BANK ACCOUNT & CREDIT CARD
- CANADIAN
CURRENCY
The
Canadian currency is the CANADIAN DOLLAR ($), whose exchange rate is about 100 % of USA
dollars. (2008)
Notes: $5, $10, $20 $50 y $100.
Coins: 1 ˘, 5 ˘, 10 ˘, 25 ˘, $1 y $2.
You
can find exchange agencies at the airport in
Toronto
and in some others places at the cities.
NOTE: As long as it is possible for you, don’t use big notes for small
purchases, as in many supermarkets and small shops $50 and $100 bills, are not
accepted.
- OPENING A BANK ACCOUNT
Taking into consideration that as a Skilled Worker Immigrant you are required to
bring a minimum amount of money, it is necessary to open a bank account as soon
as you arrive.
To
start with, it is advisable to open a “checking” account, which will allow you
for withdrawals in ATM machines and making cheque payments. As you are a
newcomer it is useful to be backed by cheques, as they may be taken as a
guarantee in some errands needing a money back. For example: renting a car or an
apartment, etc.
To
open a bank account you must show tow identification documents, your Permanent
Resident card and the SIN card.
Open
your account in a back in your area offering low maintenance and service fees.
Check the specific opening hours of that particular branch, as some banks have
extended timetables in the evening (only on some specific days), Saturdays, etc.
These are the web sites of some well-known banks and financial entities in
Ontario:
● TD
Canada
Trust
●
Royal Bank of
Canada
●
Bank of Montreal
●
Scotiabank
●
Canada Imperial Bank of Commerce - CIBC
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RECOMMENDATIÓN
It is advisable, when you open your bank account, to
keep the possibility to pay your bills and service vie Internet
(telephone, credit card, cable TV, Internet services, etc.) Thus you
will be able to pay from your house or office, at convenient times.
|
-
CREDIT CARDS.
It
is advisable to get a credit card when you open your bank account, so that you
start your bank record. Consult at your bank the possibilities you are entitled
as a bank client.
In
some cases they will ask you for a guarantee deposit for one, two or three years
and your credit card will be issued. The greatest credit card companies in
Canada
are:
●
VISA CARD
●
MASTERCARD
●
AMERICAN EXPRESS
Other way to start your credit record is asking some credit cards issued by big
shops, such as Sears, Waltmart, Canadian Tire, The bay, Zellers, etc.
You
should build your own credit record. Being a newcomer nobody knows anything
about you. It is the beginning of a new history, which will give you access to
credit for housing, cars, or education, So a good credit history is essential,
and you must have asked for credit and paid the fees according to it for you to
have a good credit record.
NOTE: The best thing to do is getting a credit card, use it and pay for it every
month as soon as possible. It is not advisable to owe too much money or for a
long time to credit card companies, as they charge a high interest (18 to 29%
per month). The idea is to use them quite often but not to have debts for a long
time.
|
ABOUT
CREDIT CARDS
Although
Canada
has one of the lowest criminal indexes in the world, it is necessary
to pay attention to some basic recommendations about security.
-
Avoid using your credit card daily, especially to pay
minor expenses like gasoline, food, restaurants, etc. There are some
cases in which some dishonest cashiers in these places (who earn low
salaries and do not have permanent positions) keep the number
(copies of the receipt) and the information of the credit card of
customers and steal money, for example using them to buy things in
Internet.
-
Be careful to buy in Internet sites outside
Canada
especially for high sums of money.
-
Destroy (tear) the receipts with your information,
financial and banking data before throwing them to the litter.
-
Read and watch the recommendations of your banking
office in relation to the use and security in the management of your
card and bank account.
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- SHOPPING
These are the most common opening hours in
Ontario:
•
Monday to Fridays: 8.00 am a 9.00 PM
•
Saturday and Sunday: 8.00 am a 5.00 PM
Some
shops, as food shops (convenience stores), pharmacies, gas stations,
entertainment, hotels, etc. Have a different schedule.
- TAXES
Must
purchases of goods and services must pay the Federal Goods and Services Tax (GST),
which is 7%, and the Provincial Sales Tax (PST), of 7.5 %.
In general terms,
these are not included in the process of goods or services.
