You probably brought some savings with you to Canada to support yourself and your family during the first few months while you settle and look for employment. This section provides information about finance and handling money in Ontario.
Using Canadian Money
Canada’s official currency is the Canadian dollar ($). It is important to exchange some money from your country of origin into Canadian dollars. This will ensure you are able to pay for the things you will need like transportation, food and housing.
Banks are safe places to keep your money. In Canada, banks are regulated by the federal government. A bank account allows you to write cheques, pay your bills, receive funds or use a debit card for purchases.
A credit card allows you to purchase things by borrowing money from your bank. A credit card is different from a debit card, which works using your own money in your bank account.
Insurance helps protect you against risks like a house fire, car accident or burglary.
When a person reaches a certain age, they may choose to retire from the workforce. When a person retires, they may be eligible for some financial assistance programs from the government, each with different eligibility requirements.