How to go about securing the best rate and plan for your credit card in Canada.
Amex Membership Rewards to the new Marriott Rewards/Starwood Preferred Guest program conversion rate is here! Jul 21st
A question that has been asked by many and to which I have not had the answer to is 'What will the Membership Rewards conversion rate be to the new Marriott/SPG program"! Many American Express cardholders (primarily Cobalt and Gold Rewards Card) have been wondering this and now we have the answer:We.... More »
Loyalty programs Aeroplan and PC Optimum have both recently been hit with multiple cases of points theft. PC Opimum is now introducting tougher security measures for members..... More »
We all have that favourite superstore – the one that sells everything under the sun, from car batteries and patio furniture to sports drinks and baby clothing. And while we may spend hundreds or even thousands of dollars at these stores per year, it’s time to consider how you can get a return o.... More »
Here are the Rewards Canada Top 5 Credit Card Sign Up offers for the month of July! This is not a 'best' credit card list like our Top Travel Rewards Credit Card rankings but instead a look at cards that have very good acquisition (sign up) offers. As always when choosing a card you should always t.... More »
TORONTO _ Royal Bank of Canada says it has fixed technical issues that affected some credit card transactions this morning. Numerous people complained Friday morning via social media that their RBC Visa purchases were declined. At least one person was able to use an RBC Mastercard as an alternative .... More »
Q. I own U.S. stocks and Canadian stocks in my RRSP and RESP accounts for my kids. I do all the investing myself. I get annual performance statements from the bank that holds my RRSP online account and it shows about $200 in withholding tax. What is this? How can I claim it when I file taxes, and how can I get it back? I heard there was a form called W8 that can help. Is this accurate?
Hi Malay. RRSPs are exempt from U.S. withholding taxes but RESPs and TFSAs are not. This is because the U.S. does not recognize them as tax-deferred registered accounts. Therefore, foreign taxes paid withheld in an RESP or TFSA cannot be recovered.
If these withholdings were in non-registered accounts, you could reduce your taxes on the foreign income paid to Canada by filing for a foreign tax credit using Schedule 1. This ensures that you don’t pay tax on the same income in both Canada and the foreign jurisdiction. That option, however, is not available when the foreign income is within a registered account for the reasons mentioned above…