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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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UK and Canada’s Free-Trade Deal Talks Break Down Over Agricultural Products

 

The UK and Canada have failed to reach a free-trade deal after almost two years of negotiations. The UK was pushing to extend a temporary arrangement allowing exports of British cheese to Canada under low tariffs, similar to those enjoyed by EU members. Canada, for its part, had hoped to secure UK access for its beef and pork, which do not currently meet British regulatory standards. 

The UK government spokesperson said that Britain will only negotiate trade deals that “deliver” for its people. The breakdown in talks effectively leaves the UK at risk of being in a worse position than it was as a member of the bloc when it comes to Canada trade. The UK is Canada’s third-largest, single-country trading partner at over C$46 billion ($34 billion) a year, according to the Canadian government. The UK ranks Canada as its 18th-largest trading partner.

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