The HSBC Premier Mastercard in Canada has finally added in the capability to convert rewards points to miles like they have offered for a long time in other countries. The exchange rate is a bit low, but they have some bonuses that make up the difference if you have enough spend. Here are the details I was able to get:

1) 1 Reward point per dollar spent for the first $10000 of annual spend, 1.25 Reward points per dollar spent for the $10000-$50000, and 1 Reward point for everything over $50000.

2) 10000 points can be transferred to get you either 9000 Asiamiles (Cathay) or 9000 Krisflyer points (Singapore Airlines)

3) They give 5000 bonus reward points after your first charge

4) No annual fee

5) They DO charge international conversion fees (2.5% I believe) even though the Premier Mastercard in most other countries do not.

So if my back of the napkin calculations are correct you can clear the 1 dollar spend per 1 mile number when you spend just a little less than $20000 annually, and the rate goes up to a highest possible of 1.08 miles per dollar spent with exactly $50000 of annual charges.