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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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Putin Threatens Force if Ukraine Rejects Peace Talks

Russia's President Vladimir Putin visits a command post for the joint force grouping on Dec. 27, 2025.

Russian President Vladimir Putin has warned that Moscow will pursue its objectives in Ukraine “by force” if Kyiv refuses to engage in peace negotiations. His comments followed a night of heavy Russian drone and missile strikes that hit Kyiv and nearby regions, causing casualties and widespread damage.

Putin accused Ukraine of avoiding diplomatic dialogue and insisted that Russia would continue its military campaign until all of its stated goals are met. Russian military officials reported recent territorial gains in the Donetsk region, which the Kremlin framed as evidence of continued momentum.

Ukrainian President Volodymyr Zelenskyy dismissed Putin’s remarks, arguing that the latest attacks show Russia has no genuine interest in peace. Kyiv maintains that any negotiations must respect Ukraine’s sovereignty and territorial integrity—conditions Russia has repeatedly rejected.

The exchange comes as Ukraine prepares for a new round of international diplomacy aimed at securing additional support and exploring potential paths toward ending the conflict.


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