How to get Frequent Flyer Miles, make an RRSP contribution, and pay down debt!

RRSP season is here so I wanted to share a useful but not well-known tip.

Saskatchewan Pension Plan

I love to collect frequent flyer miles (I was able to go to New York and London this winter with my family just on miles).

[box type=”alert”]The #1 way to collect is with a credit card if you do not fly much. [/box]

Did you know that the Saskatchewan Pension Plan accepts credit card payments?

[highlight]You can join the Saskatchewan Pension Plan (SPP), even if you don’t live in this province, and deposit up to $2,500 a year.[/highlight]

You can choose between a balanced portfolio of stocks and bonds and a short-term fund (less volatile for older people). Administration costs are less than half of that charged by mutual funds.

Once you reach retirement, you can transfer your portfolio into a registered retirement income fund (RRIF) or convert it to an annuity to get a regular income stream for life.

I heard about this in Derek Foster’s new book, The Worried Boomer: No Pension? Not Wealthy? Here’s Your Plan.

With the RRSP reducing your payable tax, you can use that money to put towards any outstanding debt.

2 thoughts on “How to get Frequent Flyer Miles, make an RRSP contribution, and pay down debt!”

  1. That’s a great tip! I’m always looking for ways to use my credit card to rack up miles (without actually going on a shopping spree!). I would be interested to see which miles card you think is best too..

    1. I recommend any credit card that earns Aeroplan or Alaska Airmiles. Even SPG is great!

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