All about Canadian credit cards. Learn the ins and outs and get the latest news.
Latest News
Air France KLM Flying Blue - Save 50% on Business Class award tickets between Montreal/Toronto & Europe for Mar/Apr Travel + MORE Jan 6th
For the third month in a row we are lucky to see Canada included in Air France KLM's Promo Awards and this time we have two cities included! These award ticket deals are bookable as we speak and are good for award travel for March and April of 2015. The offer this time is for 50% off Busin.... More »
Claim the Family Tax Cut one last time + MORE Mar 30th
(Chris Ryan / Getty Images)
In 2014, the Conservatives introduced this credit, which allows families with children under the age of 18 to shift $50,000 of income from a higher-earning spouse to a lower-earning spouse for total tax savings of up to $2,000 per couple. While the benefit was repealed in.... More »
9 credit lessons for college students + MORE Sep 2nd
These tips will help students use cards wisely to build their credit in school and beyond.... More »
Loans for Canadians with bad credit: How to improve your score Aug 22nd
If you’ve ever looked at your credit card statement and thought, “How am I ever going to pay this off?” you’re not alone. Many Canadians are dealing with high-interest debt and, on top of that, worrying about how to boost their credit score. It can feel especially tough if your credit isn’.... More »
RWRDS Daily Update – January 16, 2024 + MORE Jan 16th
An update to our Loyalty Lesson that explains Credit Card Spending Caps and Air Canada nixes their Vancouver to Boston route. Check out today's points & miles updates here:
The post RWRDS Daily Update – January 16, 2024 appeared first on Rewards Canada..... More »
Give generously and slash your taxes
– moneysense.ca
Have you considered investing your tax refund in your favourite charity? Canadians are charitable people—every year, 94% of us give to charities or non-profits. These gifts keep giving back: not only are they good for society, but thanks to a generous tax credit system (that costs the government $2.3 billion a year), they’re good for you too.
You can give up to 75% of your net income to charity; this rises to 100% on your final return. You can also choose to transfer qualifying securities to your favourite charity and completely avoid capital gains taxes—while at the same time scoring a donations tax credit. Just stay away from charitable donation schemes. The taxman acts swiftly to remove any tax advantages; worse, taxpayers must now pay 50% of the reassessed taxes even while you object to the assessment.
I’m also happy to report there is extra good news for first-time donors, with a special “super credit” available on the first $1,000 donated. Here’s how it all works:
Regular Donations to Charities
For those who have donated in the past, the donations tax credit returns up to 50 cents on the dollar, depending on contribution levels and province of residence:
■ The first $200 in total gifts is eligible for a credit at a rate equal to the lowest federal tax bracket (15%)…
You can give up to 75% of your net income to charity; this rises to 100% on your final return. You can also choose to transfer qualifying securities to your favourite charity and completely avoid capital gains taxes—while at the same time scoring a donations tax credit. Just stay away from charitable donation schemes. The taxman acts swiftly to remove any tax advantages; worse, taxpayers must now pay 50% of the reassessed taxes even while you object to the assessment.
I’m also happy to report there is extra good news for first-time donors, with a special “super credit” available on the first $1,000 donated. Here’s how it all works:
Regular Donations to Charities
For those who have donated in the past, the donations tax credit returns up to 50 cents on the dollar, depending on contribution levels and province of residence:
■ The first $200 in total gifts is eligible for a credit at a rate equal to the lowest federal tax bracket (15%)…
