CIBC Investor's Edge
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Paying too much on credit card interest
Do you feel like paying off your credit card debt is a constant grind, with no end in sight? You’re not alone.
At the end of 2024, the amount Canadians owed on their credit cards increased by 9% compared to the year before, according to a report by TransUnion.
Credit card interest hits harder because it compounds, which means even your interest accumulates interest. And if you’re only making minimum payments on multiple credit cards, you might end up paying more interest at a higher rate. This cycle can keep you in debt longer and make it more expensive to pay your bills.
A better option is to consolidate your debt by taking out a single loan at a lower rate. This can both ease your interest costs and improve your credit score.
With Loans Canada, you can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders.
You don’t need a minimum credit score or annual income to receive personalized loan offers.
Protect yourself with pet insurance
If you have a pet, you know the costs associated with having a furry friend.
According to Ontario Veterinary Medical Association estimates, standard veterinary bills for a dog range from $4,100 to $5,200 per year — and this doesn’t take into account expensive emergencies.
Spot Pet Insurance can help you reduce your costs — allowing you to care for your fluffy friend without without blowing your monthly budget.
Spot Pet Insurance provides up to 90% cash back on vet bills, as well as unlimited payouts on accidents and qualified illnesses.
You can also get up to $500 cash back on kennel and pet boarding costs and up to $1,000 on alternative therapies for your pet through Spot Pet Insurance.
High investment fees
If you're invested in mutual funds with a high management expense ratio (MER), those fees are cutting into your potential returns in the long run.
Consider opening a self-directed investing account with an online discount brokerage like CIBC Investor’s Edge instead, where you’ll pay low commissions on trades and have no or minimal account maintenance charges, depending on the size of your portfolio.
Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100†. Offer ends September 30, 2025.
Overpaying on bank account fees
Most banks charge between $5 and $35 per month in account fees – for a total annual expense of $400 or more.
One way to dramatically cut this cost is to get an account with an online bank. With no brick-and-mortar locations driving up expenses, online banks can drop monthly account rates — typically charging $0 in account fees and offering higher interest rates.
For example, open a personal account with EQ Bank in just a few minutes and you get access to the best features of a chequing account combined with a high interest savings rate.
When you fund your account, you’ll start earning 1.25% interest on every dollar right away. Set up a direct deposit, you can earn 3.50% on every dollar.
The account has $0 monthly fees and no minimum balances. Plus, you can withdraw from any ATM in Canada — for free.
Car and home insurance premiums
Car insurance premiums in Canada have been trending up in the last ten years, increasing 36% from 2014 to 2024, according to an April 2025 report by Statistics Canada.
Meanwhile, annual home insurance costs for the average Canadian household increased by $421 in 2025, according to a new study by MyChoice. Extreme weather events like wildfires, flooding and hailstorms in certain parts of the country have contributed to this increase.
This is bad news for those who simply auto-renew with their current insurance provider every year. It can pay to take 2 minutes to shop around for better rates. YouSet makes it easy to quickly compare between insurance policy offers for free.
Even better, if you choose to bundle your home insurance with auto insurance, you can save 15%.
Just answer a few questions about yourself, your car and your home, and you can compare policies from major Canadian insurers for free — in less than 4 minutes.
In just a few clicks, you can save up to 29% on your annual premium with their exclusive rates and discounts.
Sources
1. Dalhousie University et al.: Canada's Food Price Report 2025
