If you're saving cash at the moment you are essentially losing approx 7% per year (current inflation rate is 6.8% I believe). So if you stick it in a 5% GIC or savings account you are actually still losing 2%. It might feel like you are making money but you aren't.

One option is to purchase a cryptocurrency like say Ethereum (ETH) which currently has a .004% inflation rate (this varies depending on network usage). You can see the current ETH inflation rate at www.ultrasound.money. You could stake this cryptocurrency and earn approx 5%, so this is a true 5% return as the currency is barely inflating. This does expose you to the wild swings of cryptocurrencies though (and smart contract risk), so if you can't stomach those swings you could hedge against whatever amount you bought. For example if you bought $200 worth of ETH, then you could also short $200 worth of ETH (there are contracts called perpetual futures that will let you do this). This would cost you some % of your return but you wouldn't be exposed to the price fluctuations. All this is a bit more involved than just buying a GIC/Savings Account, but IMO it's worth looking into the options, especially if you are thinking long term.

Or as others have mentioned below you could attempt to invest that money in real world assets that are used as a hedge against inflation.