The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
Latest News
Best ever welcome bonus on the TD First Class Visa Infinite Card - earn up to 100,000 welcome points + first year free Apr 25th
The TD® First Class Travel® Visa Infinite* Card is currently offering a welcome bonus of up to 100,000 points along with an annual fee rebate for the primary and additional cardholders for the first year. Not only does this tie the best ever bonus seen on the card it is also one of the highest .... More »
Federal government seeks to attract foreign talent by making Start-up Visa program permanent Jul 28th
Citing economic benefits, Immigration Ministry moves to enshrine entrepreneurial path to citizenship, streamline project vetting
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Debt collection in Canada: What collectors can and can’t do + MORE Dec 15th
When bills go unpaid, that’s when the calls from creditors can start. At home, at work, by phone or mail—they’ll reach out in every way they can to get you to pay.
Debt collectors are obligated to follow specific rules about how they make contact and what information they can request; h.... More »
RWRDS Daily Update – November 3 + MORE Nov 3rd
Here’s your Rewards Canada update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more. Earn Mileage Plan miles on your Lyft rides Alaska Airlines Mileage Plan has announced a new partnership with Lyft. You can now earn Mileage Plan miles on your Lyft .... More »
Scientists discover rare dinosaur species similar to modern sloths: What makes it unique - The Times of India + MORE Mar 29th
Scientists discover rare dinosaur species similar to modern sloths: What makes it unique The Times of IndiaLargest fully preserved dinosaur claw unearthed in Mongolia’s Gobi Desert CNNTwo-clawed dinosaur species discovered in Gobi Desert BBC.comUniversity of Calgar.... More »
May 31 Update: Talking Unused Loyalty Programs, 25% off award tickets from Montreal to Europe, More Rewards not just for those out west
– RewardsCanada.ca
News, Tips & Tricks Over the weekend Rewards Canada was featured on Corus Radio’s Informed Traveler show talking about unused loyalty programs. This isn’t about points and miles but about how many members are actually active in a loyalty program! It was prompted by a recent piece published on Skift. You can listen to the interview hereThe latest Air France KLM Flying Blue Promo Awards came out today and the latest set brings a Canadian city back into the mix. You can save 25% off the regular amount of Flying Blue miles normally required for KLM’s flights from Montreal to Europe. Not a great deal but if you were planning on redeeming for this flight anyways for travel between Aug 1 and Sep 30 now would be the time to do it so you can save some miles.We received a comment on our Scotiabank More Rewards Visa post from yesterday and thought it would be good to post that comment along with our response here for all to read our recommendation!I’ve never heard of “More Rewards” and in checking out the card on Scotiabank’s website, I guess it’s more of a regional thing…Do I qualify for the pension tax credit?
– moneysense.ca
Q: This is a question about the $2,000 pension income tax credit.If I transfer RRSP funds into a RRIF before age 71, may I take advantage of the credit if I am a member of a DB pension plan although I am not drawing a pension as yet? In other words, is the PITC based on being a member of a DBPP or on the income you receive from it?
—Maria
A: The pension income amount is a non-refundable tax credit that can be claimed on your tax return, Maria. It doesn’t apply specifically to defined benefit pension plan members, so it’s not your pension membership that makes you eligible. Eligibility is based on your age, sources of income and tax payable.
Defined benefit pension income is definitely eligible income for the credit, beginning at age 55. Foreign pensions qualify as well, but only to the extent that they are taxable in Canada. Some foreign source pension income is specifically tax-free in Canada due to tax treaties that may entitle you to claim a deduction of that income.
In your case, Maria, since you haven’t begun your defined benefit pension yet, you may qualify for the credit by drawing from your Registered Retirement Savings Plan (RRSP) account…
