RWRDS Daily Update – September 12, 2023 + MORE Sep 12th

How to go about securing the best rate and plan for your credit card in Canada.
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RWRDS Daily Update – September 18, 2023 + MORE Sep 18th

Five new Cobalt Multipliers in Ontario, Which will open first? Moxy Banff or Moxy Halifax? And a new Amex Offers statement credit for Harry Rosen. Check out today's points & miles updates here: The post RWRDS Daily Update – September 18, 2023 appeared first on Rewards Canada..... More »

This Week in RWRDS: September 9 – 15, 2023 + MORE Sep 16th

Our latest Ultimate Credit Card Portfolio, an Aeroplan award flight redemption sale. Delta SkyMiles changes  & more in our weekly credit card and loyalty rewards newscast! Watch This Week in RWRDS here: Topics of discussion: The Ultimate Travel Credit Card Portfolio for those just starting wit.... More »

BMO AIR MILES Mastercards offering up to 15,000 bonus miles (Biggest ever bonuses!) Sep 14th

If the offers we have seen over the past month from AIR MILES are any indication of the direction the program is heading under their new ownership – then watch out! The program has been doling out some very lucrative bonuses when earning miles with their partners, online shopping and their car.... More »

RWRDS Daily Update – September 15, 2023 + MORE Sep 15th

Canadian Platinum Cards will continue to receive unlimited access to Delta Sky Club lounges, we review the RBC Cash Back Preferred World Elite Mastercard and 15 new Cobalt Multipliers from across Canada. Check out today's points & miles updates here: The post RWRDS Daily Update – September 15.... More »
It feels like we’re living in the end times. There was (ahem, is) the pandemic, the country is “on fire” if you read comments on news articles or bring it up in social situations. Then there are the high interest and inflation rates, making housing and grocery costs unaffordable for many Canadians. 

To no one’s surprise, money remains the top stressor for Canadians at 40%, for the sixth year in a row, according to FP Canada’s 2023 Financial Stress Index. With everything that’s going on, budgeting and planning for retirement feels pointless. Why is it so hard to make financial planning and investing decisions when you’re overwhelmed? Glad you asked.

The best credit cards in Canada for those with bad credit

Stress and finances: How to make smart decisions with your money by getting started

According to Samantha Sykes, a senior investment advisor with Raymond James, one of the reasons people have a lot of big decisions to make is that they don’t know where to start…

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Debt seems to be a normal thing for Canadians these days. After a brief decline during the pandemic, the Canadian household debt-to-income ratio soared to 184.5% in the first quarter of 2023. That means Canadians owe nearly $1.85 for every dollar of disposable income. And an RBC poll found that the Canadians between the ages of 35 and 44 carrying debt had a total debt-to-disposable income ratio of 250% in 2019. And indebted Canadian millennials (under age 35) had debt loads worth 165% of their disposable income.

The ballooning debt has been mainly driven by rising mortgage balances as demand pushed home prices to record levels across the country.

Does this mean the average Canadian is up to their eyeballs in debt? Not necessarily.

Best balance transfer credit cards in Canada
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What is the average debt for Canadians?

Let’s start by looking at the average consumer balance held across different credit products. This information comes from TransUnion’s Q1 2023 Credit Industry Insights report…

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Ask MoneySense
I retired last year, age 66. Single, no dependents. I found out my pension wasn’t withholding enough tax from source (5%), so I asked for an additional 15.05% to be withheld, to meet my combined federal and Ontario tax bracket (20.05% total).

I got a whopping refund of $5,000 after all deductions were made on the tax forms (basic personal amount, pension credit, age amount). But I could sure use that money during the year. Should I request less additional tax to be withheld from my pension in future?


Withholding tax in retirement

When you are a salaried employee, unless you start a job mid-year or have other extraordinary income, tax deductions or tax credits, you should be pretty close to even when you file your tax return—that is, most people have no tax owing or refund payable.

Retirement is different. In retirement, you tend to have income from multiple sources, and some do not require any withholding tax at all. For example, the Canada Pension Plan (CPP) and Old Age Security (OAS) generally have no tax withheld unless you elect to have it withheld optionally…

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Aeroplan is out with another buy or gift points promotion where you can buy Aeroplan points with an 80% bonus. This offer runs until October 2, 2023 and is awarded on purchases of 15,000 points or more. If you purchased points during the last promotion you’ll automatically receive an extra 15% bonus if you purchase […]
The post Receive an 80% bonus when you buy Aeroplan points appeared first on Rewards Canada.

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The Ultimate Travel Credit Card Portfolio for those just starting with points & miles and Rogers Mastercard will only require one Rogers Service to earn 2% cash back. Check out today’s points & miles updates here:
The post RWRDS Daily Update – September 12, 2023 appeared first on Rewards Canada.

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