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Feb. 14, 2018: The average credit card interest rate remained at a record high Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report..... 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 »
This is an excerpt of a feature that appears on the main Rewards Canada site which has been updated to incorporate new cards and cards that have changed since the original feature was posted in 2015:Now that we are in 2015, American Express is gone from Costco Canada stores and Mastercard is in. Wh.... More »
Thieves don't just target your credit line, but they can also get to your rewards. Take some safety precautions to make sure you don't lose what you've earned.... 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…