The one thing that changed

For years, leaving your carrier meant activation fees, cancellation fees, and a headache. As of June 12, 2026, the CRTC banned all of that. Switching your plan is now free. With one exception: if your phone is still on a payment plan, the remaining balance comes due when you leave. That balance is now the only thing locking you in.

So the smart question is no longer "is there a cheaper plan?" It is "given what I still owe on my phone, is it worth switching, and when?"

How financing works, at every carrier

The details barely change from brand to brand:

  • 24 months. The Wireless Code caps device financing at two years. That is why 36-month offers drew regulatory scrutiny.
  • 0% interest. Nobody charges interest on the phone itself. The cost of borrowing is zero.
  • $0 down, on approved credit. Weaker credit may mean a deposit.
  • Tax on the full price. You pay tax on the phone's full retail price, either up front or spread across the payments, not just on what you finance.
  • The balance is due when you leave. Cancel or switch, and whatever is left on the phone is payable right away.

A few carriers add a "bring-back" program (Telus Bring-It-Back, Bell Flex, Rogers Save & Return, Freedom TradeUp). These lower your monthly payment by deferring a lump sum. At the end of the term you either return the phone in good condition or pay the deferred amount to keep it. Watch the fine print: return the phone with a cracked screen and you can owe the difference.

The prepaid brands (Public Mobile, Lucky Mobile, Chatr) do not finance at all. You bring your own phone. That is part of why they are cheaper.

The rule that tells you when to switch

Here is the part most people get wrong. Say a better plan would save you money, but you still owe a few hundred dollars on your phone. Should you switch now and clear the balance, or wait until the phone is paid off and switch free?

There is a clean answer:

Switching now only makes sense if your monthly plan saving is bigger than your monthly phone payment.

If it is, then even after clearing the balance, the savings pull ahead within a couple of years and keep going. If it is not, you are better off staying put, negotiating for a better rate today, and switching for free the month your phone is paid off.

That is exactly what the free PlanSavvy checkup works out for you. Tell it what you pay, what you still owe, and how many payments are left, and it tells you whether to switch now, negotiate, or wait, and the month your phone comes free.

The move most people should make

If you are mid-financing and a better plan exists but the balance is holding you back: call your current carrier's retention line and negotiate now. You keep your phone, you lower your bill today, and you still switch for free once the phone is paid off. Post-CRTC, that combination is the savviest play there is.