August 31, 2023
Picking a bank and opening an account
- Consider more than one bank, including virtual banking options. Banks are like stores, selling products and services. Shop and compare interest rates, banking rates and credit card options. Ratehub is a great resource
- Consider using more than one bank account: one to track your expenses and another for savings.
- You need two pieces of government ID to open an account. A social insurance number (SIN) is required for a savings account.
- Withdraw money at ATMs owned by your specific bank to avoid paying extra transfer fees.
- Be scam smart — never share your banking information or SIN over the internet or with anyone you don’t know.
- Use pre-authorized payments and automatic transfers between accounts to help you effectively manage your finances
How credit works in Canada
- A credit rating represents your financial reputation (i.e., paying off credit on time leads to a better credit rating). As a new resident of Canada, you can start building a strong credit rating report right away.
- Using a credit card is a great way to build a strong credit rating. Learn more and compare different types of cards and the interest charges.
- Use credit responsibly to avoid hurting your credit report. Credit cards are really loans and need to be paid back.
- Credit reports can be requested by service providers such as landlords, insurance companies, lenders and employers in some cases.