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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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Money Laundering and How to Protect Yourself from It

 


Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The process of laundering money typically involves three steps: placement, layering, and integration. There are many ways to launder money, from the simple to the very complex. One of the most common techniques is to use a legitimate, cash-based business owned by a criminal organization. For example, if the organization owns a restaurant, it might inflate the daily cash receipts to funnel illegal cash through the restaurant and into the restaurant’s bank account. After that, the funds can be withdrawn as needed. These types of businesses are often referred to as “fronts”.

To prevent money laundering, most financial companies today have anti-money-laundering (AML) policies in place. The prevention of money laundering has become an international effort and now includes terrorist funding among its targets. Banks are required to report large cash transactions and other suspicious activities that might be signs of money laundering.

If you want to protect yourself from money laundering, here are some tips:

  • Be wary of unsolicited emails or phone calls asking for personal information or money.
  • Do not share your personal information with anyone you do not know or trust.
  • Be cautious when investing in new or unfamiliar financial products.
  • Keep your financial information secure and monitor your accounts regularly.
  • If you suspect that you have been a victim of money laundering, report it to the appropriate authorities immediately.


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