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?
Latest News
How international students can build credit in Canada Jul 16th
Moving to Canada as an international student comes with a long financial to-do list, and building credit is one of the most important items on it. Your credit history from home typically doesn’t transfer, which means you may need to start from scratch when applying for a credit card, phone plan, a.... More »
Toronto gas prices could hit record highs this summer. Here’s how reward programs could save you hundreds a year Jun 8th
We compiled some of the best loyalty programs and credit cards to help maximize savings..... More »
Why tax season is turning into a debt trap for Canadians (and how to avoid it) Apr 2nd
If you typically carry a credit card balance, you’re in good company. The recent Study of the Canadian Consumer (Winter 2026) by Vividata shows that more than 1 in 3 Canadians (36%) usually have a credit card balance from month to month. What’s striking, however, is the study’s finding that 49.... More »
The best GIC rates in Canada for 2026 Mar 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 »
Be on guard against fundraising fraud Apr 1st
You see on social media that someone in your network has died. There’s a link to an obituary from a funeral home that ends with a further request for donations to a charity the deceased was devoted to.
You get a heart-rending message requesting support for a family you know that’s been struck.... 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…
