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​​Money, Credit and Taxes




It is advised to have local currency on hand prior to arriving. Some hotels, restaurants and suppliers accept U.S. or other foreign currency at a pre-determined rate, which may differ from the daily rate posted by financial institutions.

  • ​Canadian $1 coin ("loonie")
  • Canadian $2 coin ("toonie")
  • Notes are in denominations of: $100, $50, $20, $10, $5
  • Coins are in denominations of $2, $1, $0.50, $0.25, $0.10, $0.05


To check the conversion rate of currency, use a Currency Converter


Cost of Living Calculator

It is difficult to estimate the cost of living in Ontario, as every situation is different. To use a Cost of Living Estimator that can help you develop a budget, click here.

Opening a Bank Account
Banks in Canada pride themselves on helping newcomers get started on the right financial path by providing affordable, accessible services and sound financial advice. Whether you want to open an account, purchase a home, start a business or save for the future, Canada’s banks are here to help.


How​ doing taxes can benefit newcomers

To learn more about benefit and credit payments, please see the following attachments:




Taxation System in Canada

In Canada, the federal, provincial and municipal governments collect money from individuals and companies to help pay for government programs and services, such as roads, public utilities, schools, health care, economic development and cultural activities. Common types of taxes are income taxes, sales taxes, property taxes, and business taxes (if you own a business).


Income Tax


Sales Tax

  • In Ontario, there is a Harmonized Sales Tax (HST) of 13%. Uusally, HST is added at the cash register so the amount on the price tag may not be the final price.
  • 8% of the HST goes to the provincial government and 5% goes to the federal government.
  • You pay HST on many goods and services but there are a few exceptions, such as basic food products, child care services, and prescription drugs.
  • For more information, read What's Taxable Under the HST and What's Not? This guide is available in more than 20 languages. You can also call 1-800-337-7222 or 1-800-263-7776 (TTY).

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