Year-end tax-saving tips for Canadians for 2024 + MORE Dec 5th

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Best cards by categoryHighlightsDetailsEligibility requirementsFEATUREDCIBC Dividend Visa InfiniteGO TO SITEAward: Best cash back VisaBest feature: Between 2% and 4% cash back across five major spending categories, plus easy redemptionsAnnual fee: $120Rewards: 1% to 4% cash backInterest rates: 20…

Hear me out. Year-end tax planning can be financially rewarding. It’s a shame so few people do it. There are three objectives: plan to reduce taxes for the current year with legitimate planning opportunities, go back and recover overpaid taxes in prior years and, finally, set yourself up to minimize taxes in the future.

Reduce taxes in the current year

There are several ways to do this:

Fill tax efficiency gaps: Many Canadians have unused tax-advantaged savings room in registered accounts—and this is a real miss. For example, you can invest in your registered retirement savings plan (RRSP) to reduce net income and thereby not just reduce your taxes payable but also increase social benefits you may qualify for, such as the Canada Child Benefit (CCB), the GST/HST Credit and the Canada Dental Care Plan. Open a first home savings account (FHSA) if you qualify to save up to $8,000 a year for a new home. You must open the account to create the annual room, so do so before year end, even if you can only put a small amount of money aside…

Here are Rewards Canada’s Top 5 Cash Back Credit Card Sign Up offers for the month of December. This is not a ‘best’ credit card list like our Top Cash Back Credit Card rankings but instead look at cards that have very good cash back welcome bonus sign up offers. This list includes cards that […]
The post The Best Cash Back Credit Card Welcome Bonus Offers for December 2024 appeared first on Rewards Canada.

The Big Six banks in Canada reported on their earnings this week. Here are the takeaways, including revenue, prices and dividends.

Table of contents (tap to open)

BMO

CIBC

National Bank

RBC

Scotiabank

TD

BMO posts big miss on earnings expectations as bad loans weigh

BMO Financial Group (BMO/TSX) significantly missed analyst earnings expectations as the money it set aside for potential loan losses jumped. The bank reported on Thursday a fourth-quarter profit of $2.30 billion, up from last year thanks to a $1.18 billion pre-tax boost from the reversal of a legal judgment related to a Ponzi scheme in the United States. Adjusted earnings that excluded the one-time gain showed a net income of $1.54 billion, down from $2.24 billion in the same quarter last year. 

The earnings drop came as its provisions for credit losses surged to $1.52 billion from $446 million a year earlier.

“Our overall results were impacted by elevated provisions for credit losses,” said BMO chief executive Darryl White in a statement…