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?
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Lina, 34, paid off a huge debt. Her biggest fear now? Her credit card + MORE Jun 26th
The Toronto-based communications manager earns $65,000 annually, but pays $1,950 in rent, which eats up more than half of her take-home pay..... More »
RWRDS Daily Update April 22: Guide to Canadian Credit Card Car Rental Collision Damage Waiver Insurance Apr 22nd
Guide to Canadian Credit Card Car Rental Collision Damage Waiver (CDW) Insurance and an AIR MILES Flash Offer to earn up to 5,000 miles with Ashley. Check out today's points & miles updates here:
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How do you take RDSP withdrawals? + MORE Jun 12th
Registered disability savings plans (RDSPs) were created in the 2007 federal budget, and the first accounts were opened in December 2008. It took a while for financial institutions to offer them and, even now, you cannot open RDSPs everywhere.
Most Canadians with RDSPs have only ever deposi.... More »
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 »
Top 5 Small Business Credit Card Sign Up offers for December + MORE Dec 7th
Here are the Rewards Canada Top 5 Small Business Credit Card Sign Up offers for December This is not a ‘best’ credit card list like our Top Travel Rewards Credit Card rankings but a look at cards for small businesses that have very good acquisition offers. As always when choosing a card .... More »
January 26 Update: Redeem Amex Membership Rewards points for education via HigherEdPoints, AIR MILES Bonus Boom returns February 4 and more!
– RewardsCanada.ca
Here’s your Rewards Canada Daily update! Your daily dose (or near daily dose) of loyalty program, credit card and travel news, bonuses, deals and more. This update is brought to you by the HSBC +Rewards Mastercard which is currently offering a welcome bonus of up to 30,000 bonus points, no annual fee in the first year and a low 11.9% interest rate! Great news from our friends at HigherEdPoints as they have brought back another big loyalty partner to their ranks that you can redeem points for education! You can now once again redeem American Express Membership Rewards points for a HigherEdPoints certificate. This means you can use your Membership Rewards points (all types Select, First etc.) to help pay for tuition and/or student loans. The redemption rate is 32,500 Membership Rewards points for $250. This works out to almost 0.77 cents per point which puts the redemption value about 10% higher than the Use Points for Purchases option (essentially cash back)…The great escape
– moneysense.ca
You’ve probably thought about the best way to get money into your RRSP, but have you thought about the best way to get your money out? If you haven’t pondered this issue, you should. Otherwise, you could run headfirst into a nasty tax bill.
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
