Looking for easy ways to make money without the hassle of extra work? You’re in for a treat!
Many people believe that increasing their income requires sacrificing their free time or juggling multiple jobs. However, this doesn’t have to be your reality. Often, the key to boosting your earnings lies in maximizing the financial tools and resources you already have at your disposal.
In this post, we’ll dive into 15 practical, easy-to-implement strategies that can help you make money without adding extra hours to your day. Whether you’re a busy professional, a parent, or just someone seeking financial freedom, these ideas are designed to fit seamlessly into your life and make a meaningful impact on your finances.
1. Utilize Employer RRSP Matching
If your employer offers an RRSP match, consider it free money! Not taking full advantage of this benefit is like leaving cash on the table.
Many companies in Canada match your contributions up to a certain percentage of your salary—typically around 3-6%. This means that if you contribute, for example, 4%, your employer will also contribute 4%, effectively doubling your retirement savings!
Additionally, when you contribute to your RRSP account from after-tax money, you lower your taxable income. Depending on your income tax bracket, you can expect to receive 20% to 50% of your contribution back as a tax refund.
Setting up automatic contributions to your RRSP ensures you’re consistently saving and growing your retirement account through employer matching, all without having to think about it.
I’ve found this strategy to be particularly powerful, given its significant impact on my finances when utilized wisely.
2. Take Advantage of HSA and PHSP Accounts
In Canada, Health Spending Accounts (HSAs) and Private Health Services Plans (PHSPs) are two valuable financial tools that can help you save on taxes while covering healthcare expenses.
An HSA allows employers to contribute a set amount of money that employees can use for eligible health-related expenses. The funds are tax-free, and any unused amounts can roll over to the next year, depending on the plan. This flexibility makes HSAs an excellent option for covering costs such as dental care, vision, and prescription drugs.
Similarly, a PHSP provides a tax-efficient method for self-employed individuals or business owners to manage medical expenses. Contributions made to a PHSP are tax-deductible for the business, and reimbursements for health expenses are non-taxable.
Don’t let this opportunity go to waste—utilize these accounts to better manage your healthcare expenses and maximize your savings! The HSA money has helped me handle some costly dental bills!
3. Sign Up for Automatic Price Drop Refunds
Have you ever purchased something online only to see the price drop just a week later? Signing up for automatic price drop refunds can help you reclaim the difference without the hassle of tracking prices manually.
Services like Capital One Shopping automatically monitor your purchases and request refunds when the price drops after you’ve made a purchase. This feature applies to a wide range of items, from electronics and clothing to travel bookings.
By utilizing these services, you ensure that you never miss out on post-purchase savings. These tools operate in the background, so once they’re set up, they’ll do the work for you—no need to keep checking prices yourself. Over time, this can add up to a surprising amount of extra cash with minimal effort.
Tip: Some credit cards also offer price protection. Before purchasing a big-ticket item, check if your card provides this perk, which can refund the difference if the price drops within a specific timeframe.
4. Take Advantage of Bank Account Switching Bonuses
Many banks offer generous bonuses for opening a new checking or savings account, often ranging from $200 to $500. The catch? You usually need to set up direct deposit or maintain a certain balance for a few months.
If you’re not tied to your current bank, switching to a new one for a sign-up bonus can be an easy way to earn extra money. Since many of these bonuses require actions you’re likely already doing—such as receiving direct payroll deposits or setting up automatic bill payments—this process is practically effortless.
I’ve tried this strategy several times when I wasn’t satisfied with my then-current bank, and I was surprised at how quickly the additional funds accumulated. If you’re looking to boost your finances without extra work, consider exploring the available sign-up bonuses at other banks.
5. Make Your Money Work Harder in a High-Yield Savings Account
Believe it or not, many of us are letting our money sit in standard savings accounts, earning an interest of 0.35% to 1.6%, depending on the account balance. This is downright paltry compared to the best high-yield savings accounts (HYSA), which can offer interest rates of 4% or higher, depending on the rate environment.
Switching to a high-yield account is one of the easiest ways to increase your savings. You can earn significantly more in interest—often around 4% these days. Over the course of a year, the difference between earning 0.35% and 4% interest can be substantial, especially as your balance grows.
This strategy has garnered my significant attention, and I have deposited money into a high-yield savings account every payday!
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6. Explore Government Programs to Boost Your Income
You might be surprised at how many government programs are available to help you boost your income or lower your expenses. There are grants, subsidies, and tax credits designed for everything from assisting with education costs to covering energy-efficient home improvements.
Even benefits like food assistance, child tax credits, and utility bill assistance can free up extra money that can be redirected toward savings or investments. The key is knowing what you qualify for and taking the time to apply. Many government programs go underused simply because people aren’t aware of them or assume they won’t qualify.
Here are some common benefits available for Canadians:
- Canada Workers Benefit (CWB): A refundable tax credit for low-income workers designed to encourage employment and support financial stability.
- Canada Child Benefit (CCB): A tax-free monthly payment to families with children under 18, intended to assist with childcare costs.
- Multigenerational home renovation tax credit (MHRTC): Claim this credit for certain renovation expenses to create a self-contained secondary unit allowing a senior or an adult eligible for the disability tax credit to live with a qualifying relative.
Check out the government website here to ensure you’re not missing out on any benefits.
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7. Sign Up for Automatic Bill Payment Discounts
Many service providers—such as utility companies, phone carriers, and even student loan servicers—offer discounts when you set up automatic bill payments. These discounts can range from 1% to 5%, depending on the company.
In addition to potential savings, automating your payments ensures you never miss a due date, helping you avoid late fees and penalties that could otherwise impact your budget. Plus, automating your bills reduces mental clutter, freeing up more time and energy for other money-making ventures.
8. Maximize Credit Card Sign-Up Bonuses
If you’re responsible with credit, sign-up bonuses on credit cards can be another way to make money quickly. Many credit cards offer substantial bonuses—often $200, $500, or even more—after you spend a certain amount within the first few months.
By timing your sign-up to coincide with large expenses—like a vacation or home improvement project—you can easily meet the spending requirement and pocket the bonus with minimal effort.
Just remember to avoid applying for new credit cards or loans too frequently as these can impact your credit score. Be strategic and only open new cards if you’re confident you can meet the spending requirement without overspending.
9. Earn Referral Bonuses by Referring a Friend to a Bank
Many banks offer referral bonuses when you invite friends or family members to open new accounts. If you’re already satisfied with your bank, referring others can be a fantastic way to earn some referral bonuses.
Referral bonuses typically range from $50 to $100 per person, and all you have to do is share your referral link or code. Most banks have simple requirements: your referral must open an account and meet certain conditions, such as setting up direct deposit or maintaining a minimum balance for a few months.
Once these conditions are met, you’ll receive your bonus automatically. Some banks even offer bonuses for both you and the person you refer, making it a win-win situation.
So, check with your bank to see if they offer a referral program and start referring your friends and family!
10. Use Cash Back or Rewards Credit Cards
In today’s world, using credit cards for spending has become the norm. Why not earn money while you spend?
With cash-back credit cards, you can earn a percentage of your purchases back, typically ranging from 1% on all purchases to as much as 5% in specific categories like groceries or gas. For example, if you spend $500 a month on groceries, earning 5% cash back could net you $30 back in a year!
On the other hand, reward credit cards offer points that can be converted into free flights, hotel stays, or even cash back, providing even more value for your everyday spending.
By strategically using these cards for your regular purchases—and paying the balance in full each month—you can accumulate a nice chunk of change over the year.
Tip: Check out apps like Rakuten, which provide cash-back deals on top of the rewards you’re already earning from your credit card.
11. Optimize Credit Card Rewards for Maximum Earnings
Most people have a credit card with some form of rewards, but many don’t fully take advantage of the earning potential.
To maximize your returns, it’s essential to align your spending habits with the right rewards cards. Instead of relying on a single card for all your purchases, consider using specific cards that offer higher rewards in the categories where you spend the most.
For example, the Scotiabank Gold American Express card provides 5x points on dining, groceries, and entertainment. In contrast, the Tangerine Money-Back Credit Card offers 2% cash back in up to three categories of your choice, such as groceries or gas. Additionally, the CIBC Dividend Visa Infinite card allows you to earn up to 4% cash back on eligible gas, electric vehicle charging, and groceries, which can be incredibly valuable if you spend a lot at the supermarket.
By optimizing your credit card use, you can significantly increase the cash back or rewards points you earn each month.
The key to maximizing rewards is to ensure that the monetary value of the rewards or cash back earned outweighs the fees for maintaining the credit cards. Remember to always pay off your balance in full to avoid interest charges, which can easily negate any benefits.
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12. Earn Cash with Round-Up Savings Apps
Did you know that saving money can be as simple as rounding up your purchases?
Round-up apps provide a no-brainer way to save and earn money. For instance, apps like Koho offer a RoundUps feature that automatically transfers your spare change into an interest-bearing savings account.
For example, if your purchase is $2.25, you can choose to round up to the nearest dollar, saving $0.75, or opt for higher RoundUps amounts like $1.75, $2.75, or $7.75. Over time, these small contributions can add up significantly, potentially turning into a nice little investment fund.
This is a straightforward way to automate your savings and grow your money without lifting a finger. Since the savings happen automatically with each purchase, it’s a set-it-and-forget-it approach to building wealth.
Tip: When choosing a round-up app, check for additional rewards or cash-back programs they may offer, such as referral bonuses or promotional offers.
13. Get Paid for Shopping with Rebate Apps
Rebate apps like Rakuten offer cash-back deals on everyday purchases, including groceries, clothes, and even travel bookings. All you need to do is shop through the app or link your loyalty cards, and you’ll earn cash back on qualifying purchases.
Some rebate apps even let you stack deals, meaning you can use them alongside other discounts, coupons, or cash-back credit cards for even more savings. For example, imagine earning an additional 5% cash back on a $100 grocery bill— that’s an instant $5 back in your pocket!
The beauty of rebate apps is that you’re earning extra money for purchases you would be making anyway. It’s a simple and hassle-free way to make your money go further.
Tip: Install a rebate app browser extension like Rakuten to ensure you never miss out on savings when shopping online.
14. Participate in Credit Card Dining Programs
Many credit card companies have dining programs that offer bonus points or cash back when you eat at participating restaurants. For example, programs like Amex’s ‘Let’s Go Shop Small’ allow you to earn an extra $2 each time you dine out with your registered credit card during the program period.
Once you sign up, you simply use your card at eligible restaurants, and the rewards will automatically be credited to your account. It’s a convenient way to rack up extra points or cash back for something you already enjoy doing—eating out!
Tip: Combine this with a credit card that offers bonus points on dining for even more savings.
15. Reinvest the Dividends
When you own stocks or exchange-traded funds (ETFs) that pay dividends, those dividends can either be taken as cash or reinvested to buy more shares.
Reinvesting dividends creates a powerful compounding effect, as you’re using the earnings from your investment to purchase more of it, which in turn generate even more dividends. Over time, this can significantly increase the value of your portfolio.
If you have a brokerage account, check if they offer a Dividend Reinvestment Plan (DRIP), which automates this process, so you never have to worry about it.
Tip: Look out for investment platforms that allow you to set up automatic dividend reinvestment at no extra cost.
Final Thoughts
Boosting your income doesn’t have to be overwhelming or time-consuming. By leveraging the financial tools and resources already available to you—such as employer benefits, government programs, and credit card rewards—you can uncover numerous opportunities to earn extra money.
I recommend starting by trying a few suggestions that resonate with you and seeing what works best for your lifestyle. By being proactive and open to exploring various avenues for income, you can accumulate more money than you might have imagined.