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Even if you're using the starter to restart (and most folks with stick shifts just bump start it), a modern fuel injected car uses about 7 seconds worth of gas to restart the motor (commonly cited, but I have no original source for that). Obviously if you have a bunch of short costs, it might be better to just leave it running. If you have longer glides, EOC has greater rewards.
As for laws, I know nothing of Canadian laws, but in Colorado, driving in neutral is illegal. I can't imagine how you'd get caught unless you confessed to it or vehicle forensics after the crash indicated you were out of gear at the time of the accident. As with anything else, discretion is the better part of valor.
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