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RBC Rewards Points Conversion to Shoppers Optimum Points: An Analysis

The Royal Bank of Canada (RBC) is giving an opportunity to convert its RBC rewards Points to Shoppers/Pharmarprix Optimum Points. For the first conversion, you will get 8000 Optimum Points for a minimum 1,500 RBC Rewards Points. Thereafter for every 500 RP, you will receive 2,500 OP. I have an RBC Signature Rewards Visa Card, so I get one point for every dollar spent. Generally, you … [Read more...]

Credit Card Users Opting for Cash Back

SOURCE: THE GLOBE AND MAIL   It’s better to have some cash in your jeans than to wait for the trip of your dreams. Call it the show-me-the-money approach to credit card rewards. A growing number of people are using cards that generate cash rewards paid every year instead of trying to accumulate travel points redeemable for flights and vacations. An example mentioned by Ms. Heustis is the … [Read more...]

MBNA WorldPoints TravelRewards MasterCard Discontinued

MBNA is replacing its MBNA WorldPoints TravelRewards MasterCard with mbna rewards travel MasterCard as of April 20, 2012. According to a letter sent to customers by MBNA, nothing else changes – the same redemption options and same points system.   Reward Options You can ask for cash-back, at a rate of $100.00 per 10,000 points. You can receive this as an electronic statement, … [Read more...]

Tax 2011 – For Students Studying Abroad

Canada’s tax law allows you to claim tuition and some other expenses as refundable tax credits if you had paid to follow educational programs outside of the country as well. To be eligible for the Canada Tuition Tax Refunds, this educational institution outside of Canada has to be recognized as an institution of higher education in that country, and allowed to issue a degree equivalent to … [Read more...]

Cheques Hold-Time to be Reduced

Canada is changing rules related to financial institutions like banks releasing funds for deposited chques. Under new guidelines, if a cheque has a value of less than $ 1,500.00, the hold on it for personal and small businesses will be reduced to a maximum of four business days, starting from the day after it was deposited, if it was deposited in person at a branch. If the cheque was deposited … [Read more...]

CRA Warns About Email Scam

The Canada Revenue Agency (CRA) is warning about email scams intended to get your personal information. The scam comes in the form of an email, purportedly from the CRA and asking you for your personal information, or to click on a link to get your refund. The CRA says it does not ask for personal information of any kind by email. These emails can contain special coding or downloadable forms … [Read more...]

Tax Tips for Seniors

SOURCE: THE STAR My 78-year-old mother is incredibly organized, particularly when it comes to her finances. She keeps all of her income tax receipts in one folder, along with information about her investments, property taxes, and her medical expenses. That’s a huge help when it comes to income tax time. If you’re caring for an aging parent, or helping a senior or anyone over 50 with his or her … [Read more...]

An End to Unsolicited Credit Card Cheques

The Canadian government is bringing in new regulations requiring credit companies to stop sending unsolicited convenience cheques to customers. These cheques usually offer low interest rates, some times as low as 1.99%, for a specific period, like six months, after which the regular interest rate will kick-in. They can be used for purchases, balance transfer or as cash advances. While this might … [Read more...]

New Code to Help Understand Mortgage Prepayment Penalty

If you are thinking about pre-paying your mortgage but are reluctant because of prepayment penalty and the complexity of the issue, help is on your way. The Canadian government has issued a new code for banks to be more transparent about the penalties for prepayment and help clients understand how they are arrived at. Under the new guidelines, banks are supposed to: provide information on an … [Read more...]

2012 Tax Filing Season: A Look At tax Filing Software

SOURCE: THE STAR You can save a lot of money by cutting out an accountant and using tax preparation software to do your own taxes this year. After years of using an accountant at a cost of anywhere between $100 and $300, I decided to file my own taxes last year using Turbo Tax. I found the experience to be easier than I thought it would be sespite having multiple income sources, deductions, … [Read more...]

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