Immediately after you arrive, you should open an account at a local bank or credit union. Many financial institutions offer special services for new Canadian residents.
Popular national banks and credit unions include:
Other local and regional financial institutions in Northwestern Ontario are:
When you go to open a bank account, you must show original and valid identification. Photocopies will not be accepted. There are 3 choices of acceptable identification to show:
Show 2 pieces of I.D from List A:
Show 1 piece of I.D. from List A and 1 piece from List B:
- A drivers’ license issued in Canada
- A Canadian passport
- A Certificate of Canadian Citizenship or Certification of Naturalization
- A Permanent Resident Card
- Citizenship and Immigration Canada Form IMM 1000 or IMM 1442*
- A birth certificate issued in Canada
- A Social Insurance Number (SIN) card issued by the Government of Canada
- An Old Age Security card issued by the Government of Canada
- A Certificate of Indian Status issued by the Government of Canada
- A provincial health insurance card; or
Or, show 1 piece of I.D. from List A and have someone, who the bank knows, confirm that you are who you say you are.
- An employee identity card with a photograph from an employer well known in the community
- A signed automated banking machine (ABM) card or client card issued by a member of the Canadian Payments Association
- A signed credit card issued by a member of the Canadian Payments Association
- A signed Canadian Institute for the Blind (CNIB) client card with a photograph; or
- A foreign passport.
Canadian money is made of cents and dollars. There are 100 cents in 1 Canadian dollar. Currency is found in coins of:
- 1 cent ($0.01) called the “penny”,
- 5 cents ($0.05) called the ‘nickel’,
- 10 cents ($0.10) called the ‘dime’ ,
- 25 cents ($0.25) called the ‘quarter’,
- 1 dollar ($1.00) called the ‘loonie’ for the Canadian loon featured on the coin, and
- A two dollar ($2.00) coin called the “twoonie” as it is the equivalent of two loonie’s.
- Bills, or paper currency, are found in denominations of five dollars ($5.00), ten dollars ($10.00), twenty dollars ($20.00), fifty dollars ($50.00) and one hundred dollars ($100.00).
To find out what your home currency is worth against Canadian currency, talk to a representative from a local bank, or visit this popular currency exchange website: www.xe.com