Will credit card debt affect my mortgage application? + MORE Mar 25th

With high inflation rates in Canada, you may be looking for creative ways to save money. And while a cash back credit card can be an easy way to put money back in your pocket from spending on essentials like groceries and gas, most cash back cards worth swiping come with a substantial annual fee. Enter: the Tangerine Money Back Mastercard. We like the generous welcome offer, solid earn rate and a few other perks. So, is the Tangerine Money Back Mastercard the best no-fee cash-back card for Canadians? We break down the online bank’s offerings and see how it stacks up against its competitors.
Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started.I want to earn rewardsI want to pay low interestYou will be leaving MoneySense. Just close the tab to return.

Tangerine Money-Back credit card quick facts
Tangerine Money-Back*

Annual fee: $0

Interest rates: purchases 19.95%, cash advances 19…

If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans.

With debt being so common these days—the average Canadian consumer carried a credit card balance of $3,745 at the end of 2021, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt affects your mortgage eligibility and whether it’s something you should be worried about. Here’s what you need to know.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

How credit card debt can hurt (or help) a mortgage application

If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application…

  A big bonus coming out of Marriott for stays at the Sheraton Gateway Hotel in Toronto International Airport! This bonus celebrates the recent refresh and renovation of the Club Lounge at the hotel and offers 10,000 bonus Bonvoy points per night and Club Lounge access (I’m how else could they celebrate it?) for stays between April 3 and May 19.  If you stay by May 4th you can stack this offer with the global Marriott promotion to earn 1,000 Bonus Bonvoy Points + Double Elite Night Credit for each night you stay. If you are needing an overnight hotel at YYZ you may want to consider this offer but read on to see if it is worth it.Offer details:10,000 Bonus Bonvoy Points per night + Club Lounge access for stays at the Sheraton Gateway Hotel in Toronto International Airport. Valid for stays Apr 3 – May 19, 22 Click here to learn more and to book this offer.Make sure you pay for your stay with the Marriott Bonvoy™ American Express®* Card or the Marriott Bonvoy™ Business American Express® Card as those cards earn 5 points per dollar spent on Marriott stays!  Club Lounge at Sheraton Gateway Hotel in Toronto International AirportOffer example:I looked at a few different nights for stays at the hotel with this bonus points offer and in each case it priced out $125 more per night than the best Member Rate Flexible price…

During the income tax season, it’s challenging to stay on top of the number of tax slips. We all know the T4, but there are many other forms to keep track of. If you earned interest on an investment in the previous year, you’d likely receive a T5 slip. But what is a T5, and how do you report it on your T1 general return? This article will cover everything you need to know about the T5.
What Is a T5 Slip?
If you earn more than $50 of income in your investment accounts, your financial institution will issue a T5 slip, also known as a Statement of Investment Income. If you earned less than $50, you wouldn’t get a slip as the CRA doesn’t charge tax under that amount. Depending upon the type of investment income, you will see amounts reported in several boxes, as per below.
What’s Included In the T5 Slip?
There are several information boxes on the T5 slip. While you may not notice an amount in each box, here is a breakdown of what’s included:
Box 10: Actual amount of dividends other than eligible dividends
Box 11: Taxable amount of dividends other than eligible dividends
Box 12: Dividend tax credit for dividends (excluding eligible)
Box 13: Interest income from Canadian sources
Box 14: Other income from Canadian sources
Box 15: Foreign income
Box 16: Foreign tax paid
Box 17: Royalties from Canadian sources
Box 18: Capital gains dividends
Box 19: Accrued income: Annuities
Box 21: Report code
Box 22: Recipient identification number
Box 23: Recipient type
Box 24: Actual amount of eligible dividends
Box 25: Taxable amount of eligible dividends
Box 26: Dividend tax credit for eligible dividends
Box 27: Foreign currency
Box 28: Transit
Box 29: Recipient account
Box 30: Equity-linked notes interest
Who Should Claim T5 Income?
If your investment account is owned jointly with your spouse, you will receive a T5 slip in both names…

Here’s your Rewards Canada Daily update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more.Air Canada Aeroplan has once again extended their flexible change policy for Aeroplan flight rewards. The extension now sees Aeroplan waiving change fees on reward tickets until April 30, 2022 and the amount of changes you can make are unlimited. For bookings made by April 30 but changed on or after May 1, 2022 you will have the first change fee waived but any others after that will incur a fee. Applicable change fees will apply to any new bookings that are made on our after May 1. The program does seem to be adjusting these frequently so it is entirely possible they will be extended again in the near future. For changes, you’ll pay the difference in points or receive a partial refund if your new itinerary requires fewer points. In addition, a difference in taxes, fees and charges may apply when changing your itinerary…