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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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Wall Street Slips as Trump’s Fed Pick Sends Shockwaves Through Markets

U.S. stocks finished lower after President Donald Trump’s decision to nominate former Federal Reserve governor Kevin Warsh sparked a wave of uncertainty across financial markets. Major indexes pulled back as investors reassessed the potential direction of monetary policy under new leadership.

Gold, which had recently surged to unprecedented highs, suffered a sharp reversal. Prices tumbled in one of the steepest single‑day drops in years, while silver also plunged before finding some stability. The sudden downturn reflected a combination of profit‑taking and a stronger U.S. dollar, which gained momentum following the nomination.

Warsh’s historically hawkish reputation left traders debating whether interest rates might shift sooner than expected. Even with his recent openness to rate cuts, the mixed signals were enough to rattle markets already sensitive to policy changes.

With investors recalibrating their expectations, analysts anticipate continued volatility in the days ahead. All eyes now turn to Warsh’s early statements as markets search for clarity on the Fed’s next chapter.


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