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Canada’s best credit cards 2021

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Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balance monthly and find the right rewards program for you, you’re sure to come out ahead. There’s a slew of credit card options out there, and it can be challenging to find the best deal—but MoneySense is here to help. We’ve highlighted the best credit cards in 11 different categories so that you can zero in on the ones that fit your spending habits, and offer features you truly value. Remember, this ranking is only a starting point; the final decision is up to you.

 

The best credit cards in Canada 2020

CardRewards / FeaturesAnnual fee
American Express Cobalt
(get more details)
*
  • 5 pts/$1 on groceries & dining
  • 2 pts/$1 on travel, gas & transit
  • 1 pt/$1 on everything else
$120
Scotiabank Gold American Express
(get more details)
  • 5 pts/$1 on groceries, dining & entertainment
  • 3 pts/$1 on gas, transit & streaming
  • 1 pt/$1 on everything else
  • No FX fees
$120
TD First Class Visa Infinite
(get more details)
*
  • 9 pts/$1 on travel (via ExpediaForTD)
  • 3 pts/$1 on everything else
$120
Tangerine Money-Back
(get more details)
*
  • 2% cash back in up to 3 spending categories
  • 0.5% on everything else
$0
Scotia Momentum Visa Infinite
(get more details)
  • 4% cash back on groceries & recurring bills
  • 2% on gas & daily transit
  • 1% on everything else
$120
BMO Air Miles Mastercard
(get more details)
*
  • 1 Mile for every $10 spent
  • 2x the Miles at Air Miles partners
$120
MBNA True Line Gold
(get more details)
*
  • Low 8.99% APR
$39
BMO CashBack Mastercard
(get more details)
*
  • 3% cash back on groceries‡
  • 1% on recurring bills‡
  • 0.5% on everything else
$0
Marriott Bonvoy AMEX
(get more details)
*
  • 5 pts/$1 at Marriott properties
  • 2 pts/$1 on everything else
$120

 

Source: Moneysense

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Canadians must reduce contacts by 25 per cent to flatten 2nd wave curve, officials say – CBC.ca

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Canadians must reduce the number of close contacts they have with other people by 25 per cent in order to suppress the second wave of COVID-19, according to new federal modelling on the spread of the coronavirus released today.

At a news conference in Ottawa, Chief Public Health Officer Dr. Theresa Tam said the number of people being infected continues to increase across the country, even as some regions tighten restrictions. 

“If we increase, or if we even maintain our current rate of contact with others, the epidemic in Canada is forecast to continue increasing steeply,” said Tam.

“To bend the epidemic curve and reduce transmission to lower levels … we must really reduce our number of contacts as much as possible.”

Reducing those interactions by 25 per cent would bring the pandemic under control in most regions, according to the modelling.

A presentation slide shows the Public Health Agency of Canada’s long-term forecast for COVID-19 cases based on three scenarios: increasing, maintaining or decreasing current rate of contacts. (Public Health Agency of Canada)

The projections show the number of COVID-19 cases could rise from the current level — 230,547 as of 11:20 a.m. ET today — to 262,000 by Nov. 8, with up to 300 people expected to die from complications of the disease during that time.

While it has been increasing, the number of people hospitalized due to COVID-19 remains below the peak of about 3,000 per day observed during the first phase of the pandemic. Tam said this is most likely because the vast majority of recent cases have been among young people who have experienced less severe illnesses, and because of the better availability of treatments.

The number of deaths also has continued to gradually increase over the past several weeks — but at a slower rate than it did during the first wave.

Prime Minister Justin Trudeau urged people to continue following public health guidelines — particularly those that call for people to physically distance and reduce close contacts with others.

“When you’re thinking of seeing people outside your household, ask yourself, ‘Is this absolutely necessary?'” said Trudeau.

“I know that the situation is frustrating. I know it’s hard. But it is temporary.”

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Health officials to reveal latest projections for COVID-19 spread in Canada – CBC.ca

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Federal health officials will release details from the latest COVID-19 modelling today that could indicate whether the caseloads are expected to continue rising or if efforts to flatten the epidemic curve are working.

Chief Public Health Officer Dr. Theresa Tam and Deputy Chief Public Health Officer Dr. Howard Njoo will reveal the projections at a press conference starting at 11:30 a.m. CBC News will carry it live.

Prime Minister Justin Trudeau will also be in attendance.

The last round of projections, released on Oct. 9, predicted the national caseload would climb to 197,830 by Oct. 17, with up to 9,800 deaths. The announcement came one day after the country recorded a record 2,400 new cases.

WATCH: Health officials reveal latest federal modelling on COVID-19

Prime Minister Justin Trudeau and officials update Canadians on the latest measures the federal government is taking to slow the spread and support those affected by COVID-19. 0:00

National numbers have since surpassed those projections. As of 11:20 a.m. ET on Friday, Canada had 230,547 confirmed or presumptive coronavirus cases, with 27,289 of those active. Provinces and territories listed 193,158 as recovered or resolved. A CBC News tally of deaths based on provincial reports, regional health information and CBC’s reporting stood at 10,100.

While the numbers on both hospitalizations and deaths have increased recently, they have done so at a slower rate than during the first phase of the pandemic.

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Canadian economic growth cools to 1.2% in August – CBC.ca

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The Canadian economy grew in August as real gross domestic product rose by 1.2 per cent in August, Statistics Canada reported Friday. 

That marked the fourth straight month of growth following the steepest drops on record back in March and April amid pandemic lockdowns. August’s figure was down from the 3.1 per cent expansion seen in July.

The August number was still ahead of what forecasters had been expecting. According to financial data firm Refinitiv, economists had been predicting growth of 0.9 per cent for the month.

Despite the recent string of growth, overall economic activity is still about five per cent below February’s pre-pandemic level, Statistics Canada said.

September growth is forecast

Preliminary information from Statistics Canada indicates real GDP was up 0.7 per cent in September, with increases seen in the manufacturing and public sectors, as well as in mining, quarrying and oil and gas extraction.

“This advanced estimate points to an approximate 10 per cent increase in real GDP in the third quarter of 2020,” Statistics Canada said. Back in the second quarter, the country’s GDP shrank by 11.5 per cent in the three-month period between April and June. 

Assuming the economy contracts in October and November as a result of a resurgence of coronavirus cases, fourth-quarter GDP looks likely to undershoot the Bank of Canada’s “tepid” forecast for a seasonally adjusted annual rate of one per cent, said CIBC Capital Markets senior economist Royce Mendes.

“It appears that the economy was slowing more than expected heading into the fourth quarter, and the most likely outcome now suggests that GDP barely advanced during the period,” Mendes said in a commentary.

BMO chief economist Doug Porter said the way forward has been deeply clouded by the second wave and renewed restrictions, so growth will cool considerably in the fourth quarter.

“However, we suspect that with ongoing massive fiscal support, less restrictions than earlier, and, simply, that consumers and businesses have learned to operate in this new environment, the late-year setback should be relatively mild,” Porter said. “In fact, we continue to expect modest growth overall for [the fourth quarter].”

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