5 things snowbirds should do to stay in the U.S. + MORE Dec 1st

There’s one for you, and you, and you, and don’t forget him over there.

Q: We co-signed on a line of credit for our children so they could complete their post-secondary education. Now we’d like to know if there’s a way to remove our names from the loan, even if it’s not paid off?
—Allison Walsh, New Dundee, Ont.
A: Co-signing a line of credit or loan is a big responsibility. You are 100% responsible for repaying the debt and it can affect your own ability to borrow. Of course, there can be good reasons to co-sign, especially when it’s for your kids. But removing your name isn’t easy and you’ll need to talk to your bank about your specific case. Generally speaking, however, in order to remove your name from the loan your child would need to qualify for a new line of credit or loan based on his or her own income and credit history. Provided they are approved, you can transfer the balance over and close the existing account. If they don’t qualify, a new co-signer would have to be found. You didn’t mention why you wanted to remove your name. But if there happen to be withdrawals from the line of credit that you aren’t comfortable with, you may be able to suspend the loan, allowing deposits to be made but no withdrawals…

Last update of the month but first of the week! News, Tips & Tricks Global Calgary wants to do a piece on our Top 6 tips for maximizing miles on your holiday shopping and they would like ‘someone who would be willing to let us follow them as they go shopping while they use their points reward cards” Are you in the Calgary area and planning to do any holiday shopping this week? Would you like to be featured in the piece? Let us know by emailing us at info@rewardscanada.ca Air Canada Rouge is launching new flights between Vancouver and Dublin, Ireland in June 2016. The flight will operate 4 days per week. (Source Air Canada) Delta Airlines is bringing back their Toronto to Salt Lake City flight. The route returns in May 2016. (Source Airlineroute.net) Today is the last day to grab the no fee BMO AIR MILES MasterCard with an 800 AIR MILES Rewards Miles bonus. We still do not know what the offer will be as of tomorrow, could very well be no bonus like it was earlier this year…

Many of us are constantly looking for ways to save money when we shop, but you don’t have to wait for Black Friday and Cyber Monday. The good news is that, no matter the time of year, it’s possible to save money when you plan ahead. Think through your purchases, and buy when items are out of season, and you will be far more likely to stretch your dollars further.

Get the Right Credit Card
In some cases, stocking up when something is out of season means making a large up-front purchase. You’ll pay less on average over time, but the large up front expenditure can hit you in the wallet. If you pay for it with a cash back credit card, you’ll earn rewards on purchases you would have made anyway, resulting in a “bonus” at the end of the year. However, you need to make sure that you can actually afford these purchases. Do not rely on your credit card if you don’t have the money to pay it off every month.
Once you get into the rhythm of this buying strategy, you’ll be able to pay off the balance each month, which will come in handy once your introductory period runs out…

The U.S. government has a better idea than ever of how long you’ve been in the country, now that border officials routinely photograph your license plate and exchange information with Canadian authorities. “If you were able to bend the rules in the past, it ain’t going to fly any more,” says Terry Ritchie, a cross-border financial expert with Cardinal Point Wealth Management Inc. and co-author of The Canadian Snowbird in America (an updated edition is expected this Spring). Here are a few ways to stay in Uncle Sam’s good books.
A guide to achieving the snowbird lifestyle »
1. Keep count: 182 days
That’s how many days you’re allowed to stay in the U.S. during a calendar year on a visitor’s visa. In fact, the Canadian Snowbird Association suggests you avoid being in the U.S. longer than 182 days in any rolling 12-month period, to avoid contravening a common interpretation of the rule. Otherwise, you could be barred from re-entering the U.S.
2. Carry a “border binder”
Keep dates and locations of all your border crossings in a file, along with copies of property tax statements, utility bills and your most recent tax return should you need to provide evidence that your permanent home is in Canada…