All about Canadian credit cards. Learn the ins and outs and get the latest news.
Latest News
NY Fed: Credit card applications up, rejections down + MORE Jul 19th
Consumers applied for credit cards at a record rate in a June survey, according to the Federal Reserve Bank of New York.... More »
American Express Cobalt review + MORE Dec 12th
If you know you want an American Express credit card, you’ve probably been referred to the Cobalt credit card. The Cobalt combines high earn rates for everyday purchases with a great insurance package and the ability to put points towards travel for high value. In this American Express Cobalt revi.... More »
AIR MILES Shop the Block is here - Earn up to 1,200 bonus miles for using multiple partners + MORE Nov 20th
The annual AIR MILES Shop the Block event launched today and presents a really nice bonus mile earning opportunity for AIR MILES collectors. If you meet the requirement of using Shop the Block coupons at 3 or more sponsors you'll be awarded with up to 1,200 Rewards Miles over and above th.... More »
What to know about credit card travel insurance as an Air Canada strike looms + MORE Aug 14th
After carefully planning a summer vacation, the last thing on your mind should be finding alternate transportation. But some travellers could be left scrambling as the clock ticks down to a possible work stoppage at Air Canada. The airline says it will gradually suspend its flights starting Thursday.... More »
RBC and Scotiabank Credit Downgrades: What You Should Know + MORE Feb 2nd
Canada’s banks were praised during the global financial crisis for being rock-solid – but times seem to have changed, as two of the nation’s biggest lenders, RBC and Scotiabank, recently took hits to their credit ratings.
Why have these lenders been downgraded? Should banking consum.... More »
Unpacking the new tax breaks for families
– moneysense.ca
Raising one or more children? Get every penny you’re entitled to when filing your 2014 tax return this April by understanding the new tax measures for families recently introduced by the federal Conservatives.
Remember, some of these provisions could wither for the 2015 year if the current government does not regain its mandate at the next election and a new government overturns them.
Q: What’s the new “Family Tax Cut” all about and how do I claim it?
A: The “Family Tax Cut” essentially allows for income splitting whereby a higher earning spouse can transfer up to $50,000 of income to their lower earning spouse. However the tax benefits are calculated by way of an adjusted non-refundable tax credit on the income that may be claimed by you or an “eligible relation.” This is a Canadian resident spouse or common-law partner with whom you have a child under the age of 18. That child must reside with one or both of you.
The calculation of the credit, which provides tax relief to a maximum of $2,000 in 2014 and future tax years, is calculated as the difference between the combined taxes payable (after all credits are claimed) and the combined taxes that would be payable if the higher earner notionally transferred a specified portion of his or her income, to a maximum of $50,000, to the spouse…
