Banking

Banks and financial institutions in Canada

It is important to open an account with a bank as soon as possible after you arrive in Canada. Banks and other financial institutions such as trust companies, caisses populaires (in Quebec and Ontario) and credit unions provide:

• A safe place to keep your money
• Services to help you manage your money
• Loans and mortgages if you need to borrow money
• Financial advice for budgeting and investments

Choose your bank with care

There are many things to consider when choosing a bank or other financial institution. Ask these questions before you make your decision:

• What are your hours of operation?
• Where are your branches located?
• What services do you offer?
• What do you charge for each of your services?

The Financial Consumer Agency of Canada (FCAC)

The FCAC provides consumers with information on a variety of financial products and services such as bank accounts, payday loans, mortgages and credit reports.

It also provides information about people’s rights and responsibilities when dealing with financial institutions.

To learn more, visit the FCAC website or contact them at 1‑866‑461‑3222.

>> Next — Why use banks and financial institutions?

Learn more about:

• Sales tax
• GST/HST Credit
• Income tax
• Budgeting
• Protecting your money