Have you ever taken the time to think about how valuable reward points are? Whether or not you can accumulate them quickly and easily should be the primary consideration when determining their value to you. If it takes too much work to get them or you can only get a few at a time, then they have no real value. Fortunately, we have a Rewards Programs section that covers several of the top Canadian and global rewards programs and shows you exactly how you to earn more points quickly and easily.
So, once you know how to collect lots of rewards quickly, they become like a raise or bonus to your income. But, in truth, they are even better than a raise because reward points are tax free! That’s right, absolutely no taxes!! Points are typically viewed as a kickback on money you have already earned and spent, not additional income, so the real value you get from them goes straight in your pocket and bypasses Revenue Canada. Therefore, you can actually take the annual value in dollars you are getting from rewards programs and gross it up by 20 to 40 percent, depending on your tax bracket, to see how much of a raise you would have to get at your current job to match the value of your rewards.
If you haven’t yet given rewards programs a chance or if you are frustrated by the length of time it takes you to amass enough points for a decent reward, I encourage you to read through our Rewards Programs section so you can start getting your tax free raise today!
If you’d rather jump right to your favourite Canadian rewards program, here’s what we have so far:
What’s your favourite rewards program and why? Leave a comment and let us know!
If you like the site, please subscribe for free email updates.
Your support will ensure that I can continue to provide top quality free content.
Post new comment