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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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Toronto Highrise Fire Leaves Hundreds Without Homes Amid Uncertain Timeline

Fire crews are still on scene of a blaze in two connected apartment buildings in Thorncliffe Park but it's not extinguished yet.

Residents of two Toronto apartment towers remain displaced after a stubborn and complex fire forced the evacuation of hundreds of units late last week. Fire crews have been battling the blaze at 11 Thorncliffe Park Drive and 21 Overlea Boulevard since Thursday, but officials say there is still no timeline for when residents will be able to return.

The fire, described by Toronto Fire Chief Jim Jessop as one of the most complex incidents in the city’s history, has proven difficult to extinguish because it is burning inside insulation trapped between the walls of the two highrise buildings. At its peak, crews detected dangerously high levels of carbon monoxide, prompting the evacuation of all 378–408 units across the towers. Thankfully, no injuries have been reported.

Acting Division Commander Robert Hewson noted that firefighters have been “actively fighting a stubborn fire” for days, with progress slowed by the hidden pockets of smouldering material. More than 100 residents have been placed in nearby hotels with support from the Red Cross and the City of Toronto, while others are relying on friends and family for shelter.

Officials continue to investigate the cause of the fire, but for now, displaced residents face an indefinite wait. Many have described the situation as “chaotic” and stressful, as they remain uncertain about when — or how — they will be able to return home.


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