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Author: Lauren Graves

By Lauren Graves

Fact Checked: Scott Birke

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Updated: September 26, 2023

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Best credit cards in Canada for September 2023

Cottonbro Studio / Shutterstock

Author: Lauren Graves

By Lauren Graves

Fact Checked: Scott Birke

🗓️

Updated: September 26, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

As much as we appreciate the perks of the best credit cards here at Money.ca, one thing we’re never going to claim is that there’s one best credit card in Canada for everyone.

The range of credit cards available in Canada is vast, spanning cards that earn flexible cash back and travel rewards to those with low interest rates and low credit score requirements. But how do you separate the best credit cards from the rest? 

To help you sort through the many credit cards in Canada, we’ve curated a “best of the best credit cards in Canada” list so you can find the right card for your bottom line this year.

Best credit cards in Canada by category

Expert Tip: Choosing the best Canadian credit card

Consider your personal spending habits when choosing the best credit card for you. What to look for when choosing the best credit card can be daunting, but if you break it down by your goals and your spending habits then it will be easier to decide. Consider this: are you more likely to use points? Or would you prefer cash back? Do you spend more money on groceries or do you like eating out? Do you have loyalty to any specific brands or are you willing to shop around? Choosing the best credit card means choosing the one that you are personally going to get the most value from based on your lifestyle. Take the time to consider where you shop and compare earning rates, partners, and of course, rewards value.

—Hannah Logan, Money.ca credit card, saving and travel expert

Best credit card for travel

TD® Aeroplan® Visa Infinite* Card

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The TD® Aeroplan® Visa Infinite* Card is a versatile credit card with competitive earn rates and a comprehensive travel insurance package. If you like to collect Aeroplan Points or are a frequent traveler, we recommend reading up on this card and to see if you can take advantage of its benefits.

Pros and cons

Pros

Pros

  • Welcome Offer for the TD® Aeroplan® Visa Infinite* Card: Earn up to $1,400 in value† including up to 50,000 Aeroplan points†. Conditions Apply. Must apply by January 3, 2024.
  • 1.5 Aeroplan points† per $1 spent on eligible gas, grocery, and direct through Air Canada® purchases (including Air Canada Vacations®) made with your card
  • 1 Aeroplan† point per dollar on all other Purchases made with your Card
  • Earn double points when you pay with your Card and provide your Aeroplan number at over 150 Aeroplan partner brands and at 170+ online retailers via the Aeroplan eStore (www.aeroplan.com/estore)
  • Extensive travel insurance† and Emergency Travel Assistance Services†
Cons

Cons

  • $139 annual fee
  • 2.5% foreign transaction fee
  • Standard interest rates of 20.99% on purchases, 22.99% on balance transfers, and 22.99% on cash advances

Overview

The TD® Aeroplan® Visa Infinite* Card is one of the best travel rewards credit cards on the Canadian market. Compared to other Aeroplan credit cards and general travel cards, this option offers better value and versatility. From one free checked bag per reservation for up to eight people when your flight originates on an Air Canada flight† to up to 1.5 points† per dollar on eligible spending, it’s easy to keep the savings coming.

$139 is a higher annual fee for a mid-range card and a lot of money to spend, but the value you can get for that price more than cancels it out. And if you take advantage of every discount and credit available to you, you can save hundreds if not thousands each year. 

The TD® Aeroplan® Visa Infinite* Card exceeds insurance expectations as well, with up to $2 million in travel medical coverage for the first 21 days (if you or your spouse is aged 65 or older, you are covered for the first four days of your trip) with additional top-up coverage available†, coverage for trip cancellations† and trip interruptions†, damage to a rental vehicle†, flight/trip delay† and baggage delays†, and common carrier travel accidents†. You’ll also get global discounts on vehicles at Avis and Budget locations†, along with Purchase Security and Extended Warranty Protection†.

But this card isn’t easy to qualify for. You’ll need an income of at least $60,000 on your own or $100,000 with a partner and a credit score in the good to excellent range to be considered.

If you can qualify for this card and travel enough to easily make up that annual fee in just a couple of trips, this could be worth signing up for. And you don’t have to wait until your next flight to start earning since it earns points on everyday spending. One of our only gripes about this card is the 2.5% foreign transaction fee. For an otherwise great travel card, this is disappointing.

Read our TD® Aeroplan® Visa Infinite* Card review.

Read more: Your Aeroplan points guide

This offer is not available for residents of Quebec. For Quebec residents, please click here.

†Terms and conditions apply.

Best credit card for cash back

CIBC Dividend® Visa Infinite* Card

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The CIBC Dividend® Visa Infinite* Card rewards everyday purchases, providing some of the best cash back rates available in Canada for eligible groceries and gas. It also comes with a respectable insurance suite; access to luxurious travel, dining and entertainment opportunities; and a flexible cash back redemption policy.

Pros and cons

Pros

Pros

  • Earn 10% cash back welcome bonus for the first 4 statements of up to $200†
  • After the Welcome Offer ends earn 4% cash back on eligible gas, EV charging, and grocery purchases†
  • 2% cash back on eligible transportation, dining purchases, and recurring payments†
  • 1% cash back on all other purchases†
  • Get up to 25% off auto rentals at participating Avis® and Budget® locations†
Cons

Cons

  • $120 annual fee
  • 2.5% foreign transaction fee
  • Standard Purchase Annual Interest Rate 20.99%†, Cash Advance Annual Interest Rate 22.99%† (for non-Quebec residents only), Balance Transfer Annual Interest Rate 22.99%† (for non-Quebec residents only)

Overview

If we could build the ideal cash back rewards card, it would pretty much look like this. As far as rewards credit cards go, the CIBC Dividend® Visa Infinite* Card makes earning and redeeming cash back almost effortless. With high flat rates and no rotating categories, this is a general cash back card that deserves a top spot in your wallet.

You’ll earn between 1%† and 4%† cash back no limit on the total cash back you can earn†. After the Welcome Offer ends, you’ll earn 4% on some categories that probably take up a good portion of your spending, eligible gas, EV charging, and groceries†; 2% on eligible transportation, dining purchases, and recurring payments such as bills†; and 1% on all other purchases†. CIBC sets you up for success with cash back categories that should naturally cover your spending on needs, wants, and fun and keeps it simple by locking these categories in rather than switching them up.

This isn’t a bad card for travelling either with benefits like insurance and discounted car rentals† along with global perks like 1% cash back for every $1.00 spent on a CIBC Global Money Transfer™.

Although a $120 annual fee might seem steep for a credit card outside of the premium category, we feel that it’s worth paying for these high base earning rates. Plus, you can actually have this fee waived every year you also have a CIBC Smart Plus™ Account†. This is a chequing account with unlimited transactions and few fees.

To qualify for the CIBC Dividend® Visa Infinite* Card, you’ll need an individual income of $60,000 or more or a household income of $100,000†. Interest rates for this card are high at 20.99%† for its Purchase Annual Interest Rate and 22.99%† (for non-Quebec residents only) for its Cash Advance Annual Interest Rate along with a Balance Transfer Annual Interest Rate of 22.99%† (for non-Quebec residents only), so we don’t recommend this card if there’s any chance you won’t be able to pay off your balance in full from month to month. But otherwise, consider it if you need a card for the bulk of your purchases.

Read our CIBC Dividend® Visa Infinite* Card review

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†

†Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Or consider this alternative: CIBC Dividend® Visa* Card

If the CIBC Dividend® Visa Infinite* Card seems like a good fit for you, but you don’t meet its annual income requirements or you don’t want to pay an annual fee, you should instead consider the CIBC Dividend® Visa* Card. 

After the Welcome Offer ends, this card earns between 0.5%† and 2%† cash back on everything. The earning categories are similar to but slightly different from the ones for the CIBC Dividend® Visa Infinite* Card. You’ll earn 2% cash back on eligible grocery purchases† only and 1% cash back on eligible gas, EV charging, transportation, dining purchases, and recurring payments†. For all other purchases, you’ll earn 0.5% cash back†. 

The tradeoff for lower cash back rates and a less robust insurance package is that this card is easier to get and won’t cost you anything. It requires a minimum annual household income requirement of only $15,000† versus $100,000†, a credit score of 670 or higher, and doesn’t charge an annual fee. Overall, this is a respectable cash back card that won’t break the bank.

Read our full CIBC Dividend® Visa Infinite* Card review.

This is a digital-exclusive offer.† To be eligible for this offer, you must apply for a new eligible card using the “Apply Now” link available on this webpage.†

† Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Best credit card for no fees

Tangerine Money-Back Credit Card

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With its max 2% cash back rate and an unlimited, choose-your-own cash back policy, the Tangerine Money-Back Credit Card has become one of the most popular no annual fee credit cards in Canada.

Pros and cons

Pros

Pros

  • No annual fee
  • 2% cash back on two spending categories of your choice
  • 0.5% cash back on everything else
  • Apply by October 31st, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
  • 1.95% intro APR for first 6 months on balance transfers (1% transfer fee applies)* within the first 30 days of account opening
Cons

Cons

  • 2.5% foreign transaction fee
  • High regular purchase, cash advance, and balance transfer APR

Overview

What’s not to like about the Tangerine Money-Back Credit Card? This no-fee credit card earns between 0.5% and 2% cash back on all spending and doesn’t cost anything to use, plus it comes with a decent balance transfer intro offer for anyone looking to do something about their high-interest credit card debt. For any balances you transfer within 30 days of opening your account, you’ll pay just 1.95% interest for 6 months (1% transfer fee applies)*.

The thing we like most about this credit card is that you get to choose your own adventure with the cash back. Everything will earn at least 0.5% but you’ll pick two spending categories that will earn 2% cash back from a list of ten different options. These are:

  • Grocery
  • Furniture
  • Restaurants
  • Hotel-Motel
  • Gas
  • Recurring Bill Payments
  • Drug Store
  • Home Improvement
  • Entertainment
  • Public Transportation and Parking

Other cards will choose bonus categories for you or switch them up each month or quarter, which can get a little dizzying. With this card, you get exactly what you need. Another thing we like about this is that you can change your categories every 90 days to make this card fit your needs as they change. Planning a trip in the next few months? Switch your categories to Hotel-Motel and Gas. Moving into a new house or apartment soon? Pick Furniture and Home Improvement to pay yourself back on some of your spending. You can also get a third 2% category if have your rewards deposited directly into your Tangerine Savings Account.

To qualify for this card, you’ll need an annual income of at least $12,000 and a credit score in the range of fair to good. These requirements make this one of the easiest credit cards to get on our list.

If you’re looking for a low-maintenance credit card with everyday benefits you won’t have to budget for, you won’t do a lot better than the Tangerine Money-Back Credit Card. But if you’re looking for a rewards credit card with more complimentary services and freebies or higher cash back earning rates, you’ll probably need to look at more fee-full options.

Read our Tangerine Money-Back Credit Card review.

*Terms and Conditions apply

Best card for excellent credit

The Platinum Card® by American Express

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Despite its $799 annual price tag (one of the heftiest among Canadian cards), The Platinum Card® card has an outstanding bonus offer and some enticing travel reward perks and partnerships that make it worth serious consideration if you’re a frequent flyer.

Pros and cons

Pros

Pros

  • 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada
  • 2 points for every $1 on eligible travel including flights, hotel bookings, tours, etc.
  • 1 point for every $1 in all other Card purchases
  • 1 point for every $1 extra on eligible hotels and rental cars booked through American Express Travel Online
  • $200 CAD Annual Travel Credit
  • Unlimited complimentary lounge access via The American Express Global Lounge Collection™ which unlocks access to over 1,300 airport lounges worldwide
  • Access to many leading hotel loyalty programs, including Marriott International, Hilton Hotels and Resorts, and Radisson Hotel Group Americas
  • Earn 70,000 Membership Rewards® points – that’s $700 towards a weekend away. New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn another 30,000 points (equivalent to $300) when you make a purchase between14 and 17 months of Cardmembership. Conditions apply.
Cons

Cons

  • $799 annual fee (plus an additional $250 for the first two Platinum Cards you add to your account and an additional $50 for each Gold Card you add to your account)
  • High minimum credit score requirements
  • High regular purchase, cash advance, and balance transfer APR

Overview

If you have excellent credit or a score of 760 or more, you’re in good shape to apply for just about any card you want. Credit card issuers want you to choose them, so they’ll be competing for your attention with flashy benefits and premium perks.

With an excellent credit score, you can probably qualify for the more luxe cards out there. And The Platinum Card® by American Express, a metal card with a reputation, is one of our favourite premium picks no matter how you use it.

The card has an earn rate of three points per dollar on eligible dining and food delivery in Canada, two points per dollar on eligible travel, and one point per dollar in all other Card purchases. To qualify for travel points, you can book through your favourite travel website or directly with airline carriers and hotels. The choice is yours. But if you book through American Express’s Travel Online portal, you’ll earn an additional point per dollar. You’ll also get to visit American Express airport lounges as much as you want when flying.

Now let’s move on to some of this card’s credits and upgrades. Every year, you’ll receive $200 CAD in statement credits for travel towards any single travel booking of $200 or more charged to your card made through American Express Travel Online or Platinum Card® Travel Service along with status upgrades with three hotel brands: Hilton, Marriott, and Radisson. For each of these, you’ll be automatically bumped to a higher status tier within the program – Hilton Honors Gold Status, Marriott BonvoyTM Gold Elite status, and Radisson Rewards Americas Gold Status – without having to meet booking requirements. 

The Platinum Card® also boasts advantages like priority access at the Toronto Pearson International Airport, complimentary late check-out on Fine Hotels + Resorts stays, and millions of dollars in insurance for everything from cancellations and interruptions to accidents and burglaries.

If you’re looking for a card with exclusivity and elegance, this is it. But you’ll pay for it at a staggering price of $799 a year. If this fee is outside of your budget, consider the next card.

Read our review of The Platinum Card® by American Express.

Best card for good credit

MBNA Rewards Platinum Plus® Mastercard®

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The MBNA Rewards Platinum Plus® Mastercard® is a straightforward card that offers accelerated rewards accrual on common purchases for the average consumer, as well as a solid flat rate on everything else, and exemption from an annual fee. A nice introductory bonus adds further value.

Pros and cons

Pros

Pros

  • No annual fee
  • Earn 4 points†† for every $1 on eligible restaurant, grocery, digital media, membership, and household utility purchases during the first 90 days (up to $10,000 annual spend per category)
  • 2 points‡ for every $1 on eligible restaurant, grocery, digital media, membership, and household utility purchases
  • 1 point‡ for every $1 spent on all other eligible purchases
  • Annual Birthday Bonus Points‡ equal to a 10% point boost on rewards earned 12 months prior to birthday month (up to 10,000 bonus points annually)
  • 5,000 bonus points†† when you spend at least $500 in eligible purchases within 90 days of account opening
  • 5,000 bonus points†† when you enroll in online banking and consent to Paperless e-statements within 90 days of account opening
Cons

Cons

  • 2.5% foreign transaction fee
  • High regular purchase, cash advance, and balance transfer APR

Overview

If you’ve worked hard to get your credit to a good place, you want a card that works hard for you too. The MBNA Rewards Platinum Plus® Mastercard® is a cash back rewards card that is ideal for anyone who spends a decent amount of money on food, groceries, and bills.

During the welcome period, which is the first 90 days of your membership, you’ll earn four points†† per dollar on grocery, restaurant, membership, digital media, and household utility purchases spending up to $10,000 a year in the applicable category. After that, you’ll earn two points‡ per dollar on these categories and one point‡ for every $1 spent on all other eligible purchases. Categories are not rotating, so you don’t have to worry about switching up your spending to get the most out of this card. While these aren’t the highest cash back rates you can possibly get, they’re not bad for a no-fee option.

Now, a quick trip to the travel section. The MBNA Rewards Platinum Plus® Mastercard® doesn’t offer travel insurance, earns the lowest base rate on travel purchases, and has an average foreign currency conversion fee of 2.5%. That said, your points can be worth more when you redeem them for travel through MBNA Rewards. Overall this card isn’t the worst for travel but it also wouldn’t be our first choice for frequent flyers.

We recommend a credit score of 670 or higher, so while you can technically qualify with fair credit, you have a great shot if you have really good credit. But keep in mind that it has a very high interest rate, so it’s not a good choice for you unless you know for sure you can keep your balance paid off. Otherwise, we can see the MBNA Rewards Platinum Plus® Mastercard® fitting easily into many different types of lifestyles and budgets.

Read our full MBNA Rewards Platinum Plus® Mastercard® review.

‡, ††, ✪, ***, Terms and Conditions apply

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Best card for fair credit

BMO CashBack® Mastercard®*

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A credit card that has no annual fee and yet offers generous cash back for everyday purchases is a rare find on the Canadian credit card landscape. That’s why BMO CashBack® MasterCard®* has always been a coveted piece of plastic among Canadian consumers looking for a no-fee card with easy cash back earnings.

Pros and cons

Pros

Pros

  • No annual fee
  • 3% cash back on grocery purchases*
  • 1% cash back on recurring bill payments including streaming services, subscriptions, and utility bills*
  • 0.5% cash back on everything else*
  • Up to 25% discount on rentals through participating National Car Rental and Alamo Rent a Car locations*
  • 0.99% intro APR on balance transfers for 3 months from account opening with a 2% transfer fee*
Cons

Cons

  • 2.5% foreign transaction fee
  • High regular purchase, cash advance, and balance transfer APR

Overview

If your credit score is at or around 650, you have fair credit. If you have fair credit, you may have trouble qualifying for some credit cards including premium options and those with stuffed perks programs. But that doesn’t mean you can’t still get a solid credit card. The BMO CashBack® Mastercard® is our top pick for those with fair to good credit or somewhat limited credit histories.

This card has a lot going for it, and not just for a fair credit card. For one thing, it doesn’t carry an annual fee, so there’s no price tag to try to justify each year. It earns 0.5% to 3%* cash back on including categories you probably already spend a lot on anyway. That’s 3% cash back on groceries*, 1% cash back on recurring bill payments*, and 0.5% cash back on everything else*. Plus, there’s a Welcome Offer. Get up to 5% cash back in your first 3 months, plus a $50 cash back bonus (when you spend $6,000) in your first year – that’s up to $175 cash back in your first year!*

This card is ideal for general spending and a smart choice for anyone looking to make a balance transfer. But it’s not great for travellers because it doesn’t include any travel-related benefits other than the up to 25% rental car discount with participating National Car Rental and Alamo Rent a Car locations*. And if you do transfer a balance, do your best to get it paid off in 9 months or less to avoid a high regular interest rate.

You may be able to qualify for the BMO CashBack® Mastercard® with fair or even poor credit, depending on the rest of your file and borrowing history. You also need to meet the minimum personal income requirement of $15,000 to be eligible, but this is lower than most cards ask for. We recommend the BMO CashBack® Mastercard®  to anyone with average credit who wants an above-average (and free) credit card for the basics.

Read our full BMO CashBack® Mastercard® review.

*Terms and conditions apply

Best credit card for balance transfers

CIBC Select Visa* Card

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The CIBC Select Visa* Card is a low interest rate credit card with an enticing welcome bonus: New customers can take advantage of 0% interest for 10 months on balance transfers, with only a 1% transfer fee†. Cardholders will also enjoy a low Purchase Annual Interest Rate of 13.99%†.

Pros and cons

Pros

Pros

  • Lower regular Purchase Annual Interest Rate of 13.99%†, Balance Transfer Annual Interest Rate of 13.99%†, and Cash Advance Annual Interest Rate of 13.99%†
  • Welcome offer: 0% interest for up to 10 months on balance transfers with a 1% transfer fee†
Cons

Cons

  • $29 Annual fee
  • 2.5% foreign transaction fee

Overview

If you are struggling with pre-existing credit card debt or just want a low-interest credit card for future purchases or cash advances, take a look at the CIBC Select Visa* Card. This is probably the best balance transfer credit card for most people because it has a long interest-free introductory period and a low transfer fee. 

For 10 months from the day you open an account, you’ll pay 0% interest on all balances you transfer from other cards (1% transfer fee applies)†. Once the promotional period is up, the Balance Transfer Annual Interest Rate becomes 13.99%†. Considering that most cards charge around 19.99% interest for balance transfers, even this non-promotional rate is appealing.

This card also charges only $29 per year with a first year annual fee rebate† and has a balance transfer fee of just 1%† compared to an average of 2% or 3%. But beyond low rates, this card is pretty basic. It includes $100,000 worth of Common Carrier Accident Insurance and waives transaction fees for CIBC Global Money Transfers™, but that’s pretty much it in the benefits department.

If you are looking to get ahead of any existing credit card debt, the CIBC Select Visa* Card is a practical choice at a low price point. While it may not have the same perks and benefits as other credit cards on this list, it could be worth applying for if you think you can knock out all or most of your debt in 10 months or less. You’ll need an annual household income of at least $15,000† but your credit doesn’t have to be spotless to qualify.

Read our full CIBC Select Visa* Card review.

†Conditions apply

Quebec Residents – Learn More about this CIBC product here

Résidents du Québec : Pour en savoir plus sur ce produit CIBC, suivez ce lien

Best credit card with low interest

MBNA True Line® Gold Mastercard®

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MBNA has retired its popular Platinum Plus Mastercard, but has introduced two excellent balance transfer credit cards to take over in its absence. Of the two, the MBNA True Line® Gold Mastercard® credit card offers favourable interest rates over other cards on the market, even if it does have a low $39 annual fee.

Pros and cons

Pros

Pros

  • Very low regular interest rate of 8.99% for purchases and balance transfers
Cons

Cons

  • $39 annual fee
  • Higher regular interest rate of 24.99% on cash advances
  • Not available to residents of Quebec

Overview

If you often find yourself with credit card bills you can’t pay, a low-interest credit card might come in handy. The MBNA True Line® Gold Mastercard® credit card deserves a spot here as the best low-interest card for most, with an ultra-low regular APR on purchases and balance transfers and a reasonable annual fee.

This card charges just 8.99% on purchases and 8.99%✪ on balance transfers, which is less than half of the roughly 20% many cards charge for these items. It carries a $39 annual fee that could easily be worth paying if interest charges often pile up in your credit card statements, particularly if you already have a fair deal of high-interest debt you’re working to pay down. And while there isn’t a 0% intro APR promotion on balance transfers for new cardholders, this could be a better option for balance transfers if you need more time to pay off your debts.

If you’re looking to reduce your exposure to interest and all of your other cards have high rates, applying for the MBNA True Line® Gold Mastercard® credit card could make a lot of sense. The annual fee might not be worth paying if you already have a credit card with a relatively low APR and your total interest savings would not exceed $39.

But a low-interest credit card isn’t a solution for credit card debt. Rather, it can be a temporary source of relief in those times when you’re having trouble making ends meet. You’ll still end up owing interest, but it’ll be less than you’d have with another card. Just keep this in mind. Also be aware that while the interest rates for purchases and balance transfers are low, the APR for cash advances is a high 24.99%.

Read our full MBNA True Line® Gold Mastercard® review.

✪, Terms and Conditions apply.

This offer is not available for residents of Quebec. 

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Best business credit card

American Express® Business Edge™ Card

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The American Express® Business Edge™ Card is a rewards credit card for business owners. It has a $99 annual fee, but like most Amex cards it offers a luxurious suite of perks and bonuses that, from my perspective as a small business owner, are more than worth it.

Pros and cons

Pros

Pros

  • 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership
  • Earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000 points
  • 1,000 Membership Rewards points for each monthly billing period in which you spend $3,000 in purchases on your Card (could add up to 12,000 extra points in a year)
  • 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. Caps and other conditions may apply.
  • 1x the points on all other purchases charged to the Card
  • Business, travel and purchase coverage
Cons

Cons

  • $99 annual fee
  • Higher regular interest rates on purchases and cash advances

Overview

If you own a business, you need a credit card to help you save money on business expenses. The American Express® Business Edge™ Card is one of the best credit cards for Canadian business owners, earning flexible rewards on spending categories that just make sense.

For the first six months of having this card, you’ll earn 10x points on eligible business essentials, including office supplies and electronics, rides and gas, and eats/drinks (up to 10,000 points). After that, you’ll earn 3x points per dollar on these categories. Caps and other conditions may apply. All other purchases charged to the Card will earn 1x the points per dollar with no caps. With these categories and earning rates, you’ll ensure a steady stream of rewards for yourself every time you invest in your business. You can redeem points for statement credits and to book flights, hotels, and car rentals or transfer them to a hotel or airline loyalty program if you travel a lot, including one-to-one to Aeroplan®* and Avios.

In our opinion, the $99 annual fee is a small price to pay for uncapped rewards and more than worth it for most business owners. And if you want to add more cards to your account for employees, you won’t pay an additional annual fee for these.

We recommend the American Express® Business EdgeTM Card to anyone looking to offset some of their business spending without breaking the bank on a costlier card. This card isn’t over-the-top but it has all of the basic protections you need and great, straightforward rewards.

Read our full American Express® Business Edge™ Card review.

Read more: Best Business Credit Cards in Canada for 2023

Best credit card for students

BMO CashBack® Mastercard®* for Students

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Just because you’re a student with a limited credit history doesn’t mean you can’t still get perks. The BMO CashBack® Mastercard®* for Students makes other student cards, which often have meagre rewards and limited features, look a little disappointing.

Pros and cons

Pros

Pros

  • No annual fee
  • 5% cash back in your first 3 months*
  • Then get 3% cash back on grocery purchases*
  • 1% cash back on recurring bill payments*
  • 0.5% cash back on all other purchases*
  • Up to 25% discount on rentals through participating National Car Rental and Alamo Rent a Car locations*
Cons

Cons

  • 2.5% foreign transaction fee
  • Higher regular interest rates on purchases, balances transfers, and cash advances

Overview

Just because you’re a student with a limited credit history doesn’t mean you can’t still get perks. The BMO CashBack® Mastercard®* for Students makes other student cards, which often have meagre rewards and limited features, look a little disappointing.

One thing that makes the BMO CashBack® Mastercard®* for Students stand out is that it’s actually just a student version of a regular credit card, the BMO CashBack® Mastercard®* (maybe you’ve heard of it?). Because of this, it more closely resembles other rewards cards than it does other student cards. It’s still a beginner card you can qualify for when you’re just getting started on your credit journey, but it regularly earns up to 3% cash back*.

Specifically, this card earns 3% cash back on grocery purchases*, 1% on recurring bill payments*, and 0.5% on all other purchases*. It also earns 5% cash back for the first three months on up to $2,500 of qualified spend (up to $125 cash back)*. Especially if you’re living in an apartment and buying your own food and paying your own bills, it can help you save money on your expenses without any effort.

You need to be between the ages of 18 and 24, enrolled in a recognized college or university, and earn an annual income from scholarships, loans, or something else to qualify. International students are also permitted to apply. 

For a credit card for students, the student version of the BMO CashBack® Mastercard®*offers impressive value at no cost. This is likely a good fit for any student, particularly for those living independently. If you’re not spending that much money on groceries and bills yet, you might instead consider the CIBC Dividend® Visa* Card for Students. It has a potentially higher base earn rate on purchases outside of groceries and recurring bills.

Learn more.

*Terms and conditions apply

Best secured credit card

Home Trust Secured Visa

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For those individuals with less than stellar credit who need to rebuild or reestablish their good standing, the Home Trust Secured Visa is a capable tool—and it’s offered at no annual fee. ‘Secured’ means that the credit limit attainable is flexible, ranging from $500 to an impressive $10,000, depending on how much is put down initially as a security deposit.

Pros and cons

Pros

Pros

  • Option to pay no annual fee
  • Option for lower regular interest rate on purchases with an annual fee
Cons

Cons

  • $59 (or $5/month) annual fee
  • Not available to residents of Quebec

Overview

Secured credit cards may be a better alternative to unsecured cards for those with poor credit since they’re easier to qualify for but still affect your credit.

The Home Trust Secured Visa is a handy secured card that comes in two versions: one that requires an annual fee but has a lower interest rate and one with no annual fee and a slightly higher interest rate. If you choose to pay no annual fee, you’ll pay a purchase APR of 19.99%. If you instead pay an annual fee of $59 (or $5/month), you’ll pay a lower interest rate on purchases of 14.90%.

With the Home Trust Secured Visa, you can set your own credit limit based on your deposit. The minimum deposit is $500 and the maximum is $10,000. You can use this card worldwide anywhere Visa is accepted and all of your payment activity will be reported to the credit bureaus.

Because this card has a very high approval rate, you may qualify even with very poor or very new credit. The no-annual-fee option is best for those who are able to pay their full balance in time every month while we favour the low-rate option for those who might need to leave a balance on their card from one statement period to the next.

Read our full Home Trust Secured Visa review.

Best hotel credit card

The Marriott Bonvoy® American Express®* Card

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We can safely say that The Marriott Bonvoy® American Express®* Card is a major winner among Canadian travel cards. The very generous sign-up bonus, an Annual Free Night Award every year after your first anniversary, and plenty of options to redeem your points are just some of the reasons why frequent travellers will want to have this card in their wallets.

Pros and cons

Pros

Pros

  • 5 points for every dollar in eligible Card purchases at hotels participating in Marriott Bonvoy®
  • 2 points for every $1 in all other Card purchases
  • Earn up to 50,000 Points. New Marriott Bonvoy® American Express®* Cardmembers: Earn 50,000 Welcome Bonus points after you charge $1,500 in net purchases to your Card in your first 3 months of Cardmembership.
  • Extensive Travel Insurance and Travel Emergency Assistance services
Cons

Cons

  • $120 annual fee
  • Higher regular interest rates on purchases, balances transfers, and cash advances

This one is for all of our hotel fans out there. The Marriott Bonvoy® American Express®* Card is the ideal card for people who make overnight trips out of the city or country on a somewhat regular basis and want to start keeping a little more money in their pockets.

This is a branded rewards card that earns the most rewards points on Marriott spending but also earns points on everything else. With this card, you’ll earn five points per every dollar every time you stay at hotels participating in Marriott Bonvoy® and two points per dollar otherwise in all other Card purchases.

The nice thing about this card is that have tons of options for how to earn and redeem points. For example, you can use it exclusively for your hotel stays and just pay yourself back for those or you can use it in your everyday life and put the points toward future travel. Another option for using your points is to transfer them to one of more than 40 different airline partners instead or also save money on flights and get frequent flyer miles. Point is, this isn’t just a hotel card.

Other benefits of this card include travel coverage such as flight delay and baggage delay insurance and travel accident insurance as well as the Buyer’s Assurance® Protection Plan. To qualify, you will need good to excellent credit. 

Of course, this card won’t do you much good if you’re not a fan of Marriott. But as the largest hotel chain in the world with properties in 139 different countries and territories, it makes sense to have a card with this brand in particular. Still, if you rarely stay in hotels, this is probably not worth signing up for because you won’t be able to save more than the annual fee. And if you’re not loyal to one particular hotel chain, consider instead a general travel rewards card.

Read our full Marriott Bonvoy® American Express®* Card review.

Best for no foreign transaction fee

Home Trust Preferred Visa

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Most Canadian credit cards have foreign transaction fees and many of those that don’t have relatively high-income requirements and annual fees in excess of $100. The Home Trust Preferred Visa is a notable exception and an overlooked gem for anyone looking to avoid foreign transaction fees and annual fees.

Pros and cons

Pros

Pros

  • No annual fee
  • No foreign transaction fees
  • 1% cash back on all eligible purchases with no cap1
Cons

Cons

  • Not available to residents of Quebec
  • 21.99% regular interest rates on purchases, and 21.99% on cash advances

Overview

Most Canadian credit cards have foreign transaction fees and many of those that don’t have relatively high-income requirements and annual fees in excess of $100. The Home Trust Preferred Visa is a notable exception and an overlooked gem for anyone looking to avoid foreign transaction fees and annual fees.

With this card, you won’t pay a foreign transaction fee whether you’re travelling abroad or shopping online in foreign currencies. Even better, it earns 1% cash back on all eligible purchases (excluding foreign currency transactions) with no cap1, making it useful as a travel and cash back card.

Though this article proves that you can do better than 1% cash back on everything, this rate isn’t bad when you consider that this card doesn’t cost anything and is relatively easy to get. It has a low personal income requirement of $15,000 and you may be able to qualify with fair credit. This card includes guaranteed hotel reservations – meaning if you use it for bookings, your room will always be held – but otherwise doesn’t come with any travel benefits like insurance or discounts.

If you’re looking for a simple cash back rewards card without the annual fee and you travel enough to take advantage of the waived foreign transaction fee, you’d do well to sign up for the Home Trust Preferred Visa. But if you want to earn more rewards, this no-foreign transaction fee card might not be right for you.

Note that this card is unfortunately not available to residents of Quebec. Quebecers looking for a credit card that waives foreign transaction fees are instead advised to check out best for no foreign transaction fees options on our Best Credit Cards for Quebec Residents page.

Read our full Home Trust Preferred Visa review.

1 Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.

How do credit cards work?

Let’s get back to basics for a moment and talk about how credit cards actually work from the application process to paying off your balance.

Applying for a credit card

When you apply for a credit card, you are typically authorizing a credit card issuing to do a hard credit check to determine your eligibility. They’ll analyze your credit file for the following:

  • Borrowing history and payments
  • Credit history and mix of accounts
  • The total amount of debt you owe
  • The age of your credit accounts
  • Etc.

Overall, they’re looking for your creditworthiness, or how likely you are to repay your debt. 

If you’re approved, you’ll be assigned a credit limit based on what the issuer believes you would reasonably be able to pay back based on your credit experience and cash flow. This credit limit, also referred to as a credit line or spending limit, is the total amount you’re permitted to spend on your card. You may not be permitted to exceed this limit.

Traditional credit cards are unsecured, meaning they don’t require you to make a deposit when opening. Instead, they have credit and income criteria they’re looking for to decide if you’re a good candidate for new credit. Secured cards, on the other hand, work differently. They do require you to make a deposit as a form of collateral, which protects the issuers in the event that you’re not able to pay back what you owe. Issuers are far more likely to accept applicants with lower credit scores and more imperfect credit histories for secured cards because of this.

While many secured card applications still include a credit check, these cards typically determine your credit limit based on the amount you deposit rather than your credit. Usually, your security deposit is equal to your credit line. So if you deposit $1,000, you can spend up to $1,000.

Spending with a credit card

A credit card is a revolving line of credit. Essentially, you can use it and pay it off for as long as your account is still open. Each time you pay back what you owe, your credit limit resets and you can borrow up to your credit limit again. In some cases, you can exceed your credit limit, but this depends on what your card issuer is willing to let slide.

Every time you put money on your card, you’re going into debt until you repay your balance. How long you carry that debt is up to you.

Making credit card payments

You make credit card payments every month to repay some or all of your balance. You can either make the minimum payment, which is calculated as a percentage of your balance (usually 2% or 3%), a full payment of the statement balance, or a custom amount between these two. Paying off your full balance each month is key to avoiding debt and interest.

Most issuers grant cardholders an interest-free payment grace period (usually 21 days), after which at least the minimum payment is required. After the grace period, interest begins to accrue on any remaining debt. 

Building credit with a credit card

Using credit affects your credit. Issuers report your payment activity to the credit bureaus, which can work against you or in your favour depending on if you’re staying on top of your payments. 

If you make your credit card payments on time every month, your score should steadily increase. If you make your payments after the due date or miss them entirely, your score may rapidly fall. Other factors such as how much of your credit limit you use, how many other credit accounts you have, and how old your credit cards are can affect your credit.

The more responsible you are with your credit card and the less debt you carry, the more creditworthy you appear in the eyes of lenders. Remember that everything lands on your report eventually and avoid maxing out your cards, missing payments, etc.

Read more: 7 Ways To Improve Your Credit Score

How does credit card interest work?

Credit card interest is charged when you don’t pay off your balance in full. You’ll pay the regular purchase APR on whatever portion of your credit card balance remains on your account after its posted due date. Every month, you’ll receive a statement that tells you how much you’ve spent and what you owe. More specifically:  

  • What your full statement balance is or the total amount you spent in the previous statement period
  • The minimum payment you’re required to make
  • When the minimum payment is due

You need to pay at least the minimum payment to keep your account in good standing. But if you pay only the minimum, you’ll owe interest on what remains of your statement balance.

Take this example. Say your credit card charges a regular purchase APR of 19.99%. Over the course of a month, you spend $2,000 on that card. Your minimum payment is $20, and this is what you pay on the due date. You carry the remaining balance of $1,980 into the next statement period. You’ll continue owing interest on this amount until it’s paid off in full. If you take six months to repay the balance and don’t spend any more on the card until then (or for the sake of this example make other payments), you will pay a total of $117.09 in interest for a grand total of $2,097.09.

Credit card interest rates are usually variable, so they can change at the issuer’s discretion. Click the link below for more information about how interest is calculated.

Read more: Understanding and Calculating Credit Card Interest

Types of credit cards

As you can probably guess from the fact that we’ve chosen 14 different credit cards just for this list, there are a lot of different types of credit cards. On the surface, credit cards all serve the same purpose of giving us an easy way to spend money and borrow. But when you get down to the details, different cards can help borrowers achieve very different end goals.

Take a look at the seven main categories of cards.

Rewards cards

Rewards cards pay you in some way when you spend. This can be in the form of cash back, travel, or points. Redemption options and earnings rates will vary by card, but the general idea is that you’re earning something on some or all of your spending. Rewards cards often earn the most rewards in a certain category such as groceries or travel.

Branded cards

Branded credit cards are offered by credit card issuers in partnership with other corporations such as retailers, airlines, or hotels. These typically earn the most rewards for loyalty programs specific to the associated brand and may also offer perks like preferred bookings, discounts, or priority treatment.

Student and beginner cards

Credit card issuers for student and starter cards don’t expect to see applicants with polished, well-rounded credit histories and shiny credit scores. There’s definitely a time and a place for starter cards. College students, new immigrants to Canada, and people rebuilding after bankruptcy are just a few examples of those who might benefit from these cards.

Balance transfer cards

Balance transfer credit cards are different from your typical credit card. They’re not meant to replace your other cards but rather provide a vehicle for debt repayment. By transferring multiple card balances to one single balance transfer credit card, you can save on interest and make your life easier as you work to pay back what you owe. These cards often offer promotional 0% APRs for a set number of months from account opening so you don’t have to start paying interest right away.

Low-interest credit cards

Like a balance transfer credit card, a low-interest credit card is designed to give you a break. But rather than a low introductory rate, these have regular APRs that are lower than comparable cards so that when you do carry a balance, you won’t owe as much interest in the long run. These can be smart for people who struggle with debt and overspending.

Secured credit cards

Secured cards are unlike unsecured cards in that they require refundable security deposits when you sign up. But functionally, secured and unsecured cards work in the same way.

You can spend up to your limit and will owe a portion of your balance each statement period. You’re responsible for making your payments on time and your activity is reported to the bureaus. Secured cards are easier to get, so they can be better for those with bad or brand-new credit.

Business credit cards

Business cards can help business owners and entrepreneurs simplify their business-related spending and save money on certain expenses. For example, if you travel a lot for work, you could get a business card that offers benefits for frequent travel. If you spend a lot on marketing, you could get a rewards card that earns points in this category. 

Business cards can fit into almost any of the categories already mentioned but are specifically for business owners.

How to choose the best credit card for you

When choosing the best credit card for you, you should be mindful of the good and the bad. Try to look into all of the following details when comparing your options.

Fees

Any fees your card has will eat into your rewards earning – and budget. This is why it’s important to be mindful of annual fees, foreign transaction fees, and more when thinking about signing up for a card.

But free isn’t always better. Often, great cards are worth paying for. A card’s value can easily cancel out an annual fee in just a month or two if it includes a variety of statement credits, discounts, and perks. Consider what fees you’re willing to pay for the benefits of having a particular card.

Read more: Why Pay for a Credit Card with an Annual Fee?

Credit card rewards

One of the most significant features of any reward/cash-back card is how fast and easy it is to earn rewards/cash. Overall, the higher the earn rate, the better.

However, to really understand a card’s value, it’s essential to know what points are actually worth in real-world terms as well as how easy they are to use. Flexible redemption is almost always more important than higher rates. Bonus points (sorry) if rewards can be transferred to other programs.

Credit card perks

Cards can offer a wide variety of perks. Often, the type of card dictates what types of perks you may get. For example, a card that earns travel rewards may include complimentary travel insurance. Low-interest credit cards may include purchase protection.

Whenever you get to the perks section of a card’s sales page, you should think as realistically as possible. Sure free stuff is nice, but which perks are you actually going to use and which ones are you going to forget you have? Which ones do you already pay for that you could save money on and which ones would you never pay for but use if you had them for free?

Examples of credit card perks include: 

Credit card interest

APRs are a huge factor for any kind of credit card, especially for people who don’t pay off their balance in full each statement period. Pay close attention to how much interest you might pay if you carry a balance, make a balance transfer, request a cash advance, or miss a due date on your card payment.

Credit card sign-up bonuses

The bigger the welcome bonus, the better. But we generally favour substance over flash, and we’re critical of cards that won’t deliver repeated value over time. Even the best credit card sign-up bonus won’t make a mediocre card worth signing up for, so don’t sign up for a card to get a bonus unless you would sign up if it didn’t have that bonus too.

Read more: What Credit Cards Offer the Best Sign-Up Bonuses and Limited-Time Promotions in 2023?

How to sign up for a credit card

When signing up for a credit card, you’ll need to fill out an application. Typically, this asks for the following items: 

  • Your personal information including your full legal name and date of birth
  • Your Social Insurance Number (SIN)
  • Your permanent address 
  • Details about your income and employment (often including how much you earn and the terms of your employment)

After providing these details, the issuer of the card you’re applying for will review your application. If you qualify or disqualify automatically, you’ll receive a near-instant decision. If the issuer has concerns about some of the information you’ve given or just needs to take a closer look at your application, you may be asked to wait a few business days for a final decision. 

Before you fill out any application, check for prequalification if it’s an option. This is a good idea because applications almost always do hard credit checks, which can negatively impact your credit, especially if you have several new ones together on your credit report. Prequalification uses a soft credit check, which doesn’t impact your credit.

If you’re approved, you’ll usually receive your physical card in the mail a week or two after applying. Some cards offer a digital version you can start using right away.

Note: Got a sign-up bonus you think you can easily qualify for? Make sure to adjust your spending as needed to hit the spending requirements for the bonus, within reason. Maybe swap a bill payment or two over to this new card or use this one for the majority of your grocery purchases for a few weeks.

Activate your card when it arrives and start using it right away.

Tips for using a credit card

Credit cards can empower you to spend more freely and even save money on your expenses. But they can also be dangerous. If you’re not careful, you can quickly go into debt or damage your credit with a credit card.

Here are five tips for using credit safely. 

Pay your bill on the same day every month – Rather than trust yourself to remember to pay your bill when it’s due, set yourself a reminder for the same day each month. Or, better yet, schedule your payments to come out of a linked bank account automatically before or on the due date.

Make more than your minimum payment – Whenever you can, try to pay off your full statement balance each month rather than the minimum payment. Though you can get away with only paying the minimum, you’ll get charged interest on the rest of your balance.

Check your statements often – Get into a habit of reading through your credit card transactions on a regular basis, maybe weekly or biweekly. This way, you have a better idea of your spending habits and can catch any suspicious charges as early as possible.

Watch your credit score – You can check your credit score at any time without impacting your credit, and this is an especially great idea if you’re working to improve your score. Even if your credit is in good shape, it doesn’t hurt to keep an eye on how it’s changing.

Use it like a debit card – Some of the best advice we can give credit card users new and old is to pretend your card is actually a debit card. Use only what you know you have in the bank and pay it off right away. Do your best to stay well under your credit limit.

Should you get a credit card?

Above all, a credit card is a convenient tool that can have serious consequences on your financial life. It’s important to remember that when you use a card, you’re taking out a temporary loan from your issuer. This is a big deal and you shouldn’t take using your credit card lightly.

Credit cards have both pros and cons. They, of course, offer purchasing convenience, and smart use of a card can help you build a solid credit score and thus make it easier to be approved for a loan or a mortgage in the future. Add to that the potential for rewards and freebies and there are a lot of reasons to sign up for one.

But the possible downsides are just as dramatic, often even more. Poor credit card use can lead to overspending, unsustainable debt levels, and bad credit that can take years to repair.

If you feel nervous about your ability to use a credit card safely and responsibly, consider an alternative until you’re ready.

Read more: Credit Card Alternatives: Debit Cards, Prepaid Cards and Charge Cards

American vs. Canadian credit cards

American and Canadian credit card products are surprisingly different. Some cards are available to both Americans and Canadians while others are available in only one country. 

Many U.S. credit cards do permit Canadian citizens to apply, but there are a few barriers to consider. One is your credit. U.S. and Canadian credit histories are separate, and your Canadian credit history (unfortunately) won’t usually count when you’re applying for a U.S. card. So if you’ve got your eye on an American credit card as a Canadian citizen, get to work on your U.S. credit for a better chance of approval.

Read more: U.S. Credit Cards That We’re Unabashedly Jealous of in Canada

FAQs

Credit card issuer vs. credit card network

If you’re going to make the most of your credit cards, it’s important to understand the distinction between an issuer and a network. A credit card issuer is a financial institution (like a bank or credit union) that issues and manages your credit card. They approve or deny your application, establish a card’s earning rate and perks, and process your payments.

While there are hundreds of different issuers in Canada, there are only three main networks: Visa, Mastercard, and American Express. (Discover is also a network somewhat popular in the U.S., but few Canadian merchants accept their cards.) Networks set the fees that merchants pay for processing a credit card transaction. American Express is both an issuer and a network while Visa and Mastercard are networks only.

For a breakdown of the best of each network, check out our top credit card picks for Visa, Mastercard and American Express in Canada.

What are the different credit card issuers in Canada?

Pretty much any financial institution such as a bank or credit union can have its own credit cards, and some companies offer only cards. 

Here are just a handful of credit card issuers in Canada:

Is one credit card network better than the others?

Visa and Mastercard are the most widely accepted networks. These cards are accepted just about anywhere in the world you go and can be used online with most retailers.

What minimum income do you need to qualify for a credit card?

Credit cards may or may not have strict income requirements. Depending on the card you’re applying for, these requirements could be low – $15,000 is a fairly common minimum – or much higher – $100,000 or more. As a rule, the more premium the card, the higher the minimum accepted income.

How many credit cards should you have?

This question has a potentially frustrating answer: it depends.

While it’s more than okay for some people to have multiple credit cards, others will be better off sticking with one. The right balance depends on your personal credit habits.

If you use your credit card for everything, always pay your bills on time, and don’t have a problem with overspending, you might be fine to have a few for different purposes such as one for your everyday spending, one for travel, and one for larger purchases.

Summary: Best credit cards in Canada

Canadian credit cards come in many different shapes and sizes. Okay, so they’re all pretty much the same shape and size, but they’re really varied in terms of what they require, what they offer, and who they’re best for.

If you’re searching for your next credit card or your very first one, be sure to give yourself plenty of time to make the decision. Finding the right card for you is well worth it.

Read more on best credit cards:

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.

About our author

Lauren Graves
Lauren Graves, Author
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Lauren Graves is a writer and editor specializing in finance writing and education.

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The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.