Financial hardship withdrawal exceptions and increasing income in retirement + MORE Apr 2nd

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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Streaming services that earn 3x points on the Scotiabank Gold American Express Card + MORE May 3rd

The Scotiabank Gold American Express Card is well known for its 6x points earning at Scene+ grocery stores and 5x points earning on all other groceries plus restaurants, fast food, and drinking establishments including popular food delivery and food subscriptions. But, perhaps somewhat less known or.... More »
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Metro and Food Basics stores in Ontario to move to Moi Rewards from AIR MILES + MORE Apr 25th

Another day another shake up in the world of loyalty rewards in Canada. METRO Inc. has announced they will be leaving the AIR MILES later this year in favour of their in-house program Moi Rewards. Launched in Quebec in 2023, Moi Rewards is the revamped version of the retailer’s Metro&Moi .... More »

Compare your card options + MORE Apr 8th

Compare your card options Our credit card comparison tool helps you compare your options instantly—and find the perfect match. You can sort results based on current welcome offers and gift card bonuses, annual fees, and the estimated rewards value earned annually. Or for further customizat.... More »

Earn up to 15,000 bonus Aeroplan points on Air Canada flights to Australia + MORE May 16th

Air Canada is offering up to 15,000 bonus Aeroplan points on flights to Australia that are booked during their recently launched Australia seat sale. Not are bonus Aeroplan points up for grabs but the sale also provides a $300 discount on new bookings of select Economy, Premium Economy Lowest and Bu.... More »
Ask MoneySense
I am in B.C., Canada. I moved my LIRA into a LIF two years ago. I have taken the maximum annual withdrawals for each year. I thought it’d be smart to start taking it. How can I get more out of it? I need the funds to help deal with bill payments. All my monthly income is going to a mortgage now, and I have no extra money for anything else. I am trying to save my credit rating and cannot use credit anymore. Can it be transferred back into something that I can withdraw? Hardship clauses do not apply to me, but that does not mean I am not in trouble. I wish I had not done it. I have put myself in a terrible spot. This LIF is not my only income for retirement. I have another pension and full CPP and OAS. Any advice you have? I would greatly appreciate it.  

—CM

Reversing the LIF

CM, if you’re taking the maximum annual withdrawals from your life income fund (LIF), then it’s unlikely you will be able to take any additional money from your LIF…

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Next up in the ever continuing rewards devaluation race is KOHO. As  today, the issuer of prepaid Mastercards has lowered the earn rates on the popular ‘Extra’ plan option for their cards.     Up until April 1st, 2024, the Extra Plan offered 2% cash back on groceries, transportation, eating and drinking plus 0.5% cash […]
The post KOHO Prepaid Mastercard – Extra plan earn rates devalued appeared first on Rewards Canada.

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