Here are some typical costs for living in Canada:
• Bus Fare One Way (local) $3.00
• Average Restaurant Meal $10.00 - $25.00 per person
• Movie $8.50 - $12.00
• Letter within Canada $0.50
• International Postage (letter) $1.45
Taxes
Some provinces apply a provincial tax levy to goods and services. All provinces must apply the federal Goods & Services Tax (GST) of seven per cent to most purchases. As a visitor, a portion of the GST may be refunded to you upon your departure from Canada. There are restrictions that apply and you must provide original receipts. Contact Revenue Canada or your school for further information. GST refund forms can be obtained at the information counters at airports and at most shopping malls.
Currency and Banking
Money and
Measurements
Canada
uses the metric system of measurement. The unit of currency is
the Canadian dollar, which equals 100 cents. The most common
paper currency in Canada comes in $5, $10, $20, $50 and $100
denominations. Coins appear in 1 cent (pennies), 5 cents
(nickels), 10 cents (dimes), 25 cents (quarters), $1 (loonies)
and $2 (twoonies) denominations. The $1 and $2 coins have been
introduced over the last 10 years, and there are still
Canadian $1 and $2 bills in circulation that are considered
legal tender (they have also become collector's items).
Canadian bills are clearly marked and each denomination has a
distinctive colour.
Banks & Currency Exchange
Although banks often offer the
best currency exchange rate, some do charge a small fee to
change money or traveller's cheques, and prices listed often
do not include taxes. It is best to change a small amount of
currency into Canadian money before coming to Canada, as banks
are usually open only Monday to Friday, daytime hours (9 a.m.
to 5 p.m.). Other means of exchanging your currency can be
somewhat more costly. Exchange services offered by hotels,
shops, and exchange booths almost always offer the highest
rates or charge large commission fees. Wherever you go, always
ask about hidden charges before changing money.
All shops and
businesses will accept Canadian currency, and some will accept
United States currency in tourist areas. All other currency
must be converted.
Banks and Automated Teller Machines (ATMs)
Students can easily
access the many banks and affiliated ATMs in Canada. They are
especially easy to find in large cities, and are more
convenient than credit cards and traveller's cheques. You can
usually use a regular bank card or a major credit card at ATMs
to withdraw cash. It might also be possible to open a local
account which would come with an ATM card. ATM cards can also
be used at many stores in Canada to pay for items such as
groceries and clothing.
Banks offer a
variety of services to their customers including currency
exchange, safety deposit boxes for storage of passports, and
savings accounts. Many Canadians use personal cheques issued
by banks as an efficient means to pay for services.
Traveller's Cheques and Credit Cards
Traveller's cheques are a
recommended form of currency when travelling (for safety
reasons) and can be purchased at major Canadian banks. They
are easily replaced if stolen or lost. Most shops, hotels,
restaurants and attractions accept traveller's cheques as well
as major credit cards.
The rate of
exchange in effect on the day of a credit card transaction
will be automatically updated on your credit card bill.
Students can also apply for credit cards when they arrive in
Canada; however, the expenses are due at the end of every
month with interest charged on unpaid expenses.
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