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?
Latest News
 card points

Save up to 50% on Economy and Business Class award tickets from Toronto to Austria & Poland + MORE Feb 7th

As we do each month we bring you the latest set Miles & More "Meilenschnaeppchen" discounted mileage awards!  This month we see the continuation of economy class offers on LOT and something we haven't seen in awhile, business class offers on Austrian!!These are good for travel on LOT unt.... More »
 credit card rates

Rate survey: Average card APR stays put at 16.41 percent + MORE Feb 14th

Feb. 14, 2018: The average credit card interest rate remained at a record high Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report..... More »
 card rewards

How to get the pension income tax credit + MORE Feb 12th

Q: I am 65 years old and will have income for the next three years. I want to open a Registered Retirement Income Fund (RRIF) and transfer some money into it to take advantage of the pension credit on a $2,000 withdrawal. While doing so, can I then turn around and use that $2,000 as part of my con.... More »

Pilot killed after Syrian rebels down Russian warplane - CBC.ca + MORE Feb 3rd

CBC.caPilot killed after Syrian rebels down Russian warplaneCBC.caA Russian pilot who ejected from his fighter jet after it was shot down in northwestern Syria on Saturday was killed by militants after he landed alive on the ground and resisted capture by an al-Qaeda-linked group, Syrian monitors an.... More »

Home Capital Group says new mortgage rules have clients migrating from big banks + MORE Feb 16th

TORONTO _ Home Capital Group Inc. believes early results from this year suggest that mortgage business may be migrating to the alternative lender after the federal banking regulator introduced tougher rules for uninsured mortgages at the beginning of the year _ even though it too is required to abid.... 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…

Continue Reading On moneysense.ca »

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.

Continue Reading On creditcards.com »

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.

Continue Reading On cbc.ca »

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…

Continue Reading On RewardsCanada.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!