The best cash back credit cards in Canada for 2023

With a cash back credit card, you can get rebated back a percentage of every dollar you spend on your credit card. The amount of cash back you can earn varies from around 0.5 cents per dollar spent (0.5%), with some of the best cash back credit cards in Canada offering up to 4 cents per dollar (4%) on certain spending categories (like groceries and gas), or occasionally more.

Your cash back rewards can be returned to you in a couple ways: either as a credit on one of your monthly statements or as a deposit in your bank account every time you reach a specific milestone. One thing to be aware of is when you will receive your cashback. It might be monthly, annually or at anytime when you accumulate a certain amount of rewards.

Cash back redemption frequency - by card issuer

• Scotiabank: Once per calendar year in November
• TD: Any time of the year in increments of at least $25
• American Express: Once per calendar year in August
• Tangerine Bank: Once every month
• BMO: Any time of the year in increments of $1 
• HomeTrust: Once per calendar year in January
• CIBC: Any time of the year in increments of at least $25

How much cash back you can earn depends on the card you choose and your purchasing habits. While you can earn an unlimited amount of cash back with virtually all credit cards, there are some cash back credit cards that do cap your earn rate after you spend beyond a certain amount in a particular category. For example, a card could pay 2% cash back on gas up to $5,000 spending every year, but 1% above that limit.

Based on an average spending scenario of $1,550 every month, we've calculated some of the best cash back credit cards in Canada can earn you upwards of $250 every year - and that doesn't include first-year welcome offers. Of course, the more you spend on your credit card, the more cash back you can rack up.

The best cash back credit card will vary per person because not all cash back cards offer the same return. Some cash back credit cards will offer higher cash back returns for specific purchases (e.g. TD CashBack Visa Infinite offers 3% on groceries, gas and recurring payments, and 1% on everything else). Therefore, by understanding where you spend your money while you’re searching for a new credit card, you can maximize the amount of cash back you receive. You'll want to compare cards and find the one that offers the highest returns on the purchases you make the most often. You should also always aim to pay off your card's balance off in full every month, otherwise you can rack up interest charges that'll undercut any cash back you earn.