown since 1981.


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