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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 Scrambles as Trump’s Visa Fee Shakes Hiring Plans

People walk around the Financial District near the New York Stock Exchange (NYSE) in New York, U.S., December 29, 2023.

The Trump administration’s surprise overhaul of the H-1B visa program has sent shockwaves through Wall Street, with JPMorgan Chase and other major financial institutions weighing how to respond. The new policy imposes a $100,000 fee on each new H-1B visa application, a move officials say is designed to prioritize higher-paid, highly skilled workers and open more opportunities for U.S. talent.

For banks, however, the impact could be severe. JPMorgan alone secured 2,440 H-1B visas in 2025, more than any other U.S. financial firm. Many of these employees fill critical roles in quantitative modeling, risk management, and technology development—areas where domestic talent is often scarce.

Analysts warn that the steep fee could make hiring entry-level analysts or tech workers prohibitively expensive, forcing banks to consider shifting more operations offshore. “Hiring for entry-level jobs using H-1B becomes nearly impossible,” said Meridith Dennes of Prospect Rock Partners.

JPMorgan CEO Jamie Dimon admitted the announcement “caught everyone off guard” and signaled that the bank will engage policymakers on the issue. Other Wall Street firms have so far declined to comment, but industry insiders expect a coordinated pushback in the weeks ahead.

The policy has also raised concerns abroad, particularly in India, whose nationals account for the majority of H-1B recipients. Some experts suggest Canada and other jurisdictions could benefit if global talent looks elsewhere for opportunities.

As the financial sector recalibrates, the visa crackdown underscores the delicate balance between immigration policy and America’s competitiveness in global finance.



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