Money and Finances
It is important to handle your finances well. In order to do this you will need to:
- Open a bank account as soon as possible
- Pay your bills on time and keep records of your bill payments
- File your Canadian income tax every year
- Create and stick to your monthly budget (income and expenses)
To help you understand and manage your money in Canada, this section of the Guide gives you information on:
Canadian Money
Posted Under Money and Finances
Canadian currency is called the dollar ($), and it comes as paper money (bills or banknotes) and coins.
Bank Accounts
Posted Under Money and Finances
It is important to open a bank account as soon as possible after you arrive in NL. You might use your account to: Types of Financial Institutions There are different types of financial institutions. For their day-to-day banking, most people use: You can get information about their services in person or online. In NL, bank […]
Exchanging Foreign Currency
Posted Under Money and Finances
The US dollar is the only foreign currency that is widely accepted in NL.
Borrowing Money from Registered Financial Institutions
Posted Under Money and Finances
Borrowing money allows you to buy something now and pay for it later.
Managing Credit and Debt
Posted Under Money and Finances
When you apply for credit (a credit card or loan), you need to be sure that you will have enough money to make your payments, and pay all the regular household bills.
Earning Money
Posted Under Money and Finances
Once you have a job in Canada, your employer pays your ‘net’ or ‘take-home’ earnings. This is the amount that you keep after your employer has taken the deductions from your ‘full’ or ‘gross’ earnings. Once you retire, CPP might not provide enough money for you to live comfortably. If you can afford it, it […]
Canadian Tax System
Posted Under Money and Finances
In Canada, everyone needs to file an individual income tax return by April 30th each year. For example, the income tax return for the 2021 tax year must be filed by April 30, 2022. People who own businesses and their spouses or common-law partners do not have to file income tax until June 15 of […]
Tax Benefits
Posted Under Money and Finances
In Canada, there are federal and provincial tax benefits and credits designed to help families and individuals with modest or low income. These programs are administered by the Canada Revenue Agency (CRA). While you might be entitled to other benefits or credits, the two programs you should apply for immediately after you arrive in NL […]
Insurance
Posted Under Money and Finances
Insurance is a service you can buy to protect yourself and your family against financial hardship if something bad happens, like death, illness, injury, disability, hospitalization, car accident, fire, theft, loss of luggage, flight cancellation, etc. Types of Insurance Every insurance carrier has different terms and conditions to their policies, and it is important that […]
Immigration Loans Program
Posted Under Money and Finances
The Immigration Loans Program (ILP) assists disadvantaged immigrants coming from difficult situations, for example, government-assisted refugees or protected persons, to cover some of the costs of immigrating to Canada. If you have little or no income, the federal government may approve a loan for you according to your needs and ability to repay the loan. […]
Financial Assistance
Posted Under Money and Finances
There are a number of federal and provincial government programs to assist NL residents when they are unable to work or provide for themselves. This may be due to job loss, illness or injury, raising a newborn or adopting a child, caring for a seriously ill relative, disability, or other life situations. Types of Financial […]