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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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Ontario Blocks Peel Teacher Layoffs After Taking Over School Board

 

Ontario Education Minister Paul Calandra speaks at an announcement at a school in Ottawa, on Friday, Dec. 5, 2025.


Ontario has stepped in to take control of the Peel District School Board, stopping a plan that would have resulted in 60 teachers losing their jobs and disrupted learning for more than a thousand students.

Provincial Oversight Triggered by Concerns

The province moved to assume control after identifying ongoing issues with the board’s financial management and governance. Education officials described the layoffs as an urgent concern that required immediate intervention to protect classroom stability across Mississauga, Brampton, and Caledon.

Part of a Wider Pattern

Peel is now one of several Ontario school boards placed under provincial supervision as the government responds to what it describes as systemic challenges in board operations. Another board, the York Catholic District School Board, has been asked to justify why it should not face similar action.

What This Means for Students and Staff

By halting the layoffs, the province aims to maintain staffing levels and minimize disruption for students. The move highlights growing tension between school boards and the provincial government over funding, planning, and long-term stability.


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