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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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Mild Quake Rattles Southern Ontario, Residents Report Sudden Shaking

Earthquakes Canada confirmed a 3.7 magnitude quake struck Ramara, located 23 km east of Orillia and about 100 km north of Toronto. The quake occurred at a depth of 5 kilometres.

A magnitude 3.7 earthquake briefly shook parts of Southern Ontario early this morning, giving residents an unexpected jolt but causing no reported damage. The quake, centred near Lake Erie, was strong enough to be felt across several communities, including Hamilton, St. Catharines, London, and parts of the Greater Toronto Area.

Many people described the sensation as a quick rumble or a single sharp jolt, with some reporting that their windows rattled or furniture shifted slightly. Despite the surprise, seismologists note that small earthquakes like this are not unusual in the region, which sits near several minor fault lines.

Emergency services confirmed they received a handful of calls from concerned residents but emphasized that there were no injuries or structural issues. Experts say aftershocks are unlikely, and the event serves as a reminder that even low-risk areas can experience occasional seismic activity.


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