8 smart money moves that take under an hour — and why delaying them could cost Canadians thousands

Here are eight simple money moves you can make in one hour or less that could help improve your savings, stretch your dollar further and support your long-term financial goals — no stress required.

1. Put your money to work in a high-interest savings account (HISA)

If your extra cash is parked in a savings account earning almost no interest, it’s actually losing value over time as prices rise. Many traditional savings accounts at major banks pay very low rates — sometimes as little as 0.01% — which hardly offers any growth.

Meanwhile, high-interest savings accounts pay much more competitive rates. As of March 2026, the best HISA rates in Canada range from 1.5% to 4.75%, depending on the provider and whether a promotional offer applies.

For example, if you have $10,000 sitting in a regular savings account at 0.01% interest, you might earn only a dollar or two in a year. But in a HISA with a rate around 2.5%, that same $10,000 could earn about $250. Some accounts offer promotional rates even higher.

Why an HISA makes sense:

• Many online banks and credit unions offer competitive savings rates, often higher than regular savings accounts found at big banks
• Some institutions offer introductory rates — for example, 4% or higher for several months for new clients — which typically change to a lower rate after the promo ends
• A Tax-Free Savings Account (TFSA) offers high-interest savings without taxing you on interest you earn
• HISAs don't lock your money in like a GIC or other investments — your cash stays accessible

HISAs doesn’t lock your money in like other investments. It’s a safe place to grow your cash, with the flexibility to use it as you need it.

Look for a no-fee HISA that offers consistently competitive rates. The EQ Bank Personal Account offers up to 2.75% interest with no monthly fees, no minimum balance and CDIC deposit insurance eligibility. Open an account in minutes and put your money to work.

2. Double-check your credit report

It only takes a few moments to review your credit report, and it’s worth doing on the regular. Mistakes can show up on your file, and they can hurt your credit score without you realizing it.

The Financial Consumer Agency of Canada (FCAC) warns that credit reports can sometimes include errors, such as late payments that you made on time, or accounts you don’t recognize. The government recommends you check your report often, even if you haven’t been a victim of fraud.

Since your credit score determines the interest rates you qualify for when you borrow, errors matter. A lower credit score means higher mortgage rates, vehicle loan costs or being denied credit altogether. Over time, these higher rates can add up to tens of thousands of dollars in extra interest, especially on a large loan, like a mortgage.

There are two main credit bureaus in Canada: Equifax and TransUnion, and you’re entitled to your free credit report from both. Be sure to consult your report from both bureaus, as their information and score criteria isn’t identical. When you check, look for:

• Payments flagged as late, when you paid them on time
• New accounts of collections you don’t recognize
• Inaccurate account balances, or accounts that should be closed

If you find an error, you can dispute it for free. The credit bureaus must investigate and correct or remove any incorrect information. The 15 minutes it takes to review your report is essential to protecting your creditworthiness.

3. Cancel unused subscriptions

Free trials are easy to sign up for, and equally easy to forget about. Many of us continue to pay for subscriptions they no longer use, sometimes for months or even years. And the cost adds up fast.

An Angus Reid poll found just over one-third (32%) of Canadians had cancelled at least one streaming service in the previous six months as consumer budgets became tighter (1). And as subscription prices continue to climb, the pressure isn't letting up: a 2025 survey by Tubi and Harris Poll found that 79% of Canadians say they have ended, or would end, a streaming subscription because of price increases (2).

It's a good idea to check regularly what you're paying for — and whether you still use it. Subscriptions that can quietly fade into the background include:

• Apps and software
• Gaming or music services
• Online shopping memberships
• Fitness plans or gym memberships
• Meal kits and delivery programs

Set aside an hour to review your bank and credit card statements. Place your subscriptions under three categories to help scale down: keep, cancel and decide later. Another strategy to keep subscriptions from piling up unused, is to set a reminder to cancel any free trial before it renews.

Cutting out even a couple small monthly charges can free up money to put toward savings or debt repayment.

4. Top up your Registered Retirement Savings Plan (RRSP) contributions

You might already be saving for retirement through a Registered Retirement Savings Plan (RRSP) — but are you putting in as much as you comfortably can?

The maximum contribution to your RRSP is set by the Canada Revenue Agency (CRA). For 2026, the RRSP dollar limit is $33,810 — an increase from $32,490 in 2025. Your personal contribution room is calculated as 18% of your prior year's earned income, up to that annual cap, plus any unused room carried forward from previous years (3).

Your specific limit appears on your CRA Notice of Assessment (or through your CRA My Account online), so it's easy to check. Every year, the CRA adds new RRSP contribution room based on your income. If you don't use it all, any unused portion rolls over indefinitely.

For example, if you've been earning $90,000 annually and haven't maximized contributions in past years, you likely have accumulated unused room you can put to work right now. Even using a portion of that unused room can make a meaningful difference over time.

If you have a group RRSP through your employer, you can increase your contribution amount in just a few minutes. As little as a 1% increase can strengthen your retirement savings over time.

Also worth noting: the 2026 Tax-Free Savings Account (TFSA) contribution limit is $7,000 — and if you've never contributed since the TFSA was introduced in 2009, your total available room is now $109,000. If you're not maximizing both your RRSP and TFSA, you're leaving tax-advantaged savings on the table (4).

Open a no-fee RRSP savings account with EQ Bank to start growing your retirement savings tax-deferred. Open an account and get your money working for you.

5. Set your bills on pre-authorized debit

This might not sound like a huge money-saving move, but automating bill payments can protect you from making mistakes that will end up costing you in the long run.

If you forget to pay a bill on time, you’ll likely get charged interest or a late-payment fee. For example, credit cards are especially expensive when you carry a balance. Many standard credit cards charge purchase interest rates around 19.99% or higher, and store or specialty cards charge even more.

Setting up a pre-authorized debit (PAD) helps protect you against this. Most Canadian banks and service providers offer this service, so your bills are paid on time every month. You can usually set up PAD for:

• Credit card minimum payments
• Phone, internet and utility payments
• Insurance premiums
• Subscription services

Setting payment reminders or pre-authorized debits is a simple, low-effort way to stay on top of bills and avoid unnecessary fees. Use a no-fee account, like the Simplii Financial No Fee Chequing Account. Log in, set up automated bill payments in less than 15 minutes.

6. Put the brakes on pricey auto insurance

Car insurance premiums are another expense that keeps rising. According to the Consumer Price Index (CPI) from Statistics Canada, passenger vehicle insurance premiums rose 7.3% year-over-year in October 2025 — more than three times the national inflation rate for all goods and services during the same period (5).

The cost pressure is being felt across Canada, but especially in private insurance provinces. According to the Automobile Insurance Rate Board's 2026 mid-year Market and Trends report, Ontario leads the country with average premiums of $2,133, while Alberta — the second most expensive province — reached $1,835 in the first half of 2025, up 8.2% year-over-year (5). Meanwhile, the Financial Services Regulatory Authority of Ontario (FSRA) notes that urban centres such as the Greater Toronto Area (GTA) face rates above the provincial average (4).

An effective way to lower what you pay is to shop around and compare insurers. Insurance companies use different formulas to set their premiums, so the same driver could pay very different prices across various providers.

Some major insurers and brokers offer online tools for quick quotes. Use your current policy information to compare:

• Coverage limits
• Deductibles
• Optional add-ons

Use Rates.ca to compare car insurance quotes from multiple providers in minutes. Switching your policy when you find a better deal can save you hundreds of dollars a year without sacrificing the protection you need.

Stop overpaying for insurance. Compare 20+ quotes on Rates.ca and potentially save $500+ on auto insurance.

7. Use a 0% balance-transfer credit card (carefully)

If you’re trying to pay down credit card debt and most of your payment is going toward interest, a 0% balance-transfer credit card could help — if you use it the right way.