RSS IconRSS Print IconPrint Text Size Plus icon Minus icon

a piggy bank on top of a pile of one hundred dollar bills

 
 

Money and Banking

Canadian Money

Canadian money comes in both bills and coins. If you are travelling to other countries like the United States, it is best to exchange your Canadian money at a bank here before you go.

Today, $1.00 Canadian is almost equal to $1.00 U.S., but the exact exchange rate changes daily.

 

 

 

Coins are different Sizes

nickel = 5¢
dime = 10¢
quarter = 25¢
dollar = $1.00 (the “Loonie”)
two dollars = $2.00 (the “Toonie”)

Bills are Different Colours

$5 - blue
$10 - purple
$20 - green
$50 - red
$100 – brown

Opening a Bank Account

Canadian banking is world-class. Banks in Canada are very safe and secure.

To open a bank account you will need three pieces of identification, such as:

  • a Permanent Resident (PR) card
  • a Social Insurance Number (SIN) Card
  • a foreign passport

Visit Settlement.org to learn about how to open a bank account.

Major Canadian Banks

These major banks below have branches in Northumberland County.

Click on the links to see what kinds of banking offers they have for newcomers. Also, when at that link, look to see where the closest branch is located to your home in Northumberland.

All of these banks have “online banking”, meaning you can pay bills electronically or transfer money between accounts from a computer or mobile device.

Interac® Direct Payment

All of these banks will give you an Interac® Direct Payment card when you open a bank account. This card is sometimes called a “debit card”. By using this plastic card you won’t always have to carry cash around with you for payment of items. Instead, you can use your Interac® card and payment for the items will automatically be taken out of your bank account.

To learn more about Interac® Direct Payment visit the Financial Times website.

Find out more about Interac®.

Sending Money Home

There are many ways that you can send money to your family and friends in your home country. The most common is the international wire transfer, a transaction that you will find in most Canadian banks.  Canada Post now also offers MoneyGram, which gives you the option to send money fast. Sending money involves processing fees and it is best to check the rates first. The processing or handling fees sometimes differ and may depend on where you send the money to and the amount that you are sending. Check the websites below on how to send money home. You might also want to ask members of your cultural group as to the most reliable way to send money.

Kantor
MoneyGram
Western Union

Income Tax

As a resident of Canada you might have to file an income tax return. Visit the Newcomers to Canada page of Canada Revenue Agency on how to file your income tax return. To check how residency is defined for tax purposes, visit the Settlement.org Taxes page.

To receive the GST/HST credit and Canada Child Tax benefits payments you must file an income tax return.