Using points to pay quarterly bill

[BGKK5153]

Hello. With my current plan my 90 day renewal fee automatically uses all my loyalty credits etc. to pay part of the bill and the balance is charged as autopay to my banking account. No income taxes are charged for using my accumulated points. With the new points system can I continue to use all the points accumulated in  my account every 90 days as I'm doing now? Thank you.

Brain

[pkaraa]

Mr. Brain.. 

There is no Income tax but it is sales tax depends on province you are registered in.

[MR-medeiros1992]

Exciting News 🙂 

[Anonymous]

 @BGKK5153 : Yes thank you. Others piped in with that information. I suspect that disclaimer is directed at businesses and employees/employers thereof...not personal use redemptions. But I'm no tax lawyer. I would ignore tax implications at my personal level.

[BGKK5153]

Can you answer the question regarding if , like the current plan, the new points plan will allow autopay. Thank you

[BGKK5153]

From the terms and conditions listed " You will be
responsible for the reporting of any income tax benefits and the payment of any taxes arising from the redemption of Points for Rewards."

[Anonymous]

 @anniemacdonald8 : Welcome to the Public Mobile Community. Great of you to jump and start participating.

So..sorta kinda almost just about 🙂

Whatever rewards you have will get paid into your account at renewal which would go towards your plan cost. Loyalty, autopay and referrals will get reset for the new term. Community will get reset to zero. The Community reward is based on monthly participation. It gets calculated and shown in your rewards area around about the 6th each month. Then after that it will get converted into Available Funds at your next renewal like the other rewards and reset to zero again.

When your renewal day floats up to around that day of conversion then it can get a bit messy. You really want to stay on top of it around those days.

[anniemacdonald8]

From my understanding and rewards you receive need to be used within the 30 day period. they pull your rewards to use for your bill between the 1st and the 6th of the month if there are rewards after the 6th it would be applied to your next 30 day bill. 

[CountyDownIeUk]

On the current rewards program there is no income tax or sales tax either nor are the freebies taxed. 

Income tax give me a break. 

[darlicious]

@Anonymous 

Nice find. It raises the point that in some cases donating your points in certain loyalty programs may be the best benefit of all. Save on more points are frustratingly difficult to earn on a cost benefit basis. I had basically been aiming for bc ferry adult ticket as it is the most practical redemption with a calculation of saving about $10 on the $17.85 fare based on the 1000 points=$1 basic redemption rate. 7200 points = 1 adult ferry fare. However the very best redemption rate is on Jimmy Pattison endorsed charities with 4800 points=$20 donation a more than 4:1 redemption rate which given your income tax rate and how you may maximize charitable donations in subsequent tax years can give you an income tax deduction/refund of over 85% on your charitable donations.

What that basically means is you can turn $100 in points that you could use to see the Canucks play for free can be donated to generate a $1700 income tax deduction. That's how you maximize a rewards redemption.

To contact customer support click below:

https://productioncommunity.publicmobile.ca/t5/notes/composepage/note-to-user-id/22437

To pre-verify your account include your full name, address, email, phone # and 4 digit acct pin #.

[Anonymous]

CIBC says from July 2020 not for personal. They'd be all over businesses though.

[darlicious]

@Yummy 

I always read the small print.

To contact customer support click below:

https://productioncommunity.publicmobile.ca/t5/notes/composepage/note-to-user-id/22437

To pre-verify your account include your full name, address, email, phone # and 4 digit acct pin #.

[Anonymous]

 @darlicious : Ah lawyers. That is some kinda CYA.

[darlicious]

@Anonymous @Yummy 

This is the line being referred to:

You are responsible for any tax liability arising from your participation in the Program including the redemption of Points for Rewards. You will be responsible for the reporting of any income tax benefits and the payment of any taxes arising from the redemption of Points for Rewards.

Income tax benefits can be subject to various levels of federal and provincial taxes.

To contact customer support click below:

https://productioncommunity.publicmobile.ca/t5/notes/composepage/note-to-user-id/22437

To pre-verify your account include your full name, address, email, phone # and 4 digit acct pin #.

[Anonymous]

 @hTideGnow : SHHH!!! SHUT UP!!!!  🙂

I'm not going down the CRA rabbit hole to investigate. What are retail reward providers gonna do... start sending out T4's? Yeah I don't think so.

[Yummy]

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@darlicious wrote:

I'm assuming you have read the small print and are wondering what kind of reward that you redeem for would be subject to income tax?

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Where do you find that 'small print'? I did not see any in Announcement for these points.

[hTideGnow]

Some of us are here 24/7 for the Community reward.  So, it does look like a full time job and should definitely be paying income tax 😂🤣

[darlicious]

@BGKK5153 

I'm assuming you have read the small print and are wondering what kind of reward that you redeem for would be subject to income tax? I wonder that myself but that could just be a disclaimer by pm in case the federal government changes income tax laws that would consider the earning of points income once redeemed for a reward with a cash value equivalency.

To contact customer support click below:

https://productioncommunity.publicmobile.ca/t5/notes/composepage/note-to-user-id/22437

To pre-verify your account include your full name, address, email, phone # and 4 digit acct pin #.

[Anonymous]

Twice now...provincial sales tax...not income tax. GST or the combined HST is not an income tax.

[Yummy]

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@darlicious wrote:

does mention income tax but until the entire program is rolled out it is impossible to say how the rewards may affect income tax.

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WHAT income tax???? I copied the announcement, searched for 'income' and did not find it???

[darlicious]

@BGKK5153 

If you remain in the current rewards program everything stays the same. The new loyalty rewards program "Public Points" does mention income tax but until the entire program is rolled out it is impossible to say how the rewards may affect income tax.

To contact customer support click below:

https://productioncommunity.publicmobile.ca/t5/notes/composepage/note-to-user-id/22437

To pre-verify your account include your full name, address, email, phone # and 4 digit acct pin #.

[Yummy]

Nobody knows how new point system will actually work.

I am just hoping they will not get rid of Community rewards as then not many customers will participate.

And not to mention autopay and loyalty rewards...

[hTideGnow]

HI @BGKK5153   We don't know much yet.  No details to the new Point system.  But from what Jade and everyone said, look like we can keep our "grandfather" reward system and things should stay the same.  At least hopefully. 🙂

[Anonymous]

The pre-announcement announcement is suggesting that existing customers on the existing rewards system will be able to choose which one they would like to go on. New customers would go on the new system.

[0PX9O4]

@BGKK5153 

There is no new points system yet. It has not yet been revealed. The announcement from a few days ago was just informing us of another announcement that is yet to come.