1. Refinance your mortgage If you have a mortgage, especially a fixed interest rate mortgage that is at least one year old, it may make sense to refinance it. Rates are so low, that even by paying a penalty to the bank to get out of your higher rate, you can still save thousands of dollars over a few years which makes it worthwhile. I've seen 5-year rates at about 4%, and it is possible rates will decrease more. One of my astute clients redid his mortgage last month and got a 1% savings on his mortgage rate, plus cash back from the new bank. It paid for his penalty and then some. If you want some advice, let me know. I can help you find the best deals.
2. Avoid fees Although mortgage rates are decreasing, lines of credit are not. In fact, most banks have increased those rates. If you hold credit with American banks, be aware that many US banks have raised the fees they charge. These fees can mount up and cause further charges if you carry your debt close to the limit and the fees push you over your limit. Check your agreement and avoid those transactions which accrue extra fees. Another disturbing trend with American banks is their radically increasing your minimum amount due on credit card bills, sometimes doubling or tripling your payment! If you have credit debts, pay them down and also consider seeing about refinancing. This is not as easy to do, but with good credit and good assets I may be able to help. Any way to lower the interest rate on debts and save money is good.
3. Save Now would be a time to focus on having some money set aside for emergencies. It is expected that 500,000 jobs will be lost in Canada during this recession, so you never know. But beyond that, part of the reason that we are in this financial crisis is that many people were living beyond their means. My Mom laments that people live so much on credit these days, so a bit of returning to better savings habits is an excellent idea.
4. Tax Free Savings The Canadian government introduced the new tax-free savings accounts. Most of my clients are setting these up. I think these are going to be a great way for people to save money and never pay any tax on what you make. Saving taxes is the best return around. Plus, the accounts are completely flexible. You can put money in, take it out, and then put it back in again. The limit is $5,000/adult per year which will be indexed so that will increase over time.
5. Preferred Shares One idea for an investment today that I like is preferred shares. The Canadian banks have been issuing new preferred share offerings to boost their capital reserves. Preferred shares are different than common shares which are what most people own. They pay dividends which get far better tax treatment. They are called "preferred" because it means they get preference over common shares for getting dividends paid and better access to assets in case of liquidation. A lot of these are paying a 6.25% dividend, which is a lot better than a standard savings rate. The rate is guaranteed for 5 years.  

P.S. Keep the evening of June 10th open for an important presentation at the beautiful Hotel Vancouver. More on this later.