For travel rewards guru Patrick Sojka, it is the question he hears the most: "What's the best travel reward card out there?"

The answer, unfortunately, is that there isn't one. Or, more accurately, there is isn't one single card that's right for everyone out of the 35 travel rewards cards available to Canadians.

Sojka is the Calgary-based founder of travel rewards websites rewardscanada.ca and frequentflyerbonuses.com. His main rewardscanada site has become a favourite destination of frequent travellers – those "highly educated, medium- to high-income people who are either looking for new credit cards or bonus offers" and tips on how to redeem miles.

Because cards have been designed to attract certain segments of the Canadian population, the best Sojka could do was create five card categories and pick the best two in each category for his first Top 10 list. "In my opinion, they are the best cards for what they offer," he says. "For the majority of consumers, these would be the best picks."

The five categories he came up with are: best airline credit card, top hybrid travel credit card, best (annual fee) travel points card, best (no fee) travel points card and top hotel points card.

Best airline card: CIBC AeroGold Visa/Aerogold Visa Infinite.

This card won out because it allows holders to earn 1.5 Aeroplan miles on grocery, drug store and gas station spending, "decent" redemption rates and Air Canada's vast domestic and international coverage. "People love to hate Air Canada but there is no airline within Canada that has the coverage it has so there is no better choice for an airline card," he says.

Also making the list was the American Express AeroplanPlus Platinum charge card. A favourite with "really frequent flyers" because of its "slew of benefits" and ability to earn 1.5 Aeroplan miles on all purchases. But its annual fee and lower merchant acceptance kept it out of the top spot.

Sojka says competition in the category will be tougher next year with the rollout of a WestJet-affiliated credit card.

Best hybrid travel card. Winner: Diners Club Club Rewards Mastercard.

A hybrid card collects points/miles per dollar spent that can be used either at a travel agency or converted to a frequent flyer program.

Sojka, who has watched travel rewards trends for eight years, picked the Diners Club Rewards MasterCard because of the ability to book with any provider, low annual fees and "a nice suite of benefits." The RBC Visa Platinum Avion/Visa Infinite Avion ranked second. "That was a real tough category because Diners Club is not issuing new cards to individual members, only companies," says Sojka. He concluded, however, there were enough card holders to warrant including Diners Club for consideration.

Best travel points card (annual fee). Capital One Miles Plus Platinum MasterCard.

A relative newcomer to Canada, it offers a 2 per cent return on all purchases that can be used toward travel through any provider and a "low" annual fee of $99. Second place went to the BMO Air Miles Gold MasterCard. "This category is really growing, that is why I split it into fee and no fee cards," says Sojka.

Best travel points card (no fee). American Express Blue Sky.

Just over a year old, the card gets high marks for travel booking flexibility and a 1.25 per cent earn rate on purchases. "I got (a Blue Sky card) just over a year ago and I have already used quite a few points off of it for car rentals, you name it because you can use it for any sort of travel."

Honourable mention went to the Capital One Miles Platinum MasterCard. Sojka liked the 1 per cent earn rate and no-fee Mastercard platinum benefits.

Best hotel points card. MBNA Starwood Preferred Guest MasterCard.

It has no annual fee, bonuses up to $30,000 of spending and ability to transfer points to more than 30 airlines. "Honestly, if this card gave out bonuses beyond the $30,000 mark, it would be the best card in Canada, period," Sojka says.

So what's in the travel rewards expert's wallet?

"I carry one of each. One MasterCard, one Visa, one Amex. If people can, I tell them, `Carry one of each.' The reason is you can have different promotions going on. With Air Canada right now, you can save 15 per cent on flights in Canada by using a Visa card."

No July Bank of Canada Interest Rate Increase

RateSupermarket.ca's panel of financial experts believes that variable mortgage rates will stay level while fixed mortgage rates could fluctuate slightly during July

TORONTO, July 7 /CNW/ - RateSupermarket.ca, Canada's independent mortgage rates comparison website, has announced the results of their Mortgage Rate Outlook Panel for July 2010.

Global economic uncertainty may dampen consumer confidence and cause Canadians additional stress during the summer holidays, but it also means that the Bank of Canada will not increase mortgage rates on July 20th resulting in unchanged variable mortgage rates in the short term.

Fixed mortgage rates: Unchanged

As the five year bond yield sags due to uncertainly about growth prospects in Canada and around the world, our Panel believes fixed mortgage rates could fluctuate by +/-0.10% in July but will effectively stay where they are for the time being.

The Bank of Canada's next Monetary Policy Report is due on July 22nd, and this should give a better indication of the level of uncertainly in the market. A strong demand for residential mortgages by lenders is also stated as a key driver for keeping fixed rates level.

Variable mortgage rates: Unchanged

There's a saying that when a storm is brewing it's best to sit tight, and that's just what our experts think the Bank of Canada will do at their next interest rate meeting at the end of July. Given an expected dip in Canadian consumer spending, widespread unemployment in the US and Europe, global fears of deflation, and debt levels that are threatening to put whole countries out of business - there's just too much going on right now to justify a rate increase.

In this environment, the Bank of Canada is unlikely to increase interest rates in July, so variable mortgage rates will remain unchanged.

Hoping for Ontario sales tax credit cheque? Better file a tax return

THE CANADIAN PRESS

TORONTO - There are more reasons than ever to file a tax return this year, Ontario's revenue minister said Friday.

John Wilkinson dropped by a free tax clinic in downtown Toronto to remind Ontario residents about the coming April 30 deadline to file their returns.

He said even those with little or no income can qualify for a range of tax breaks, some of which are meant to help offset the introduction of the Harmonized Sales Tax on July 1.

"Our government's tax changes will put more people to work and put more money in many people's pockets - particularly those in most need," Wilkinson said.

"But it's important to remember, you need to file your taxes to get the money back."

The controversial tax harmonization plan includes one-time relief cheques and new credits designed to help ease the transition when Ontario merges its eight per cent sales tax with the five per cent federal GST.

However, critics of the plan say tax harmonization will increase the cost of many items that were previously exempt from the provincial sales tax - from gasoline to Internet bills, haircuts and real estate fees.

Ontario's move towards the HST has been bitterly opposed by the Progressive Conservatives and New Democrats, who say it will kick people when they're already down due to the recession.

Opposition Leader Tim Hudak has called it a "tax grab on everyday goods and services."

Disabled may be missing tax breaks

Talbot Boggs

(Special) - A recent report by Human Resources and Skills Development Canada had some disturbing revelations about the number of disabled people in Canada. It's rising.

Between 2001 and 2006, the overall disability rate in Canada rose to 14.3 per cent from 12.4 per cent in all age groups, but particularly among adults over 65. One in seven Canadians now has a disability.

Cleo Hamel, Senior Tax Analyst with H&R Block, says many Canadians suffering from disabilities do not take advantage of the Disability Tax Credit, which can result in a significant tax savings for them.

"A lot of people don't make claims for the credit either because they don't know about it or they just don't want to admit that they have a disability," says Hamel.

The Disability Tax Credit is a non-refundable credit used to reduce income tax payable for eligible individuals, who must meet three conditions - they must have a severe impairment in physical or mental functions, the impairment must be prolonged, which means it has lasted or is expected to last for a continuous period of 12 months, and a qualified practitioner must certify that the impairment is severe and prolonged and complete Form T2201, detailing the effects of the impairment on the basic activities of everyday living.

If you are eligible for this credit but can't use all or part of it because you have no taxable income, you can transfer it to your spouse, common-law partner or other supporting person.

A supporting person may be able to claim all or part of a dependent's credit providing that both the supporting person and the dependent were residents of Canada during the tax year.

Hamel says many people may not know about the tax credit, which can be retroactive for 10 years in the past. The 2009 tax credit limit is $7,196, which could result in a tax savings of $1,079. But Hamel says she has seen retroactive claims for as much as $18,000.

Any individual who is eligible for the Disability Tax Credit, is a resident of Canada, under the age of 60 and has a social insurance number can establish a Registered Disability Savings Plan, a program that gives families a way to provide for the future financial security of their loved ones with disabilities. In the case of a minor child, a parent or guardian can establish and direct the plan.

The RDSP was originally introduced in the 2007 federal budget and started to become available at financial institutions late in 2008. Over time, the RDSP is expected to help an estimated 500,000 disabled Canadians and their families plan for and

An RDSP works much like a Registered Education Savings Plan (RESP). Money invested in the plan is allowed to grow tax-free until it is withdrawn. There is a $200,000 lifetime contribution limit but no limit on annual contributions.

Contributions can be made by the individual, any family member or friends and there are no restrictions on when the funds can be used and for what purpose, as long it is for the beneficiaries benefit.

The program also provides grants and bonds for lower income families, based on the family's net income.

Upon withdrawal, the income, the grant and the bond are taxed in the hands of the beneficiary, usually at a lower rate.

The RDSP grant is designed for families in lower to middle income tax brackets and includes a federal contribution.

Talbot Boggs is a Toronto-based business communications professional who has worked with national news organizations, magazines and corporations in the finance, retail, manufacturing and other industrial sectors. (boggsyourmoneyrogers.com)

Copyright 2010 Talbot Boggs