In Canada, we have big banks where you can keep your money. They are in many places. These are BMO, CIBC, RBC, Scotiabank, TD Canada Trust, and Credit Unions. They all let you use online banking. This means you use a computer or phone to move your money or pay for things.
Credit Unions are special banks owned by the people who use them. They work like other banks.
Online banks are banks you use through the internet. They don't have buildings you can visit. They usually don't charge you a lot of money to use your account.
Banks have different types of accounts. A savings account keeps your money safe and gives you extra money over time, called interest. A chequing account is for everyday use, like getting money or putting money in.
Opening a bank account in Canada is a crucial step toward financial stability .To open any bank account, you need to show who you are with two different IDs. One should have your picture. These should be the real documents, not copies.
Credit Unions are special banks owned by the people who use them. They work like other banks.
Online banks are banks you use through the internet. They don't have buildings you can visit. They usually don't charge you a lot of money to use your account.
Banks have different types of accounts. A savings account keeps your money safe and gives you extra money over time, called interest. A chequing account is for everyday use, like getting money or putting money in.
Opening a bank account in Canada is a crucial step toward financial stability .To open any bank account, you need to show who you are with two different IDs. One should have your picture. These should be the real documents, not copies.
THE CANADIAN MONEY GUIDE:
"Let's talk about our Canadian money, the dollar. We use a symbol '$' for dollars. One dollar has 100 small parts, called cents, and we use '¢' for cents. Our money has paper bills and metal coins. We have $5, $10, $20, $50, and $100 bills. Our coins are 5¢, 10¢, 25¢, 50¢, $1, and $2. The smallest coin was 1¢, called a penny. But we don't make it anymore since 2013. You can still use it if you have one.
CANADIAN COINS:
Nickle 5¢ |
Dime 10¢ |
Quarter 25¢ |
Loonie $1.00 |
Toonie $2.00 |
CANADIAN BILLS:
$5.00 Dollars |
$10.00 Dollars |
$20.00 Dollars |
$50.00 Dollars |
$100.00 Dollars |
PURCHASING IN CANADA:
Opening a bank account in Canada is a crucial step toward financial stability as it can allow you different options to purchase goods and services without using physical cash. For big purchase amounts like paying rent or buying a car you can use a cheque, which is like writing a promise to pay from your bank account. Another option is to use a money order, which is like buying a piece of paper that is worth a certain amount of money. In Canada many people like to use cards. A credit card let you buy now and pay later and debit cards let you use the money from your bank account.
