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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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TSX surges 1.24% as peace deal hopes hammer oil and lift banks — May 7, 2026

 


Canadian Money Brief  ·  moneysavings.ca  ·  May 6, 2026  ·  End-of-day

IndicatorValueChange
S&P/TSX Composite33,981+1.24% (+414 pts)
TSX Capped Energy Index415.72−4.96%
TSX Capped Financial Index680.01+1.51%
WTI Crude Oil$96.06 / barrelSharply lower
Gold Futures$4,702 USD/oz+0.17%
CAD/USD0.7334−0.05%
Bank of Canada Rate2.25%Held

The S&P/TSX Composite closed sharply higher on Thursday, gaining 414 points or 1.24% to finish at 33,981 — snapping a five-session losing streak — as hopes for a U.S.-Iran peace deal sent oil prices tumbling and gave financials and the broader market room to breathe.

TSX bounces back

After closing at 33,567 on Tuesday, the index recovered firmly today, led by financials (+1.51%) and broad buying across non-energy sectors. The TSX Capped Energy Index fell nearly 5%, dragged down by sharply lower crude prices, but those same lower oil prices eased inflation fears and boosted banks and consumer stocks — illustrating the split nature of the Canadian market at the moment.

Oil crumbles on Hormuz hopes

WTI crude fell to around $96 per barrel — a sharp decline from recent highs above $110 — as reports emerged that U.S. and Iranian negotiators are nearing a memorandum to end the Gulf conflict and reopen the Strait of Hormuz. Brent crude dropped to the $101–$103 range, losing as much as 8–10% intraday. The move hit energy producers hard: Suncor and Cenovus, which both beat Q1 earnings expectations — Cenovus reporting an 83% profit jump — still saw their shares under pressure given the oil price outlook.

Gold holds firm

Gold futures edged to $4,702 USD/oz, up modestly on the day. Precious metals continue to find support from lingering geopolitical uncertainty even as peace talk optimism tempers the safe-haven bid. Canadian miners posted strong gains earlier in the week — Agnico Eagle and Barrick each surging around 5%, Wheaton Precious Metals close to 6% — as gold remains well above $4,600.

The loonie softens slightly

The Canadian dollar slipped a fraction to 73.34 cents U.S. (USD/CAD ~1.364), weighed by safe-haven demand for the greenback despite the risk-on tone in equities. The Bank of Canada held its overnight rate at 2.25% at its April 29 meeting, with CPI inflation at 2.4% in March and core inflation just above 2%. The next rate decision is June 10.

Earnings wrap

Loblaw posted slightly softer-than-expected revenue and fell 3.6% this week. Sun Life Financial and Great-West Lifeco both reported results Thursday. On the OPEC+ front, the UAE confirmed its exit from the group while Russia said it would remain — adding further uncertainty to global energy supply dynamics as markets try to price in a potential Hormuz reopening.

Sources: Yahoo Finance Canada, Trading Economics, Bank of Canada, BNN Bloomberg. Market data as of close May 6, 2026. Not financial advice.

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