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
Your complete guide to TD credit card accelerator offers + MORE Jun 18th
If you are a TD credit card holder, chances are you saw an email come through in May letting you know that your card will receive a boost in earning in response to the current situation.We had learned sometime ago about this offer being available on the TD Aeroplan cards thanks to one of our r.... More »
Using RRSP money for a renovation + MORE Aug 19th
Q: My daughter and my husband bought a $400,000 property three years ago near Midland, Ont. My husband earns $59,000 annually and my daughter $16,000 (self-employed). They want to renovate the kitchen and eventually sell the home to make a profit on it. The mortgage is $319,000. My daughter wants .... More »
TD Aeroplan cardholders can receive a 20% rebate on eligible travel redemptions + MORE Dec 11th
Turkish Airlines Miles&Smiles isn't the only program to have an award ticket sale! Air Canada Aeroplan in conjunction with TD have their own they launched today. TD Aeroplan co-brand cardholders can receive a 20% rebate when they redeem their Aeroplan Points for eligible travel rewards. These in.... More »
How to Get Out of Debt: 15 Ways to Get Out of Debt Fast + MORE Jun 28th
While it’s possible to go through life without dealing with debt, credit is something that just about every adult must learn to manage during their lifetime. Consider the major purchases. You’ll need a mortgage to buy a house, and most new car buyers will finance their purchase with a car loan. .... More »
WestJet Rewards Member Exclusive Fares being paused as of June 25 + MORE Jun 19th
Thanks to long time Rewards Canada reader CanadianPilgrim for alerting us to this news from WestJet Rewards. The news is that of June 25 WestJet is pausing their Member Exclusive Fares reward option. This is one of the lesser known yet most valuable redemption options in the WestJet Rewards program..... More »
Canadian Customers Will Soon Have to Pay More to Use Certain Premium Credit Cards
– ratesupermarket.ca
Canadian customers will soon be subject to additional fees when paying for purchases with certain premium credit cards, now that Visa and MasterCard have entered into a settlement agreement stemming from a class action lawsuit that will see both companies make changes to their “No Surcharge Rule”.
In 2011, Canadian merchants filed a lawsuit alleging that Visa and MasterCard rules forced retailers to accept all credit cards as payment, including cards that charge higher retailer fees for each transaction. The rules also forced retailers to bear the full weight of the merchant fees as they are not allowed to surcharge customers who use premium cards.
After discussions with the federal government, Visa and MasterCard agreed in 2014 to voluntarily reduce the fees for five years.
Earlier this week, however, both credit card corporations entered into a settlement agreement, in which they agreed to pay $19.5 million each and allow merchants to add limited surcharge fees when accepting premium credit cards as payment from consumers…
Why everyone feels like they’re in the middle class
– moneysense.ca
Most Canadians think of themselves as middle class. In fact, the term is so elastic that politicians know they have just about everybody’s ear when they talk about “middle class” goals and aspirations. We think they are talking to us, whether it’s about wage increases, debt, taxes, or savings vehicles to help us save for our kids’ post-secondary education.How do we define the middle class? Depends on who you talk to. Bank of Canada governor Stephen Poloz last year said the term applies to those people who hold most of their wealth in the equity of their homes. Meanwhile, Prime Minister Justin Trudeau described the typical middle-class Canadian family as one with $90,000 in household income.
According to Nora Spinks, chief executive officer of The Vanier Institute of the Family in Ottawa, it’s misleading to simply look at the middle class as an income bracket. “Whether you think you’re middle class really depends on where you come from and what you aspire to be.”
So who are these middle-class Canadians and what defines them, besides income level? Is it the fact that they have children? A good education? A good job? Or something else? For many it is all about total wealth, not just income…
