BMO World Elite Mastercard review: Are the travel rewards worth the annual fee? + MORE Nov 28th

If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Canada Revenue Agency (CRA). To make it a happy one, you’ll need to keep good records, and you should be ready to make a number of periodic remittances throughout the year. From GST/HST to payroll remittances for staff (such as Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums), to your own income tax payments, the burden of proof is always on you to self-assess what’s owing—and do so with precision. Here is a primer on your responsibilities.
File on time
It is your obligation to file a tax return on time each year, and for most people that deadline is April 30. Unincorporated proprietors have until June 15; but there is a catch. If you owe money to the CRA, you’ll be charged interest after April 30, so it’s always best to file by the normal tax filing due dates…

Canadians have an appetite for travel and, accordingly, the travel rewards credit card field is packed with competing cards. With an attractive insurance package and perks like airport lounge access, the BMO World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enough to justify the $150 annual fee? We delve into what the card offers and show you exactly how it stacks up against other travel reward cards.

BMO World Elite Mastercard quick facts
BMO World Elite Mastercard*

Annual fee: $150 (waived for the first year for new members)
Rewards: 3 BMO Rewards Points per dollar on dining, travel and entertainment; 2 Points per dollar for everything else
Welcome offer: Get up to 35,000 Points and the first year’s annual fee waived
BMO Rewards Points value: 1 point = $0.007 when redeemed for travel
Income requirement: $80,000 annually or $150,000 household
Purchase interest rate: 19.99%
Best features: Airport lounge access with 4 free annual passes; BMO Points redemption on any airline without blackout dates; great rewards on everyday spending; robust insurance coverage
Who is it best for: Frequent flyers and high income earners
Also seen in: The BMO World Elite Mastercard was named one of the  best travel cards and one of the best credit cards with lounge access by MoneySense

Click here for more details about the BMO World Elite*

The BMO World Elite Mastercard

5 things you need to know about the BMO World Elite Mastercard
How do I redeem my BMO Rewards?
What are BMO Rewards Points worth?
What are the best ways to benefit from this card?
Are there any drawbacks to the BMO World Elite Mastercard?

5 things you need to know about the BMO World Elite Mastercard

The card lets you collect BMO travel rewards
The BMO Rewards program allows you to earn BMO Points on your credit card purchases, redeemable for travel expenses such as flights (including all taxes), hotels, cruises and vacation packages…