All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
Canada’s income tax brackets for 2024, plus the maximum tax you’ll pay based on income + MORE Apr 16th
As the year winds down, you may be wondering just how much tax you’ll be paying once you file your 2024 income tax return. Especially if you changed jobs or earned self-employment income, there may be a big difference between the taxes you’ve already remitted through payroll deductions or instal.... More »
What it’s like to work with a financial advisor + MORE Apr 10th
If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.
A financial advisor can be.... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Jun 19th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
What’s more important: your wealth or your legacy? + MORE Nov 12th
Ask MoneySense
My dad is 77 years old and we live together in a house worth $840,000, which we own together. Dad retired at age 70 and commuted his pension so he would have money to leave to me. He has about $580,000 divided between a LIF and a RRIF and his CPP is $17,000 and OAS $9,500. He lives on.... More »
Your RRSP and TFSA are your best allies in building financial security + MORE Aug 22nd
If you’re over 18 and working, it’s time to start diverting some money into long-term savings to begin building financial security for your future. Pay the tax now in a TFSA, or pay the tax later in an RRSP. Even better? Contribute to both, Lesley-Anne Scorgie writes.... More »
Canada’s 10 best Mastercard credit cards for 2021
– moneysense.ca
As one of the top credit card companies in the world, Mastercard is extremely popular and also widely accepted. For those already banking at BMO Bank of Montreal, a major Canadian bank that’s associated with Mastercard, these cards may offer all the perks you’re after, along with opportunities to “double dip” on rewards or loyalty programs. Whether you’re looking to earn points or cash, travel more or keep your interest rates down, chances are there’s a Mastercard for you on this list. (Want to consider other options? Browse our full list of the best credit cards in Canada.)The best Mastercard credit cards in Canada
Card
Rewards / Features
Annual fee
Tangerine Money-Back
(get more details)*
2% cash back in up to 3 spending categories
0.5% on everything else
$0
Rogers World Elite
(get more details)
3% cash back on USD purchases (0.5% after FX fees)
1.5% on everything else
$0
BRIM Financial Mastercard
(get more details)*
1 pt/$1 on everyday purchases
No FX fees
Get bonus points at eligible retailers
1 pt = 1% in cash back
$0
PC Financial World Elite
(get more details)*
45 pts/$1 at Shoppers Drug Mart
30 pts/$1 at Loblaws banner stores
10 pts/$1 on everything else
10 pts = 1% in savings
$0
MBNA Rewards Platinum Plus
(get more details)*
2 pts/$1 on groceries, gas and dining (on the first $500 spent per month)
1 pt/$1 on everything else
1 pt = 1% in travel rewards
$0
BMO World Elite
(get more details)*
3 pts/$1 on travel, dining and entertainment
2 pts/$1 on everything else
Airport lounge access
1 point = 0…
“Where do we pay income tax if we retire abroad?”
– moneysense.ca
Q. We’re thinking about moving to Mexico full-time when we retire. Where would we pay income tax on our monthly Canadian pensions?
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian residency entirely.
In the case of Mexico, Marianna, a taxpayer is considered a resident of Mexico if they have a permanent home available to them in Mexico. If they have homes in both Mexico and Canada, the location of their centre of vital interests—their personal and economic ties—must be considered.
The courts typically refer to the residence article of the OECD Model Tax Convention when defining centre of vital interests:
“If the individual has a permanent home in both Contracting States, it is necessary to look at the facts in order to ascertain with which of the two States his personal and economic relations are closer. Thus, regard will be had to his family and social relations, his occupations, his political, cultural, or other activities, his place of business, the place from which he administers his property, etc…
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian residency entirely.
In the case of Mexico, Marianna, a taxpayer is considered a resident of Mexico if they have a permanent home available to them in Mexico. If they have homes in both Mexico and Canada, the location of their centre of vital interests—their personal and economic ties—must be considered.
The courts typically refer to the residence article of the OECD Model Tax Convention when defining centre of vital interests:
“If the individual has a permanent home in both Contracting States, it is necessary to look at the facts in order to ascertain with which of the two States his personal and economic relations are closer. Thus, regard will be had to his family and social relations, his occupations, his political, cultural, or other activities, his place of business, the place from which he administers his property, etc…
