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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.
Quick Facts
- 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.
- By April 2016, the Government of Canada will not be mailing cheques anymore to save on administration costs. Except for remote locations with no access to a nearby financial institution, the government will be sending payments through direct deposit. This means that anyone receiving benefits such as GST, the Canada Child Tax Benefit, and other payments from provincial or territorial programs must 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.
Newest Money & Finances Articles
What is a debit card? Basic banking and financial terms you should know
When you open an account at a bank or credit union, they will give you a plastic card that you… Read more »
Death and finances: 5 things to do to settle the affairs of a loved one
Losing a loved one is never easy. Seeing to it that your loved one’s financial and personal obligations are taken… Read more »
What is a will and why is it important to have one?
When I think of wills, my mind conjures up an image of an old, dying millionaire who has to distribute… Read more »
Best ways of sending money to your home country
Need to send money back home? The good news is that you now have plenty of options that are low-cost,… Read more »
Recent Money & Finances Articles, CLB3-4
Do I really need an emergency fund?
Did you know that one of the most important elements of a good financial plan is having an emergency fund?… Read more »
Top 5 scams newcomers should be aware of
Anyone can be a target of fraud. Frauds or scams are “schemes of deception designed to secure unfair or unlawful… Read more »
Tax basics for newcomers
Filing a tax return is one of the most basic things a resident needs to do. As a new resident,… Read more »
Filing your first tax return in 5 steps
Filing for the first time? Here is a quick guide for you in 5 easy steps: Do you really need… Read more »
You can see more simple English articles here.
Related Activities
Money and Finances Workshops
Want to learn more about how to go about money in Canada? This series of workshops will discuss a variety… Read more »