7 Smart Money Moves Every Canadian Should Make This Canada Day

Canada Day is usually all fireworks and barbecues—but it’s also a perfect time to take stock of your financial life. While you're off work or enjoying holiday, set aside an hour to knock out a few small tasks that can pay off big later. Here are seven smart money moves to help you start July on the right foot.

1. Check Your TFSA Contribution Room

The Tax-Free Savings Account (TFSA) is one of Canada’s best financial tools—but it only works if you use it. Log into your CRA MyAccount and check your available contribution room. If you’re under the limit, consider topping up with savings or unused cash. All interest, dividends, and investment growth inside a TFSA are tax-free—even when you withdraw.

2. Review Your Credit Report (For Free)

You’re entitled to free credit reports from Equifax and TransUnion. Canada Day weekend is a great time to grab them.

Look for:

• Incorrect personal info

• Accounts you don’t recognize

• Missed payments or collections

Fixing errors now can raise your score—and save you money later on loans, credit cards, or mortgages.

3. Automate Your Savings

Still transferring money manually every month? Set up automatic transfers to your savings, investment, or TFSA account.Start with $25 a week—you’ll barely notice it, but over time, it adds up thanks to compound interest.

Bonus: if your pay schedule just shifted (like post-tax season), adjust your savings plan to match.

4. Review Your Budget (Or Finally Make One)

Not exciting? Maybe. Worth it? Absolutely. Open your banking app and look at your last month’s transactions. Where did your money actually go?

Apps like YNAB or Monarch can help, or you can use a simple Google Sheet. Canada Day is mid-year—perfect timing to do a halfway-through-the-year budget reset.

5. Check for Government Benefits You Might Be Missing

Many Canadians don’t realize they qualify for:

• GST/HST Credit

• Canada Workers Benefit

• Climate Action Incentive

• Provincial benefits (like Ontario’s Trillium Benefit)

Log into CRA MyAccount or use the Benefits Finder tool to see what’s available based on your income and situation.

6. Compare Your Savings Account Rate

If your bank is still paying less than 1%, it’s time to switch.Many online banks in Canada now offer 4.00%+ on high-interest savings accounts (HISAs).That’s free money for doing nothing but moving your savings.

Bonus if you move emergency savings into a TFSA-HISA combo—then it grows tax-free, too.

7. Set One Short-Term Financial Goal

Forget five-year plans. What’s one thing you can realistically accomplish in the next 30 to 90 days?

• Pay off a credit card

• Build a $1,000 emergency fund

• Cancel unused subscriptions

• Start investing—even with just $100

Write it down. Give it a deadline. Treat it like a Canada Day resolution you’ll actually keep.

Bottom Line

You don’t need to overhaul your life in one weekend. But small moves, done consistently, lead to big results. So while you’re celebrating Canada, give your money a quick check-up, too. Your future self (and your tax return) will thank you.