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 complicated 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 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
- Transfer fee is waived (up to $150) when you transfer in your assets from other brokerages
You can also read our comparison of Canadian robo-advisors.
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.
New clients who sign up get $50 in trading fee credit when they open an account and fund it with at least $1,000. Read our Questrade review.
3. Wealthsimple Trade: Wealthsimple Trade is Canada’s top no-commission trading platform, and you can buy thousands of stocks and ETFs for free using your self-directed brokerage account.
Open a Wealthsimple Trade account and get a cash bonus when you fund your account with $150 or more. Or, read our review.
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. Download Moka and get $5 free or read our Moka review for more details.
Best Savings Accounts
It’s no secret that interest rates on savings accounts at the big banks are meagre. 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. Here is a review of EQ Bank, or you can compare the top savings accounts.
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
For a limited time, you also get a $400 cash bonus when you open a Simplii account and set up a direct deposit. Read the review.
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 everyday purchases.
1. KOHO: This cash back app and reloadable Mastercard prepaid card pay you up to 5% cash back on debit purchases, plus interest on your balance. If you want to avoid using credit cards, KOHO rewards you anyway. You receive a $20 welcome bonus when you sign up here (use referral code CASHBACK). Read this KOHO review for more details.
2. 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.
3. Rakuten: Use the Rakuten platform to get discounts and real cash-back when shopping at your favourite retailers in Canada (over 750 stores). Join Rakuten ($30 bonus after making your first purchase of $30 or more). You can also check out this Rakuten review.
4. Caddle: Caddle is a cash back program that helps Canadians save money while making grocery and gas purchases. Read our review.
Writing a valid Will is an essential 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. Read this LegalWills review or create a Will and save 20% using our promo code SAVVY20.
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 get a 15% discount.
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 our readers, these free guides are fantastic!