Welcome to the Savvy New Canadians offers and promotions page. This page is updated regularly to bring you worthwhile personal finance-related offers, promotions, and freebies in Canada. So be sure to check back regularly!
Free Credit Scores
You can now check your credit score free of charge in Canada.
Sign up with Borrowell to access your free credit score and get free weekly updates. They also provide a copy of your credit report.
Invest and Build Wealth
Investing doesn’t have to be so hard or expensive. Digital wealth managers aka Robo-Advisors can help design your portfolio using low-cost index funds (ETFs) that minimize your fees, boost your long-term returns, and are adequately diversified.
1. Wealthsimple: Wealthsimple is Canada’s premier robo-advisor. Open a Wealthsimple account and get a $75 cash bonus when you fund your account with at least $500. At Wealthsimple, they simplify your investing and offer the following:
- Nobel-prize winning investing strategies
- Automatic re-balancing
- Customized portfolio
- Dividend re-investing
- Free financial advice, and more.
If you are comfortable investing on your own and rebalancing your portfolio, you can save on investment fees by using a competitive discount brokerage platform.
2. Questrade: Questrade is the largest independent brokerage platform in Canada. You can use it to trade stocks, ETFs, options, foreign exchange, mutual funds, GICs, IPOs, and more at competitive rates.
3. Wealthsimple Trade: Wealthsimple Trade is Canada’s only no-commission trading platform and you can buy thousands of stocks and ETFs for free using your self-directed brokerage account.
Can’t afford to invest a lump sum? You can still invest using a spare change investing app like Moka.
4. Moka: This app automatically rounds up your purchases and invests your spare change so you can increase your net worth hassle-free.
Best Savings Accounts
It’s no secret that interest rates on savings accounts at the big banks are ridiculously low. There are much better alternatives:
EQ Bank: Check EQ Bank for some of the most competitive high-interest rates on savings and GICs available in Canada. Sign up for high-interest savings!
Free Chequing Account
Canadians pay $200+ on average every year in bank fees.
With a free online chequing account like Simplii Financial‘s, you get many of the benefits offered by big bank premium chequing accounts without paying a dime:
- Unlimited free debit transactions and bill payments
- Unlimited free Interac e-Transfers
- Free personalized cheques
- Mobile cheque deposits
- Earn interest on your chequing account balance, and more.
- Owned by CIBC
Earn Cash Back When You Shop
You can earn cash-back on everyday purchases including groceries. Using the FREE apps listed below, I earn anywhere from $50 to $100 automatically each month while making our usual purchases.
1. KOHO: This free cash back app and reloadable Visa card pay you 0.50% cash back on all your debit purchases, plus a 1.20% interest on your balance when you set up a direct deposit to your account. Trying to avoid using credit cards, KOHO rewards you anyway!
2. Ampli: Ampli is an RBC Ventures-backed cash back app that works like Drop. Cash back earned at participating brands and retailers can be redeemed via Interac e-Transfer. Join Ampli ($5 bonus with code AMPLI5) or read the review.
3. Tangerine Credit Card: The Tangerine credit card offers up to 2% cash back on purchases and has no annual fees. It is our top choice for the best no-fee cash back card in Canada. Check it out here (includes a $100 welcome bonus) or read the review.
4. Rakuten: Use the Rakuten platform to get discounts and real cash-back when shopping at your favourite retailers in Canada (over 700 stores). Join Rakuten ($5-$30 bonus). You can also check out this Rakuten review.
5. Drop: The Drop app rewards you automatically in cash for your everyday purchases. No effort is required on your part – simply sign up and start earning. Download Drop ($5 bonus). You can also read this Drop review.
6. Caddle: Caddle is a cash back program that helps Canadians save money while making grocery and gas purchases. Read our review.
Free Tax Filing
File your taxes for free in 2022 using Wealthsimple Tax (formerly SimpleTax). This tax software guarantees you will get the maximum refund possible as well as get an error-free tax return.
If you have investment return (stocks, crypto, etc.) to report, Wealthsimple Tax makes it easy to do so, plus you get a $15 cash bonus when you sign up here. You can also learn more about how it works.
Writing a valid Will is an important part of your personal finance setup. If the costs of getting a lawyer-written Will has been a hindrance, you can now get a legal Will for cheap from the comfort of your home.
1. LegalWills: This platform is one of Canada’s leading online estate planning services. It offers affordable and easy access to valid estate planning documents including Last Will and Testament, Financial Power of Attorney, and Living Wills.
2. Willful: This platform guides you through the process of creating customized legal documents to protect you and your family. It also offers free lifetime updates.
Start your Will and save $20 using our promo code SAVVY20.
I’m giving away two FREE eBooks titled: “A Simplified Guide on How To Buy A Home in Canada“ and “A Complete Guide To Retirement Income In Canada.” Simply subscribe to my newsletter to get your FREE copy!
Based on the consensus among my readers, these free guides are awesome!