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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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U.S. Economy Ends 2023 with Strong Job and Wage Growth


The U.S. economy added 312,000 jobs in December, beating analysts’ expectations and marking the biggest monthly gain since February. The unemployment rate rose slightly to 3.9%, but for a positive reason: more people entered the labor force, looking for work.

The labor market also showed signs of strength in wage growth, which increased by 3.2% over the year, the fastest pace since 2009. This suggests that employers are competing for workers and offering higher pay to attract and retain them.

The strong job and wage numbers cap off a solid year for the U.S. economy, which grew by an estimated 3% in 2023, the highest rate since 2015. However, some challenges remain, such as the ongoing trade tensions with China, the partial government shutdown, and the volatility in the stock market.

The Federal Reserve, which raised interest rates four times in 2023, is expected to continue its gradual tightening of monetary policy in 2024, but may adjust its pace depending on the economic data and the market conditions.



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U.S. Job Growth Exceeds Expectations in December, Wages Rise Solidly

According to the Bureau of Labor Statistics, the U.S. economy added 514,000 jobs in December, exceeding expectations. The unemployment rate fell to 3.9%. The report also showed that wages rose solidly, with average hourly earnings increasing by 0.5%. This is a positive sign for the U.S. economy, which has been recovering from the pandemic.

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