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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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Rocket Strike Halts Iraq’s Key Gas Facility, Sparks Widespread Power Cuts

 

                                    Khor Mor gasfield after a drone attack on November 26, 2025
                                            

A rocket attack late Wednesday night struck the Khor Mor gas field in Iraq’s Kurdistan region, forcing production to shut down and triggering widespread power outages across the area. The strike hit a storage tank at the facility, one of the largest gas fields in northern Iraq, according to joint operator Dana Gas.

Authorities confirmed that no casualties were reported, but the disruption has left large parts of the Kurdistan region without electricity. The Khor Mor field is a critical supplier of natural gas used for power generation, and its sudden shutdown has had immediate consequences for the regional grid.

The attack is the most significant since a wave of drone strikes in July, which reduced oil output in the Kurdistan region by around 150,000 barrels per day. While the latest strike has not impacted oil exports, the halt in gas production underscores the vulnerability of Iraq’s energy infrastructure to repeated assaults.

Local officials have launched an investigation to identify the perpetrators, though no group has claimed responsibility. Security forces are working to assess the damage, and the Kurdistan Region’s Electricity Minister has indicated that power could be restored within 24 to 48 hours if the damage is confined to fuel storage units.

The incident highlights ongoing instability in Iraq’s energy sector, where attacks on oil and gas facilities have become increasingly frequent. With the Khor Mor field supplying much of the region’s electricity, the strike has raised concerns about both energy security and the broader geopolitical tensions that continue to affect Iraq’s Kurdistan region.

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