Goodbye, Canada: A guide to departure tax, withholding tax for non-residents + MORE Jun 18th

Spend

The best credit cards for bad credit in Canada
Did you know there are credit cards specifically for people who have a low or no credit score? We’ve rounded up the best cards that can help build your credit.

Compare now

By Keph Senett on June 18, 2024Estimated reading time: 10 minutes

Maybe you’re one of the many Canadians who missed a debt payment in the last year. Or maybe you’re a newcomer to Canada, or you’re a young person who hasn’t established a credit history yet. Whatever the reason for your low or non-existent credit score, you’ll need to show lenders that you can handle credit responsibly. The credit cards on this list can help you do that, and they are accessible to most applicants, regardless of their credit history.

CategoryCredit CardBest overall secured credit card for people with bad creditHome Trust Secured Visa*Best secured credit card for rewardsNeo Secured Card*Best credit card for bad creditCapital One Low Rate Guaranteed MastercardBest credit card for newcomers to CanadaScotiabank Momentum No-Fee Visa*

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999…

Sometimes we get inquiries for credit cards that all the reader is asking for is a way to earn as many points as possible. They could care less about benefits, insurance and what not. They just want to rack up a ton of points on their everyday spending. That’s where the Guide to picking a […]
The post Guide to picking a Points Earning Machine appeared first on Rewards Canada.

New AIR MILES card linked offer with LG, Moroccanoil & Turo and New Brunswick gets a JetBlue flight, well, sort of, via Presque Isle, Maine. Check out today’s points & miles updates here:
The post RWRDS Daily Update – June 18, 2024: New AIR MILES card linked offers & New Brunswick sort of gets a JetBlue flight appeared first on Rewards Canada.

Spend

The best credit cards for airport lounge access in Canada
Choose from a solid selection of credit cards that feature airport lounge access as part of their perks.

Compare now

Top lounge access cards

featured

Scotiabank Passport Visa Infinite

6 annual passes to over 1,200 lounges globally. Plus pay no forex fees when abroad.

go to site

featured

BMO Ascend World Elite

4 annual passes to 1,300 lounges globally.

go to site

American Express Platinum

Unlimited access to over 1,300 lounges globally (including premium centurion lounges). Plus get a $200 annual travel credit…

Canada taxes its residents on their worldwide income. This means that someone who lives in Canada must report income earned in Canada, as well as income earned in other countries, on their Canadian tax return.

Tax withheld or payable in a foreign country is generally eligible to be claimed as a foreign tax credit on a Canadian tax return, resulting in a reduction in Canadian tax payable. This foreign tax credit mechanism is meant to mitigate double taxation.

But what happens when a Canadian resident leaves to move abroad?

How to declare yourself a non-resident of Canada for tax purposes

Becoming a non-resident for tax purposes may require a Canadian resident to not only move abroad but to also sever so-called residential ties in Canada.

Severing ties generally requires:

Selling or renting out your home to move to a new home (owned or rented) in another country

Having your spouse or dependants leave Canada with you

You may also need to sell your personal property and sever social connections and other ties in Canada (for example, your health insurance, driver’s license, memberships, etc…