1. Invest with confidence
Investing in the stock market can help you build a sizable nest egg for retirement and a passive dividend income stream. With CIBC Investors’ Edge, you can enjoy low commissions on trades and no or minimal account maintenance charges, depending on the size of your portfolio.
Pay no account fees for RRSPs with a balance of $25,000 or more and TFSAs with a balance of $10,000. For non-registered accounts, the platform waives maintenance fees if the account balance exceeds $10,000.
Build your portfolio with CIBC Investor’s Edge and get up to 100 free trades and over $200 in cash back. Pay just $6.95 per stock and ETF trades and no fees on mutual funds — or make more than 150 trades in a quarter — and you fall under the Active Trader category, where you can enjoy a discounted commission of $4.95 per trade.
2. Lock in a high interest rate with a GIC
Building a safety net for emergencies is one of the most important steps you can take toward financial security. Parking extra cash in guaranteed investment certificates (GICs) can help you safeguard your money while earning interest.
GICs also lock in interest rates at the time of investment, meaning the rates won’t fluctuate with changing policies. With the Bank of Canada expected to slash rates soon, investing your excess cash at a locked-in rate can help you take advantage of higher earnings rates and the power of compounding interest.
EQ Bank offers up to 3.9% interest rates on its non-registered GICs. Depending on your finances, you can choose an investment period anywhere from three months to 10 years.
You can open a no-fee GIC account with as little as $100 with EQ Bank.
3. Consolidate your debt and repay it faster
Paying down your debt is one of the smartest financial decisions you can make. If you have massive credit card debt or recently got it with a big expense — like car repairs, chances are you will be on the hook for quite some time and have to pay a substantial amount in interest.
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.
4. Stop overpaying for your car insurance
If you own a car, you are likely frustrated with the hikes in auto insurance premiums over the past few years. Canadian auto insurance premiums rose by more than 12% in the third quarter of 2024, according to a report from Applied Systems.
There’s one way to manage this cost: shop around for insurance. In just a few minutes, you can compare auto insurance rates offered by top lenders near you through YouSet.
The process is completely free and can help you save up to 29% annually on premiums.
Here’s how it works: Just answer a few basic questions about yourself and the vehicle you drive, and YouSet will show you offers from multiple insurers near you. Then, select the policy you want and customize it further before buying directly from YouSet. With customer review of 4.9 out of 5 stars, YouSet makes it easy and fast to save on auto insurance.
5. Protect your furry friends with pet insurance
If you have a furry friend or are thinking about adopting one, you probably know about the soaring medical and grooming costs for pets. According to a recent study by rover.com, the average cost of owning a dog is somewhere between $80 and $340 per month.
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.
