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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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Russia Pauses Strikes on Ukraine’s Power Grid After Trump’s Request

An emergency service truck stands next to an apartment building, which was hit during overnight Russian drone strikes in the town of Bilohorodka, amid Russia's attack on Ukraine, in the Kyiv region, Ukraine, January 28, 2026.

Russia has temporarily halted its air attacks on Ukraine’s power grid following a direct request from U.S. President Donald Trump. The pause is expected to last until Sunday and comes as Ukraine faces severe winter weather that has strained its already damaged energy infrastructure.

Ukrainian officials say the lull offers a brief but meaningful opportunity to stabilize parts of the grid and restore power to affected regions. While some drone activity has continued near frontline areas, major cities such as Kyiv reported a noticeably quieter night after the announcement.

The decision marks a rare moment of de‑escalation amid a conflict that has heavily targeted civilian infrastructure. Ukrainian leaders have indicated they are prepared to respond cautiously, watching closely to see whether the pause holds through the weekend.


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