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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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Tax Season in Canada: A Comprehensive Guide to Filing Your Taxes

 


The tax season in Canada typically begins in late February and ends on April 30th for most individuals. The deadline for filing taxes is April 30th, and the balance due deadline for individuals and those who are self-employed is also April 30th. Self-employed individuals have until June 15th to file their taxes, but they must pay any outstanding balances by April 30th.

To make the tax-filing process stress-free, it’s important to keep track of the important dates and documents needed. For instance, the Registered Retirement Savings Plan (RRSP) contribution deadline is March 1st. You can file your taxes online using certified tax software, which is easy and secure. You can also sign up for direct deposit to get your notice of assessment and refund faster.

If you’re filing your taxes for the first time or haven’t filed in a while, there are different ways to file your income tax and benefit return. You can check out the step-by-step guide to help you fill out your return.


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