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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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Migrant Boat Sinks Off Samos, Leaving One Dead and Three Missing

A Greek national flag and a EU flag flutter inside a newly inaugurated closed-type migrant camp on the island of Samos.

A woman has died and three people are missing after a migrant boat sank early Monday off the Greek island of Samos.

According to officials, a group of 26 migrants managed to reach the island’s Petalides area and alerted authorities that others were still at sea. A large search‑and‑rescue operation was launched, involving coast guard vessels, a helicopter, a private boat, and land teams.

Rescuers recovered the body of a woman during the operation, while efforts continue to locate the remaining missing individuals. Authorities have not yet released details about the migrants’ nationalities or the circumstances that led to the sinking.

Samos, located near the Turkish coast, remains a frequent landing point for migrants attempting the dangerous crossing. Despite increased patrols and stricter border controls, fatal incidents continue to occur in the region.

Search efforts are expected to continue as conditions allow.


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