In Canada, there are many types of financial institutions where you can open a bank account. There are banks, trust companies, and credit unions.
To open a bank account you will be asked to show three pieces of original identification. A list of documents that you may use to prove your identity can be found on Settlement.Org.
Keep in Mind
- Rules about opening a bank account have recently changed in Canada. You no longer need to show proof of employment and there is no longer a minimum deposit for basic accounts. For more information visit Settlement.Org, which also provides a definition and explanation of the different financial institutions and how they work.
Banks and other financial institutions can also provide information about a variety of investment services that are available. There are investing opportunities in stocks, bonds, mutual funds and many other products. Settlement.Org is a great resource for gathering information on investing in Canada.
A Registered Retirement Savings Plan (RRSP) allows you to save money for your retirement in a tax-sheltered environment. It is a popular choice for people saving for their retirement and as a bonus, the investment lowers your taxable income for the year.
The Canadian tax system is in place to collect money from individuals and businesses to help pay for government programs and services. There are lots of different kinds of taxes and the amount per individuals will vary based on age, income, work status and many other factors. Depending on the situation, many people are eligible for certain tax benefits. Learn more about Canadian taxes on Settlement.Org.