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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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5 Things Every Canadian Should Know About Their Money Today

                                 


Thursday, May 7, 2026 · moneysavings.ca/canadian-money-brief

Good morning, Canada. Here are the five money stories shaping your financial decisions right now.

1. Ottawa Highlights Spring Economic Priorities

Finance Minister François‑Philippe Champagne continues a two‑day Toronto tour outlining the government’s push for a more resilient, independent Canadian economy, with discussions focused on financial crime, payment modernization, and geopolitical risks. 

2. Inflation Pressures Persist for Households

Recent economic commentary warns Canadians to expect higher grocery, fuel, and travel costs, adding an estimated $400–$600 to the annual food budget for a family of four. Rising shipping and transport costs remain key drivers. 

3. Housing Market Stagnates in Major Cities

Vancouver and Toronto continue to see flat or declining home prices due to high living costs, elevated inventory, and uncertainty around future rate cuts. Mortgage renewals remain painful, with many households facing $500–$800 higher monthly payments. 

4. Canada’s Trade Balance Swings Back Into Surplus

March data shows a C$1.78B trade surplus, reversing a previous deficit as exports climbed to C$72.77B while imports eased to C$70.99B. This marks a notable improvement in Canada’s external position. 

5. Business Activity Rebounds Sharply

The April Ivey PMI jumped to 57.7, signaling renewed economic expansion after months of contraction. Services and composite PMIs also improved, suggesting early signs of stabilization across sectors.

This article is for informational purposes only and does not constitute financial advice. Always consult a licensed financial advisor before making investment or mortgage decisions.

© 2026 MoneySavings.ca · Canadian Money Brief

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