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Latest News
If you don’t have a budget, make writing one a resolution for the new year + MORE Dec 31st
OTTAWA – If you don’t have a budget, then financial planners want you to add another thing to your list of new year’s resolutions.
Credit counsellor Pamela George says budgeting is important no matter what your income.
“I think it is even more important for a bigger salary to.... More »
Equifax hack reveals the need for tougher regulations + MORE Sep 19th
The serious consequences of the data breach won’t be properly dealt with until Equifax and other credit bureaus are properly regulated and accountable to the people they serve: consumers
.... More »
Can immigrants transition from ITIN to SSN without hurting their credit score? + MORE May 3rd
Replacing an ITIN with a SSN shouldn't have a major effect on your score, but you must ensure that your credit profile has been updated successfully.... More »
Marriott Rewards: Double Elite Status Credit on all Marriott stays Worldwide starting this June + MORE Apr 29th
Here is a great promotion for us Canadians (well anyone outside of the U.S. since they are excluded) Double Elite Nights for all your Marriott stays from June 6th to the end of the year. This is a pretty good deal! While it is well known that Marriott Rewards tends to have slightly weaker elite bene.... More »
RWRDS Daily Update – June 1, 2023 + MORE Jun 2nd
We review the BMO eclipse Visa Infinite Privilege card and two new statement credit offers from Amex Offers. Check out today's points & miles updates here:
The post RWRDS Daily Update – June 1, 2023 appeared first on Rewards Canada..... More »
Jan 7 Update: Interview request on award ticket fuel surcharges, American & US Airways reciprocity starts today, Club Carlson car rental bonuses
– RewardsCanada.ca
Here is what Tuesday brings forth in the travel rewards world:News, Tips & TricksWe have been contacted to see if any of our readers are willing to share a story(ies) about wanting to redeem miles for International flights where the redemption was awash with just buying the ticket outright because of the fuel surcharges/fees tacked onto the award ticket. If you are interested in being interviewed please send me an email at info@rewardscanada.caAmerican and US Airways officially started their frequent flyer reciprocity today. This means AAdvantage members can now earn and redeem AAdvantage miles for US Airways flights and Dividend Miles can do the same for American Airlines flights. More details can be found here. Bonus Offers Air Canada Aeroplan- Earn 3,000 Bonus Aeroplan Miles on Air Canada rouge flights between Toronto and Las Vegas. More… Register and book by Jan 31 for travel Feb 1- 28, 14British Airways Executive Club- Earn up to 25,000 Bonus Avios when you fly on American Airlines between New York and Milan…Contribute to RRSP or Pay Down Mortgage?
– canadianfinanceblog.com
This might be the most asked personal finance question in Canada: Should you contribute to an RRSP or pay down your mortgage? Most people would lean towards putting money into an RRSP because of the tax credit and the possibility of a higher return.However, when considering the tax benefits of the RRSP option, some people don’t realize the tax savings related to reducing their mortgage principle.
RRSP Contributions vs. Mortgage Pay Down
First of all, it’s important to understand the tax implications of your decision. There are some advantages to each course of action, so you will have to weigh the situation according to your own situation and what is likely to work for you.
Your mortgage payments are made with after-tax dollars. When you pay down your mortgage, you not only save the interest, but also the taxes on that interest as well. Many people forget that the interest you pay on your mortgage is taxable as well. So, when you pay down your mortgage, you are reducing the amount of money you spend on taxes…
Ontarians Are Choosing Debt Over Retirement Savings
– ratesupermarket.ca
Should I pay off my debts or save for retirement? It’s a dilemma faced by many Canadians, and in Ontario, debt repayment is winning the battle. Forty per cent of Ontarians say paying off debt is their top financial priority, with 19 per cent prioritizing their mortgages, according to a study by Meridian Credit Union. Even more worrisome is the fact that 10 per cent listed stop living paycheque-to-paycheque as their top financial priority.
Retirement Savings Taking a Back Seat
We all know we need to save for retirement, but knowing and putting those plans into action are two separate things. Twenty one per cent of Ontarians haven’t even started building their nest egg! So what’s their reason for putting retirement savings on hold? Fifty two per cent said they were focused on paying off debt, 51 per cent said they couldn’t afford it, and 49 per cent said saving for retirement is not a priority for them at the moment.
“As household debt in Canada hits a new high, it’s encouraging to see Ontarians recognizing how important debt repayment is to their financial future,” says Bill Maurin, Meridian’s acting chief executive officer and chief financial officer…
