Should you postpone retirement to pay off card debt? + MORE Feb 2nd

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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'It's a ball of yarn': Small business owner detained at border amid border and visa confusion + MORE Jun 13th

Heather Breadner found herself in a woolly situation when she tried to cross the Canada-U.S. border, but was turned back by customs agents who seemed confused about the paperwork she needed to sell her hand-dyed yarn at a festival in Maryland..... More »
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How you're not teaching kids responsible credit card use + MORE Aug 4th

Children are observers and parents unwittingly tend to do things just about guaranteed to show kids exactly what not to do with credit cards..... More »

The House: The Disruptor-in-chief goes to NATO - + MORE Jul 14th

CBC.caThe House: The Disruptor-in-chief goes to NATOCBC.caU.S. President Donald Trump took his confrontational approach to diplomacy to the NATO summit this week, where he sideswiped his fellow alliance leaders with a litany of accusations, questionable demands on spending levels and a sudden threat.... More »

Why savvy points earners always pick up the check Apr 21st

Savvy points earners always pick up the check. Why? In the world of credit card rewards, there are literally hundreds of points on the table every single time you dine out..... More »

Donald Trump is a natural at looking guilty—but he’s had a little help + MORE Mar 31st

It’s time that I came out with the truth. You might know me as Tabatha Southey, humour writer, but I’ve been moonlighting, drawn back to my second career by the 2016 American elections. That’s right: I originally trained as a chartered Lookin’ Mighty Guilty consultant, and I guess I’m here.... More »
Should I withdraw from my TFSA to contribute to an RRSP?
Q. When does it make sense to withdraw money from a TFSA and move it to an RRSP? I am in my late 50s and considering doing this as I have a fairly high income and not much cash on hand to make RRSP contributions. Is that a good move for me? – Deirdre T.
I like that you are thinking about ways to reduce tax, Deirdre, and if you’re careful it may be a good move; if not, it could be a big mistake.
There are two things to think about:

Will your tax rate in retirement be lower than it is now? If so this could be a good strategy.  Also think about things like the OAS clawback, the age credit, GIS, GST credit etc…
A TFSA contribution is an after-tax contribution and an RRSP contribution is a pre-tax contribution. A $5,000 contribution to a TFSA is not the same as a $5,000 contribution to an RRSP. If your marginal tax rate is 40% and you draw $5,000 from your TFSA you’ll have $5,000.  The same $5,000 withdrawal from your RRSP will leave you with $3,000, and that’s where you could make your mistake…

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If you are approaching retirement and are still revolving credit card balances, it may be better to keep working until those debts are paid off.

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The parent company of loyalty card Aeroplan saw its shares plummet for a second day Friday after DBRS warned about a possible downgrade after it announced the sale of its Nectar business at a substantial loss.

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Choice Privileges Elite Status Match now available to CanadiansWe’ve had this offer listed for quite sometime on our global site, but never covered it here on Rewards Canada as it was only available to U.S. residents. Great news is that for 2018 the offer has been expanded and us Canadians can now get status matched in the program  The Choice Privileges status match offer will match the status of most other hotel loyalty programs. Choice Privileges Elite Status isn’t as rich as the status seen from other programs like Starwood or Hyatt but it is better than not having any – especially when it comes to booking free award nights from the base level of only 30 days out to anywhere from 50 to 100 days depending on the status level.I’ll have to update the following post  as it boosts it to at least seven programs!Get elite status with at least six hotel reward programs with The Platinum Card from American Express Offer detailsElite Status Match – Choice Privileges will match the elite status you hold in another hotel loyalty program…

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