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March 2 Update: WestJet news delayed, Priority Pass adds restaurant at JFK and Fairmont 3 for 2 offer + MORE Mar 2nd
Well on Wednesday there was going to be some big news from WestJet but that has been delayed to sometime in spring apparently. As soon as we hear something that we care allowed to share we'll be sure to pass it along! The latest trend for airport business class lounge access program Priority Pass.... More »
With a little planning, you and your friends can use points and miles to take a memorable trip, whether relaxing at a spa with a mojito or going on an epic adventure..... 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 »
If you are a serious AIR MILES collector and have summer travel plans then you can rack up the miles on your hotel stays! Last week we told you about the AIR MILES Best Western offer and now there is this offer to earn bonus miles at IHG Hotels Worldwide. IHG includes brands like InterContinental, C.... More »
Great new RBC Visa Infinite Avion sign up offer! 25,000 bonus points and first year free! + MORE Feb 20th
The RBC Visa Infinite Avion card - long ranked as a really good card here on Rewards Canada but never at the top must be feeling the heat from the ever increasing competition as they have come out with this new offer! This is one of the best offers for this card in a while! Even though the previous .... 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…