Canada’s best credit cards for grocery purchases 2023 + MORE Apr 24th

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Canada’s best credit cards for groceries
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CardDetailsBest cash back cardScotia Momentum Visa Infinite*• 4% cash back on groceriesBest no-fee cash back cardBMO CashBack Mastercard*• No annual fee• 3% cash back on groceries, up to $500 per monthBest groceries and gas card (tie)CIBC Dividend Visa Infinite • 4% cash back on groceries and gasBest groceries and gas card (tie)Meridian Visa Infinite Cash Back Card• 4% cash back on groceries and gasBest card for shopping at Loblaw banner storesPC Financial World Elite Mastercard* • No annual fee• 30 PC points per $1 at stores under the Loblaw umbrellaBest points cardAmerican Express Cobalt* • 5 points per $1 on groceriesBest points card (runner up)Scotiabank Gold American Express*• 6 Scene+ per $1 spent at stores under the Sobeys umbrella • 5 points per $1 on food subscriptions and purchases at other eligible grocery stores

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Ask MoneySense
Are management fees within a mutual fund in a non-registered account deductible as carrying charges on my tax return?

—John

Tax treatment of mutual fund fees

The Canada Revenue Agency (CRA) allows taxpayers to claim carrying charges, interest expenses and certain other investment expenses as a tax deduction on line 22100 of a tax return. This includes fees paid for investments to be professionally managed, fees for certain investment advice, interest on money borrowed for certain investment purposes, and in some cases, fees to prepare a tax return.

However, to answer your question, John, mutual fund fees cannot be deducted on your tax return. Fees paid to an investment advisor who manages your investments, excluding commissions paid to buy and sell investments, are generally deductible. The deductibility of fees is limited to taxable, non-registered accounts, so it does not apply to registered accounts like registered retirement savings plans (RRSPs) or tax-free savings accounts (TFSAs)…

What does it truly mean to live a rich life? Is it all about accumulating wealth and assets, having expensive possessions and a lavish lifestyle? Or is there more to it than just the dollars and cents? In my “A Rich Life” column for MoneySense, I explore the essence of living a rich life, beyond just money and materialistic pleasures.

A Rich Life: it’s about more than money

Firstly, let’s acknowledge the importance of money in our lives. It’s true that it provides us with the necessities of life and the resources we need, like shelter. But money cannot guarantee a life of satisfaction, inner peace and wisdom. Money cannot buy love, contentment and compassion.

Dr. Ted Klontz, a renowned expert in financial psychology, once said that we often try to use money to fight against insecurities and discomforts. But it’s not an effective solution. We tend to run out of life before we realize it’s not about the money and that money isn’t everything.

Let’s look at two real-world examples of this…

We have exciting news: MoneySense has made some upgrades. The core of what we do will stay the same—we’ll continue to bring you high-quality content from the best financial experts in Canada—but we have a fresh new look.

Why are we changing?

We want you to have the best possible experience on our site, whether you’re reading one of our Ask MoneySense columns, checking our rankings for credit cards or investment accounts, using one of our mortgage calculators, or anything in between. We are not changing our approach to personal finance journalism: a paywall-free website offering the most comprehensive and high-quality personal finance content for Canadians, written by certified professionals and professional journalists. Our goal, every day, is to give you access to actionable information that’s easy to understand. As we say on all our social channels: It pays to know. 

What are we changing? 

We’ve changed our brand colours and font style to improve readability…