The BMO Cashback World Elite Mastercard positions itself as a high-value cashback card with travel-friendly perks. It combines elevated category rates for everyday spending with complimentary travel and roadside assistance benefits. The card carries an annual fee that is waived for the first year, and it targets applicants with higher income thresholds. For those who can meet the requirements and stay inside the card's monthly limits, it can deliver strong recurring savings. Cashback Rewards at a Glance The card pays tiered cashback rates by spending category: 5% cashback on groceries 4% cashback on transit 3% cashback on gas and electric vehicle charging 2% cashback on recurring bill payments 1% cashback on all other purchases There is also a welcome incentive: up to 10% cashback in the first three months, plus the $120 annual fee waived for the first year. Monthly Caps and How They Affect Earnings Higher cashback rates apply only up to specific monthly caps. Once a cap is reached, additional spending in that category earns the base 1% rate until the next billing cycle. Caps are: $500 per…

A Life Income Fund (LIF) is a locked-in registered retirement vehicle designed to provide income from pension money. It functions similarly to a Registered Retirement Income Fund (RIF) but is specifically intended for funds that originated from a locked-in source such as a locked-in retirement account (LIRA) or a pension plan. The locked-in nature means there are government rules about how and when money can be withdrawn. Specifications Eligibility: Typically available when a LIRA holder reaches age 55, though rules allow flexibility if still employed. Source of funds: Money transferred from a LIRA or directly from a pension plan (including cumulative pension values). Conversion allowance: At the time of converting a LIRA to a LIF, up to 50% of the LIRA value may be converted to an RRSP within a specified window (confirm timing with the financial institution). Withdrawal rules: Government-set minimum and maximum annual withdrawal limits apply and vary by province. Tax treatment: Withdrawals are taxable and counted as regular income subject to marginal tax rates; financial institutions will apply withholding tax at source for lump-sum withdrawals. How a…