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Money
Banking
Canada's banking system is said to be the safest and most efficient in the world. Canada has almost 8,000 banking branches and 180,000 automated banking machines. Canadians enjoy a high level of banking through telephone banking, online banking and debit cards.
There are six large banks in Canada:
- Bank of Montreal (BMO)
- Bank of Nova Scotia (Scotia Bank)
- Canadian Imperial Bank of Commerce (CIBC)
- National Bank of Canada
- Royal Bank of Canada (RBC)
- Toronto Dominion Bank (TD Canada Trust)
To open an account in most Canadian banks you will require two government issued pieces of Identification and proof of address (such as utility bill or the rental lease agreement for your home, etc). If you are a foreign resident, you will be asked to provide a reference from your previous bank or your employer.
Money Transfer
While in Canada, you will be able to send money internationally using the following channels:
- Email money transfer
- Al – Barakat
- Electronic funds transfer
- Money gram
- Western Union
- Wire Transfer
Universal Currency Converter - Click here 
Borrowing money
There are many reasons why one will want to borrow money. These reasons might include:
- Buying a house
- Buying a car
- Start a business
- Save for retirement
- Save for education
- Handle an emergency
- Paying off high interest debts
You will have many choices when it comes to borrowing money - if you have a good credit. These include:
- Credit Cards
- Lines of Credit
- Over draft
- Personal loans (from banks or other financial and money lending institutions)
- Registered Retirement Savings Plan
Taxation
Most of the benefits enjoyed in Canada are made possible by the taxes we pay. These benefits include health care, law enforcement, roads, public utilities, many government services just to name a few.
In Canada, taxes are deducted from most types of income you will receive. Every year, Canadian residents submit an income tax return. The income tax return tells the government how much money you earned. It also determines how much tax you owe the government. You may also have paid the government more than you owe, in this case, you will receive an income tax refund.
Child Tax Benefit
The Government of Canada helps parents provide for their children through the Child Tax Benefit. If you have children who are under the age of 18, you may be eligible for this program. You will have to apply for an income tax return to apply for the child tax program.
Goods and Services Tax (GST) Credit
Whenever you purchase a good, you pay an additional tax known as the Goods and Services Tax (GST). GST does not apply to basic groceries, most medical services and devices, prescription drugs, residential rents and exports. If you are in the low income or middle income bracket, you might be eligible to get all or part of this tax through the GST credit.
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