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Valeria Fine Jewelry owner Lucas Horton explains how he learned from past credit card mistakes and how he leverages business cards to earn hundreds of dollars in cash back every year..... More »
If you have an S Corp, your payment history may be reflected on both your business and personal credit reports and scores..... More »
There are 34 federal departments and agencies that allow citizens and others to pay for services with credit and debit cards. An internal briefing note, obtained by CBC News, shows that half of those institutions have flunked a global test designed to help ensure that personal inform.... More »
TORONTO _ Home Capital Group Inc. believes early results from this year suggest that mortgage business may be migrating to the alternative lender after the federal banking regulator introduced tougher rules for uninsured mortgages at the beginning of the year _ even though it too is required to abid.... More »
July 18, 2018: The average credit card interest rate settled at a record high Wednesday after another major issuer increased rates in response to the Federal Reserve’s June 2018 rate change.... More »
The Western media discover the hidden charms of North Korea.
New card accounts have risen to the level just below 2007, says American Bankers Association data
Q: I am 65 years old and will have income for the next three years. I want to open a Registered Retirement Income Fund (RRIF) and transfer some money into it to take advantage of the pension credit on a $2,000 withdrawal. While doing so, can I then turn around and use that $2,000 as part of my contribution to my RRSP? In other words, can you withdraw from an RRIF and contribute to your RRSP in the same year?
A: Thank you, Rhonda, for your question. I assume that you do not have a pension—and you didn’t mention the value of your RRSPs. For many, it’s a great strategy to open an RRIF and transfer net $2,000 from your RRSP in order to take advantage of the pension credit. Be sure to transfer a little bit extra to the RRIF so the $2,000 withdrawal does not deplete the RRIF and cause it to close. Your financial institution will advise you on what the minimum amount is to keep the RRIF open. Or you can transfer as a lump sum.
And yes—you can technically withdraw from an RRIF and then contribute to an RRSP—if you have the room and are still under 71 years of age…