New currency, new rules. Being financially literate is a big part of your success in your new home. This section has information, tips and hacks to help you handle your finances, as well as learn how to navigate taxation, government benefits, banking, and credit like a pro.
- According to an Ipsos Reid Study (2001) higher financial literacy affects social, economic and physical well-being; opportunities for social and family interaction; participation in community activities; employability; career advancement; and corporate efficiency.
- The Government of Canada is encouraging people to have bank accounts to save administration costs for mailing cheques. Except for remote locations with no access to a nearby financial institution, the government can send payments through direct deposit. It would be more convenient for anyone receiving benefits such as GST, the Canada Child Tax Benefit, and other payments from provincial or territorial programs to have a bank account.
- People tend to underestimate what they spend. Studies show that incidental expenses (unplanned purchases at the grocery, or mall) take up 20% or higher of a family’s budget.
Money & Finances Resources
- Learning how to manage your finances is an important skill when you get to Manitoba. Here are basic details about Money, Banking and Taxation in Canada.
- The Bank of Canada is the nation’s central bank. Learn more about Canada’s monetary policy in this site.
- Learn more about your filing a tax return, whether for yourself or for a business, benefits and benefit payment dates, and other news and programs at the Canada Revenue Agency site.
- Manitoba’s Credit Unions is a site where you learn more about credit unions and what they can do for you.
- The Royal Canadian Mint is a Crown Corporation of the Government of Canada that produces coins or blanks, not only for Canada but for various foreign governments as well. It has state-of-the art facilities in Ottawa and Winnipeg which you can visit and tour.
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