The term ‘free money’ might sound too good to be true. After all, there are no free lunches in this world. Articles that talk about ways to earn free money might sound like a scam but the truth is that you can receive free money thanks to special offers, cheat tricks, and hidden benefits.
We have covered some of the best and most reliable ways to make free money in Canada. They all work and can help you collect or save a decent amount of money without having to do much. Let’s have a look.
1. Sign up for credit cards
Also known as credit card churning, this trick involves signing up for new credit cards and enjoying welcome offers such as free points and cash bonuses. This trick can help you make a decent amount of money. It might not be suitable for everyone because opening new credit cards can impact your credit score.
Get new credit cards only if you’re sure you’d be able to handle the burden. Also, use them very wisely as overspending could cause serious financial blows. The key lies in signing up for a new account, enjoying the benefits, and moving to a new card. Still, do it while keeping an eye on your credit score.
2. Look for free crypto
This might sound too good to be true but there are some crypto exchanges that offer free digital coins to new users. This can be a great option for people who want to earn free money without putting their own hard earned cash at risk. This offer, however, may not be for everyone as it’s usually conditional.
You will be able to use this free crypto for a limited number of purposes, i.e.: in most cases, you will not be able to withdraw it until you have traded it a number of times. Also, you might be required to deposit a specific amount of money to qualify. Look for reliable cryptocurrency platforms that offer sign up bonuses in Canada and make sure to read the fine print.
3. Let others throw a birthday bash for you
Here’s a fun way to win free money. Make your birthday a memorable event by finding brands that offer special gifts on birthdays. Both online and offline stores qualify and there are usually no tough requirements to qualify.
Denny's can be a great place to start. It offers an exciting Grand Slam meal that consists of bacon, eggs, sausages, and pancakes. Some other restaurants offering free food in Canada on birthdays include Harvey's, IHOP, and What A Bagel.
Interested in something else? Kiehl's, Clinique, and Clarins offer some exciting free samples. There, however, are certain requirements. In most cases, you will be asked to provide a valid proof of ID to verify your birthday. You also have to pay shipping, sign up for a loyalty program, or spend a specific amount of money. Goods that you receive for free can be used or sold for free money.
4. Go from premium credit card to a no-fee card
Premium cards are exciting, after all they come with some great benefits. But, they're not always suitable. A premium credit card can end up being very costly, especially when you're not spending enough.
You can save money by replacing your premium card with a no-fee credit card. The latter may not have the same perks, but it could help you save a lot of money and ensure your credit report doesn’t suffer.
5. Don’t let cheques go to waste
The government offers a variety of tax benefits to Canadians to push them to take certain steps, such as investing in clean energy. These benefits are usually issued through cheques that don’t always get claimed. Take a look at The Canada Revenue Agency website for a list of cheques you didn't yet cash. You’ll have to sign up for a CRA account to login. Announced in 2020, this feature has helped thousands of Canadians get free money. Have a peek at your account and see what’s waiting for you.
6. Keep an eye on all bank accounts
Remember the feeling of finding an old $20 bill in your old jeans? It’s the same as finding a few dollars sitting in your old bank account. It’s more common than you’d like to think.
Canada’s central bank distributed more than $15.2 million to forgetful account holders in 2021 with the oldest account balance going back to 1913. Things haven’t changed a lot as there were more than $1.06 billion in unclaimed balances last year.
An account is considered unclaimed when the owner cannot be contacted and money has been left untouched for 10 or more years. Worried about your money lying around? Visit the Unclaimed Balances Registry and add your name to the list. You could come back with free money.
7. See if there are special offers for people your age
Governments like to reward seniors for their hard work through the years. These rewards can often come in the form of free money. The most common of these is The Old Age Security pension for people aged 65 or more. Consider this option when you’re sitting with your retirement calculator and planning for the future.
Under this program, you may be eligible to receive free money: up to $642.25 per month. Another program worth considering is the Guaranteed Income Supplement offer, which could earn you up to $959.26 per month depending on factors such as your marital status and income.
8. Make money by filling online surveys
Enjoy sharing your opinion with others? Join paid survey sites like Survey Junkie and Swagbucks and earn up to $10 per survey. We consider this free money because you will not have to do much to earn cash through these sites.
These sites pay users for completing online forms that will usually ask your opinion on certain products or services. Most platforms have a minimum threshold before money can be withdrawn and some might even pay more. Plus, some of these companies also offer free product samples that you can use or sell on the secondary market to earn free money.
9. Negotiate with your mortgage company
Believe it or not, it is possible to negotiate the mortgage rate down. The bank or provider is interested in getting paid and most will accept a lower rate if it means getting paid. You’ll only have to write a solid application to get approved.
This option is available for both new buyers and homeowners who wish to refinance a mortgage. Look for a reliable mortgage company in Canada and understand how to choose the right mortgage so you can save money.
10. Lose weight, make money
Need some motivation to lose weight? Try HealthyWage, a platform that allows users to earn money by losing weight. The average HealthyWage user makes about $1,300 with some earning up to $10,000.
It’s an exciting way to not just make money but also to lose unwanted fat. The company allows users to set personal goals or take part in team challenges. It’s a betting system where you will earn money only if you win the bet. You will lose your money if you don’t reach your goals.
Those who want other options can look at Sweatcoins, a startup that rewards users for walking. You will earn Sweatcoin for reaching goals with the average step-to-Sweatcoin conversion rate standing at 65 percent.
11. Go green and get subsidies
Climate change is a real concern and governments are now heavily pushing the agenda. They want you to use sustainable energy and are even offering subsidies to individuals who opt for energy-saving upgrades such as solar panels. These subsidies are offered in the form of discounts and tax credits and can run into thousands of dollars. This is in addition to hundreds of dollars you’ll save on your energy bill.
There are even more rewards for businesses. You don’t have to invest a lot to enjoy these benefits thanks to programs like Emissions Reduction Fund and Energy Innovation Program. Some of these offers have a deadline so move fast.
12. Go for a zero-commission online brokerage house
It is time to bid adieu to your traditional broker and find a zero-commission online brokerage house to manage your portfolio. This will allow you to save money and walk home with a hefty profit. However, remember that these online brokerages may not charge you a commission but there will still be other charges and they’re usually not completely free.
13. Maximize your TFSAs and RRSPs
It’s now possible to grow your wealth without having to worry about taxes thanks to Tax Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). These can be filled with investments such as stocks or cash. This will allow you to enjoy a great share of the profit as all forms of gains including capital gains, dividends, and interest are tax-free. Also, investing in an RRSP will reduce your taxable income and you might even be able to increase your savings through employer contributions.
14. Have banks pay you
The interest rate in Canada is pretty low, but if you look around you might be able to find decent savings accounts. Rates are usually in the range of 0.5 percent to 2.5 percent with some banks even offering sign up bonuses as high as $50. Look for one that meets your requirements and start with a deposit.
15. Start a RESPs
Registered Education Savings Plans (RESPs) are designed to allow you to evade taxes and save for the future of your children. In addition, you might qualify to receive free money through the popular Canada Education Savings Grant program. It involves a matching program where the government will contribute 20 percent of your deposit with the grant maxing out at $7,200 per child and going as high as $500 per year.
Another similar program is the Canada Learning Bond that's designed for middle and lower-income families where the amount goes up to $2,000 per child. You’ll be eligible for these benefits just as you open an account for as long as you meet other requirements.
16. Talk to your insurance provider
You might be able to reduce your insurance premium by talking to your provider. Reducing insurance premiums for cars is quite easy. Lowering your annual kilometre count, reducing your coverage, and increasing your deductibles can be of help.
On the other hand, home insurance can be a little tricky. The best option is to change your deductible and make changes to your house so you can qualify for discounts such as safety discounts. Moreover, working with agents and improving your credit history can also do the trick.
17. Rent available space on Airbnb
Got an unused room? Put it up for rent on Airbnb. The average Airbnb host in Canada makes $19,844 per year, making Canada one of the best markets for Airbnb hosts. Luxurious homes with add-ons such as pools and jacuzzis can even earn you up to $200 per day.
Airbnb charges a small fee for its service, 3%, and offers perks such as secure payments and ease. Also, the company doesn’t have any minimum commitment requirements. Write a neat bio and upload good photos to attract more visitors.
18. Rent out your vehicle
Don’t let your vehicle sit and catch rust as it can help you make free money. Websites like Turo and RideALike can be a great place to start. Both tools allow car owners to advertise their vehicles online without any hard work. Plus, you can choose when to make your car available.
You can make between $500 and $1,000 per month based on your location, the type and model of your car. Each company has specific eligibility requirements such as car insurance. Most companies will not accept very old or poorly maintained cars and some may require an inspection before accepting your application.
19. Rent out your pool
Have a luxurious pool? Consider renting it out and make up to $100 per hour. Very well constructed and maintained pools and backyards can even help you make up to $250 per hour in Canada. This is considered free money as you will not have to do anything to make money since guests will pay just for renting the space and most will bring their own toiletries.
Swimply can be a great place to start. According to the official site, the average pool owner makes between $5,000 and $10,000 per month on average. The right price depends on factors such as the size of your pool, location, added amenities, and season.
20. Look for benefits
We have already discussed some perks and benefits in this article but there could be a lot more to look at. There are a variety of grants and rebates that offer free money. Checking each individually can take a lot of time. Fortunately, Canada’s Benefits Finder Tool is there to make the job easier. This tool can help identify programs that you might qualify for. Visit the site, enter the required details, and look at what you’re missing.
22. Get rid of what you don’t need
Do you have old furniture, books, and other items lying around? They could be worth a lot. Get antiques appraised and find a dealer. For household items, you can hold a garage sale or turn to platforms like Kijiji, Craigslist, eBay, and Facebook Marketplace.
23. Get free cryptocurrencies
Crypto resellers and brokers often offer free cryptocurrencies to new clients. These digital coins can be used to trade currencies on the platform or get free money. ShakePay has proven to be quite popular in this niche as it gives out free coins for just shaking your phone. It offers up to $30 in BTC. Another great option can be CoinSmart that gives $30 to new clients with a chance to win up to $4,000 in BTC.
24. Install and use cash back apps
Cash back apps can be a great way to make free money. These apps offer a rebate on valid purchases or provide discount coupons for future use. The usual rate is between 0.5 and 2 percent, but some apps may offer higher rewards.
Most apps will allow you to transfer money to a bank or online account once you hit the threshold. Look for apps that support your favourite online stores and make regular payments. Also, consider setting up alerts for discounts on your preferred products and stores.
25. Choose a cash back credit card
Invest in a credit card that comes with not just discounts but also excellent cash back offers. There are a variety of cash back credit cards in Canada including some that come without a fee. The rate differs from provider to provider with some offering up to 10 percent cash back on specific purchases. This can be a great way to save money but remember that you will have to make monthly payments.
26. Move to a low interest credit card
The average rate of interest on credit card debt in Canada is around 19 percent. If your credit card costs more then look around for low interest credit cards. Many credit cards even have a 0 percent APR offer on balance transfers. A credit card payment calculator can help you calculate the true cost of owning a credit card.
27. Look for a better chequing account
Chequing accounts may appear similar but they differ in terms of fees and features. If you look around, you’ll find some no-fee checking accounts that can help you save a decent amount of money. The monthly fee in Canada ranges between $3 and $12 per month; with a no-fee account you’ll be saving about $35 to $140 a year.
28. Consider switching your net and phone provider
Shopping around, haggling with your phone and net provider, and paying attention to your monthly bill can help you save a lot of money. Bundling can be a great option to slash the bill. If it doesn't work for you then look for low-cost options and special deals. Lowering your usage can also be effective. If nothing works then consider negotiating with the provider.
29. Make use of coupons
Being a couponer can help you save up to 7 percent on your grocery bill. Some companies even offer more savings with special discount coupons for loyal and new consumers. The key lies in knowing where to find coupons and actively looking for the best offers.
There are even mobile apps that allow users to set up alerts for the latest coupons. Also, make sure to keep an eye on your email as some companies send discount coupons through emails. Read the fine print and make sure to not miss the deadline as most coupons come with an expiry date.
30. Go for a robo-advisor
Financial advisors are important but often very expensive. While the human touch comes with several benefits, it can be very costly. Why waste money when you can turn to robo advisors?
Some robo advisors have no sign up charges and most charge between 0.25 percent and 0.50 percent of the portfolio value. In comparison, human advisors charge around 1 percent per year with some having very high minimum balance requirements. This makes robo advisors more affordable.
Also, robo advisors are said to be quite reliable as well. They are very good at portfolio management and automatically buying and selling assets. However, remember that, unlike human advisors, robots may not be able to diagnose and solve your personal financial issues.
31. Consider debt consolidation
Debt consolidation refers to consolidating a variety of liabilities or loans into one. Doing so can help improve your credit score and streamline your budget. Technically speaking, you will not be making more money when you choose this option but you may get to save money that can be used for a variety of purposes.
You will have to find a cheaper loan for debt consolidation to be advantageous. This may result in a lower interest rate and reduce your monthly payments. However, there may be some additional costs such as balance transfer fees, annual charges, and origination fees.