How to get the pension income tax credit + MORE Feb 12th

All about Canadian credit cards. Learn the ins and outs and get the latest news.
Latest News
credit card

The Best No-Fee Rewards Credit Cards For 2019 + MORE Nov 6th

Credit card rewards come in many forms. From points to statement credits to cold-hard cash, a good rewards card maximizes on your everyday purchases and ultimately helps you save. Reward credit cards generally offer different amounts of rebates for particular spending categories (gas, grocery, phar.... More »

Travel resolutions: Travel better using rewards credit cards in 2019 Jan 5th

Is one of your new year’s resolutions to travel far and wide? Follow these tips to upgrade your bucket list, hack elite benefits and make your wildest travel dreams come true in 2019 using your rewards credit cards..... More »

Book travel through your card's portal: 5 times it makes sense Dec 1st

Booking directly through your credit card's travel portal may be your best option when you're looking to redeem points in certain situations..... More »

The number of Canadian millionaires will jump by more than half in the next five years: Credit Suisse Oct 21st

The number of millionaires in Canada will jump by more than half in the next five years, a faster growth rate than other developed countries like the U.S., according to a new wealth report from banking giant Credit Suisse..... More »
 credit

Weekly rate report: Average card APR sits tight at 17.14 percent + MORE Nov 21st

November 21, 2018: Average rates on new credit card offers remained at a record high Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report..... More »

The Pyongyang Olympics

– online.wsj.com

The Pyongyang OlympicsThe Western media discover the hidden charms of North Korea.

Continue Reading On online.wsj.com »

New card accounts have risen to the level just below 2007, says American Bankers Association data

Continue Reading On creditcards.com »

How to get the pension income tax credit
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?
—Rhonda P.
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…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!