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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Using your credit card rewards to book a free cruise + MORE Mar 30th

Before shelling out hundreds of dollars for a cruise, check to see if your credit card rewards can help offset the cost.... More »

Should I shop at Whole Foods if I have an Amazon credit card? + MORE May 8th

With 5 percent back at Whole Foods with an Amazon credit card, it can be tempting to shop there. But you'll need to do the math to see if you'll actually save money.... More »
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Aeroplan and Esso to split as the latter joins forces with PC Optimum + MORE Mar 15th

Late on Monday night news came out that the relationship between Esso and Aeroplan was coming to end on May 31 (Thanks to Anshul at PointsMilesandBling for the heads up) Following that, yesterday morning further news came out that Esso was partnering with Loblaw's PC Optimum program. Of course for A.... More »

How to use credit cards to offset pharmacy expenses + MORE Apr 30th

Cash back, rewards and travel cards can help bear the cost of pharmacy expenses. The choice will depend on where you usually shop for pharmaceuticals..... 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, FrequentFlyerBonuses.com 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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