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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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Wall Street Futures Rise as Shutdown Deadline Looms

U.S. stock futures edged higher on Monday, with investors balancing optimism in equities against the uncertainty of a looming government shutdown.

  • Dow Jones Industrial Average futures gained about 0.5%,
  • S&P 500 futures rose 0.6%,
  • Nasdaq 100 futures advanced 0.7%.

The rebound follows a choppy week in which major indexes slipped, pressured by concerns over Federal Reserve policy and slowing momentum in AI-driven stocks. Despite the turbulence, September has still delivered gains overall, with the S&P 500 up nearly 3% month-to-date.

Markets are also bracing for the release of the September jobs report, a key indicator for the Fed’s next move on interest rates. However, if lawmakers fail to reach a funding deal, a shutdown could delay the report, creating a “data blackout” that complicates decision-making for both policymakers and investors.

Beyond politics, corporate earnings remain in focus. Carnival is set to report results today, while Nike’s earnings later this week are expected to be a highlight. Meanwhile, gold surged to fresh records above $3,800 an ounce as investors sought safety, while oil prices slipped below $65 a barrel.

For now, Wall Street appears cautiously optimistic, but the week ahead could hinge on whether Washington averts a shutdown and whether economic data arrives on schedule.


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