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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5 times when a no annual fee card is worth it + MORE May 25th
High-end credit cards come with a lot of perks, but sometimes a no annual fee card can offer what you really need, without you having to worry about closing it once you no longer use the rewards.... More »
Delta Air Lines credit cards: Which is right for you? + MORE Jul 25th
Whether you're a frequent flyer or just travel with your family once a year, these are the best credit card options for Delta Airlines loyalists..... More »
Summer camp sticker shock is real—here’s how to stay on budget May 16th
By the time the end of the school year nears, many parents have already spent months planning where to stick their kids for the summer. “It really is January, February, when you have to start thinking about it,,” says Erin Bury, mom to a toddler and kindergartner in Wellington, Ont. “It’.... More »
Financially stable? Now's the time to rack up some of the best travel rewards points & miles + MORE May 1st
Since the start of the pandemic a lot of discussion on Rewards Canada has centered around using your loyalty reward programs to help you financially - that is to use the points or miles for cash back or cash equivalents. But what if you are healthy financially and don't need to be shifting your loya.... More »
Credit card APRs heading upward again as Fed hikes rates + MORE Dec 20th
The Federal Reserve voted to raise its federal funds rate by a quarter point for the fourth time this year – all but ensuring credit card APRs will soon climb to a new record..... More »
May 31 Update: Talking Unused Loyalty Programs, 25% off award tickets from Montreal to Europe, More Rewards not just for those out west
– RewardsCanada.ca
News, Tips & Tricks Over the weekend Rewards Canada was featured on Corus Radio’s Informed Traveler show talking about unused loyalty programs. This isn’t about points and miles but about how many members are actually active in a loyalty program! It was prompted by a recent piece published on Skift. You can listen to the interview hereThe latest Air France KLM Flying Blue Promo Awards came out today and the latest set brings a Canadian city back into the mix. You can save 25% off the regular amount of Flying Blue miles normally required for KLM’s flights from Montreal to Europe. Not a great deal but if you were planning on redeeming for this flight anyways for travel between Aug 1 and Sep 30 now would be the time to do it so you can save some miles.We received a comment on our Scotiabank More Rewards Visa post from yesterday and thought it would be good to post that comment along with our response here for all to read our recommendation!I’ve never heard of “More Rewards” and in checking out the card on Scotiabank’s website, I guess it’s more of a regional thing…Do I qualify for the pension tax credit?
– moneysense.ca
Q: This is a question about the $2,000 pension income tax credit.If I transfer RRSP funds into a RRIF before age 71, may I take advantage of the credit if I am a member of a DB pension plan although I am not drawing a pension as yet? In other words, is the PITC based on being a member of a DBPP or on the income you receive from it?
—Maria
A: The pension income amount is a non-refundable tax credit that can be claimed on your tax return, Maria. It doesn’t apply specifically to defined benefit pension plan members, so it’s not your pension membership that makes you eligible. Eligibility is based on your age, sources of income and tax payable.
Defined benefit pension income is definitely eligible income for the credit, beginning at age 55. Foreign pensions qualify as well, but only to the extent that they are taxable in Canada. Some foreign source pension income is specifically tax-free in Canada due to tax treaties that may entitle you to claim a deduction of that income.
In your case, Maria, since you haven’t begun your defined benefit pension yet, you may qualify for the credit by drawing from your Registered Retirement Savings Plan (RRSP) account…
