Poll: Asking for better credit card terms pays off + MORE Sep 23rd

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In about a month, Ed Clark, the CEO of TD Bank, will retire, bidding adieu to the company’s familiar green armchair for the last time. He’s had an impressive run. As the one-time head of Canada Trust, Clark engineered what was essentially a reverse takeover of the much larger Toronto-Dominion Bank after it bought Canada Trust in 2000. And, under his watch, TD recently catapulted past the Royal Bank of Canada to become the largest financial institution in the country by total assets, which, as of last quarter, stood at a staggering $922 billion. So the man knows banking. And, this being Canada, where a handful of Goliaths dominate the industry, thanks to government-decreed oligopoly, he’s acutely familiar with the unseemly tango bankers and politicians are forever locked into.
Which is why it was so informative when Clark voiced concerns recently about the fragility of household finances in light of ultra-low interest rates and the easy access to mortgage credit. “Where these issues have been dealt with successfully is governments who lay out a framework for an industry,” he told the Canadian Press last week…

With a federal election looming, a promise made by the Conservative government could prove costly for the provinces. During the 2011 election campaign, the Conservatives promised to allow income splitting in 2015 if the federal budget was balanced. With a balanced budget expected shortly, the Tories are mulling over following through with their election promise as a way to entice voters.
Also read: What is Income Splitting?>
How Income Splitting Would Work
Income splitting isn’t something new to Canada; it already exists, but its use is limited.  The Pension Income Tax Credit and Spousal RRSPs are a couple of examples of how retirees use it.
The Conservatives are looking to introduce income splitting on a larger scale,with the intention of benefiting families with children under the age of 18. In their 2011 election platform, the Conservatives said income splitting would allow them to divvy up their incomes to a maximum of $50,000. This would reduce their marginal tax rate and result in a lower bill to the taxman…

Here are Tuesday’s Travel Rewards and Loyalty offerings! News, Tips & TricksRewards Canada reader Noel K sent over the first details of the new Capital One® Platinum MasterCard for Costco members. See the scans of the brochure here and here. Similar offerings to the True Earnings Card from Costco and Amex. 3% back on restaurant purchases, 2% on Gas, up to 1% on all other spending.You can earn 75 bonus Air Miles Reward Miles when you spend $75 or more as Safeway this weekend. Get the coupon here. Bonus Offers Air Canada / Aeroplan- 1,000 Bonus Aeroplan Miles when you stay at select Fairmont locations Worldwide. More… Book by Nov 30 for stays until Dec 30, 14- Earn up to 1,500 Bonus Aeroplan Miles for a new Costco membership. More… Until Dec 31, 14American AAdvantage- 20 AAdvantage Miles per $1 spent with 1800Flowers.com. More… Until Dec 31, 14Best Western Rewards- Double Rewards points for stays of 3 or more nights at participating Best Western hotels in Denmark. More…

RICHMOND, Va. – A former developer was sentenced to 20 years in prison Tuesday for fraudulently obtaining tax credits and then plotting to flee the country while he was supposed to be liquidating assets to raise money to repay his victims.
Billy Gene Jefferson was awaiting sentencing for the $12 million tax credit scheme when he engaged in a “breathtaking campaign” of obstruction, prosecutor Michael Gill said. The scheme included hoarding cash — perhaps by stashing it in a homemade vault — and using a fake ID to charter a one-way flight to England that he ultimately backed out of, Gill said.
Jefferson was free on bail and supposedly co-operating with authorities, the prosecutor said.
U.S. District Judge John A. Gibney noted that Jefferson had no prior criminal record and had donated more than $1 million to charity, but he was clearly perturbed.
“What we have with Mr. Jefferson is millions of dollars that have simply gone to the wrong place,” Gibney said…

A CreditCards.com survey finds few credit card customers ask for a lower interest rate or late fee waiver, but those who ask usually succeed