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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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At least 30 Palestinians were killed in a wave of Israeli airstrikes across the Gaza Strip, according to local hospitals, marking one of the deadliest escalations since the ceasefire took effect. The strikes hit several densely populated areas, including parts of Gaza City and Khan Younis, leaving emergency crews struggling to reach survivors under the rubble.

Medical staff reported that women and children were among the dead, with dozens more injured. The sudden surge in casualties has heightened fears that the fragile ceasefire could unravel, as both sides accuse each other of violating its terms.

The latest violence comes amid ongoing humanitarian strain in Gaza, where shortages of medical supplies, fuel, and clean water continue to deepen the crisis. Residents describe a growing sense of uncertainty as they brace for the possibility of further escalation.


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