Earn up to 7,000 bonus Aeroplan points on Air Canada flights to Europe + MORE Sep 26th

Life is full of big expenses. If you ever need a new car, have a home emergency or simply want to take a vacation, might consider getting credit to pay for it. Both personal loans and lines of credit are ways to borrow money for large spends, but there are some significant differences between the two types of credit. This article provides a roadmap to deciding which is best for your needs. 

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Personal loans vs. lines of credit

With a personal loan, you borrow a single (fixed) amount of money from a bank or other lender. In return, you agree to pay back the principal plus interest over a certain period of time. This is called “installment credit.” Often, personal loans are for specific expenses. For example, you might apply for a car loan to buy a vehicle, or a debt consolidation loan to reduce your debt. Personal loans can be secured with collateral or unsecured, and the amount you’re eligible to receive is tied to your credit history and financial picture…

The fall is an expensive time of year. The back-to-school routine is always costly, especially if the student is college-, trade school- or university-bound. The good news is that some of those expenses may be tax deductible. But which ones? Here’s a quick student tax guide to maximizing claims for tuition and related fees and put more money in the pockets of both students and their supporters. 

The tuition tax credit

Claim the tuition credit to receive a non-refundable credit worth 15% of your tuition claim on the federal portion of your taxes. Provincial tax returns each have their own rules surrounding this claim for a combined benefit that’s bigger, depending on where you live. British Columbia (5.06%), Nunavut (4%), Northwest Territories (5.9%), Nova Scotia (8.79%), Newfoundland and Labrador (8.7%) and Prince Edward Island (9.8%) also have an education amount for you to claim.

Tuition fee transfer to parents and supporters

If you don’t need the credit to bring your non-refundable credits up to the same level as your taxable income, thereby reducing your taxes to zero, the unused tuition amount may be transferred (at least in part) to your spouse or other supporting individual up to a maximum of $5,000…

Air Canada launched a new seat sale for travel to Europe that includes bonus Aeroplan points for flights booked with this promotion.  The sale and registration period for the bonus points is on offer until October 2, 2024. If you don’t have any travel planned we still recommend registering for this offer right away just […]
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Shop online via AIR MILES Shops and earn 7x miles sitewide and Earn 5x points with More Rewards partners during their Points Party event. Check out today’s points & miles updates here:
The post RWRDS Daily Update Sep 25: Shop online via AIR MILES Shops and earn 7x miles sitewide appeared first on Rewards Canada.