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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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Winter Blast: Freezing Rain and Blowing Snow Sweep Across Eastern Canada

Shoppers walk through a snow storm as they exit Eaton Centre on Boxing Day in Toronto, on Friday, Dec. 26, 2025.

A powerful winter storm is sweeping across Eastern Canada, delivering a hazardous mix of freezing rain, blowing snow, and strong winds from Ontario to Atlantic Canada. Weather alerts remain in effect as the system disrupts travel and threatens power outages across multiple provinces.

Ontario is experiencing some of the most intense conditions, with freezing rain coating surfaces in the Ottawa region and heavy snowfall blanketing communities farther north. Areas around Timmins are facing significant accumulations, while strong winds are creating whiteout conditions in open regions.

Quebec is also bracing for widespread impacts, with heavy snow expected north of Montreal and gusty winds reducing visibility along major highways. In Atlantic Canada, freezing rain warnings stretch across New Brunswick, Nova Scotia, and Prince Edward Island as the storm pushes eastward.

The system marks another round of turbulent winter weather for the region, prompting officials to urge residents to avoid unnecessary travel and prepare for potential disruptions as ice and snow continue to build.


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