All about Canadian credit cards. Learn the ins and outs and get the latest news.
Latest News
Have credit with Alaska Airlines? You might be targeted to convert it to Mileage Plan miles at an amazing rate! + MORE Oct 9th
Today Alaska Airlines launched an initiative similar to Air Canada when you can convert Alaska Airlines wallet credit to Mileage Plan miles. Think of it as Air Canada's option that allows you cancel tickets you have bought and convert them to Aeroplan miles. Aeroplan gives you a 65% bonus on t.... More »
Fed: Card balances fell by $300 million in September + MORE Nov 8th
Credit card balances decreased in September, according to a federal government report released Tuesday..... More »
March 7 Update: HSBC World Elite MC first year free + 30K points offer, a new king of programs for crediting car rentals to & Air France flash sale Canada to Paris from $735 Mar 8th
Last year HSBC introduced their World Elite Mastercard to the Canadian public. Prior to the launch of this card their cards were almost exclusive to their banking customers only but they realized the money they could make by making a more accessible product. When the card did launch it had a pre.... More »
The best rewards debit cards in Canada for 2024 + MORE Mar 5th
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The best rewards debit cards in Canada for 2024
These are the debit cards that can earn you rewards like cash back, PC Optimum points, Scene+ points and Air Miles.
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Earn up to 70,000 bonus Avion Points on the RBC Avion Visa Infinite Privilege Card + MORE Nov 27th
The highest ever welcome bonus to be offered on any RBC Avion Visa card has been extended! The limited time welcome bonus offer of up to 70,000 Avion points on the RBC Avion Visa Infinite Privilege Card has been extended to January 15, 2025 . This comes on the same day that the offers on […]
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Give generously and slash your taxes
– moneysense.ca
Have you considered investing your tax refund in your favourite charity? Canadians are charitable people—every year, 94% of us give to charities or non-profits. These gifts keep giving back: not only are they good for society, but thanks to a generous tax credit system (that costs the government $2.3 billion a year), they’re good for you too.
You can give up to 75% of your net income to charity; this rises to 100% on your final return. You can also choose to transfer qualifying securities to your favourite charity and completely avoid capital gains taxes—while at the same time scoring a donations tax credit. Just stay away from charitable donation schemes. The taxman acts swiftly to remove any tax advantages; worse, taxpayers must now pay 50% of the reassessed taxes even while you object to the assessment.
I’m also happy to report there is extra good news for first-time donors, with a special “super credit” available on the first $1,000 donated. Here’s how it all works:
Regular Donations to Charities
For those who have donated in the past, the donations tax credit returns up to 50 cents on the dollar, depending on contribution levels and province of residence:
■ The first $200 in total gifts is eligible for a credit at a rate equal to the lowest federal tax bracket (15%)…
You can give up to 75% of your net income to charity; this rises to 100% on your final return. You can also choose to transfer qualifying securities to your favourite charity and completely avoid capital gains taxes—while at the same time scoring a donations tax credit. Just stay away from charitable donation schemes. The taxman acts swiftly to remove any tax advantages; worse, taxpayers must now pay 50% of the reassessed taxes even while you object to the assessment.
I’m also happy to report there is extra good news for first-time donors, with a special “super credit” available on the first $1,000 donated. Here’s how it all works:
Regular Donations to Charities
For those who have donated in the past, the donations tax credit returns up to 50 cents on the dollar, depending on contribution levels and province of residence:
■ The first $200 in total gifts is eligible for a credit at a rate equal to the lowest federal tax bracket (15%)…
