Finance

Personal finance means everything that has to do with you and your family’s money.  This site has information on:

• Currency, Banking and Taxes
• Managing your Money (Budgeting, Borrowing and Investing)
• Cost of Living in Waterloo Region
• Financial Help
• Shopping in Waterloo Region
• Rights and Responsibilities

The Canadian Dollar is the money or currency used in Canada.  A currency converter tells you how much the Canadian currency is worth compared to the money used in other countries.

Banks help you manage your money, pay bills, and plan.  Many offer credit services like loans and mortgages.  Canadian banks and other financial institutions like trust companies, and credit unions, and caisses populaires are safe places to keep your money.  

The five biggest banks in Canada are:

• Bank of Nova Scotia (Scotiabank) 
• Bank of Montreal (BMO Financial Group)
• Canadian Imperial Bank of Commerce (CIBC)
• Royal Bank of Canada (RBC) 
• Toronto-Dominion Bank (TD Bank Financial Group)

Opening a Bank Account

Opening a bank account will help you build your credit rating in Canada. A bank employee can help you choose the best account for you. 

When opening an account:

• Learn about terms and fees for services
• Ask if the bank will look at your financial and credit history outside of Canada 
• Be sure that you understand an agreement before signing it

Once you have a bank account, you can get your money from an Automated Teller Machine (ATM) using your bankcard.  You will find ATMs in banks, malls, and other places.  You can also use your bankcard to buy things in most stores.  You can also do banking online.   The fees you pay depend on the type of account you choose. 

Do not share your banking or financial information with anyone.

Find out more about opening a bank account at Settlement.Org.

People who work have income tax taken from their paycheque for the federal and provincial governments.  Taxes help pay for public and government services.  There is also money taken from your paycheque for:

• Canada Pension Plan or Quebec Pension Plan
• Employment Insurance (EI)
• Union dues (if you belong to a union)
• Company retirement or pension plans
• Other things you have agreed to. 

Added up, these deductions take as much as 35% off your pay. 

Starting on July 1, 2010, there will be a harmonized sales tax in Ontario.  The 13% HST combines the 5% GST and the 8% PST into one tax to be collected by the federal government.  There is less tax on some things, like food, children's clothing, and energy. 

Find out more about tax credits and other types of financial help.

More information... 

• What is the taxation system in Canada?  at Settlement.Org
• Canada Revenue Agency
• The Financial Consumer Agency of Canada
• Consumer Information by the Canadian Bankers Association