The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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The best GIC rates in Canada for 2026 Mar 24th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
What to know if you ever fall victim to fraud in Canada Sep 9th
Know someone who’s been a victim of fraud? It’s a sensitive subject: There’s financial loss and the addition of guilt and embarrassment can worsen things significantly.
As scams and bank fraud become more complex, it’s important to know what to do in case you are victimized.
MoneySense.... More »
The best GIC rates in Canada for 2026 Jun 2nd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
What Canadian women regret most about money—and how Gen Z can avoid it Apr 9th
Nearly 7 in 10 Canadian women (69%) say they’d make different financial decisions if they could go back in time, according to new research from Meridian. And for women in their late 20s to mid-40s, the years where money decisions start to compound, the level of regret is even greater.
If thatâ€.... More »
RBC hiking fees on cash back Mastercard, but sweetening the rewards Aug 22nd
RBC shared on Friday that there are changes coming to two of its cash back Mastercard options in October and December this year.
Though a couple of the changes may irk cardholders (one of the cards’ annual fee will go up by $21), the benefits are getting a serious facelift that’ll be .... More »
Making the most of the pension tax credit
– moneysense.ca
Ask MoneySenseI liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax credit applies to anyone, irrespective of age? Meaning under 65? Should a LIRA be moved to a LIF when the expected minimum withdrawal would be under that threshold? Should LIF withdrawals be recommended for anyone under 65 as a tax strategy? Looking forward to reading your answer.
—Sylvain Bussiere
Hi Sylvain, unfortunately your interpretation is not correct. Converting your locked-in retirement account (LIRA) to a life income fund (LIF) before the year you turn 65 does not qualify you for the $2,000 pension tax credit. Even converting your LIF to an annuity doesn’t qualify you for the pension tax credit at age 65.
Having said that, this tax credit is not a big deal for most people, and in some cases, you will be better off not converting an RRSP or LIRA to a RRIF or LIF to qualify for the credit…
