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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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Kevin Warsh Tapped to Lead Federal Reserve in Major Policy Shift

                                            Kevin Warsh

Kevin Warsh, a former Federal Reserve governor, has been selected by President Donald Trump to serve as the next chair of the U.S. central bank. His appointment signals a potential turning point for the Fed as it navigates debates over inflation, interest rates, and the future direction of monetary policy.

Warsh previously served on the Federal Reserve Board from 2006 to 2011, a period marked by the global financial crisis. His background blends government experience, academic work, and private‑sector involvement, giving him a reputation as someone who understands both financial markets and the inner workings of the Fed.

Trump has praised Warsh as a decisive leader who could bring a fresh approach to the institution. The nomination comes at a moment when the administration has been pushing for more aggressive rate cuts, suggesting that Warsh’s leadership may align with a more growth‑focused monetary stance.

If confirmed by the Senate, Warsh would succeed Jerome Powell when Powell’s term ends, taking over at a time when economic uncertainty and political scrutiny of the Fed are both running high.


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