. .

Fast Facts

laptop computer

French Computers

The Calvin Park, Central and Pittsburgh library branches are equipped with French computers.

Home >> Living >> Personal Finance

Personal Finance

Newcomers should get acquainted with the Canadian financial system as soon as possible after arriving in Canada. It's important to have a safe place to put your money and it may be necessary to borrow from a bank or other financial institution. Newcomers may also be eligible for government settlement programs that will help with the cost of language training, temporary health insurance and application fees.

If you are starting a new job, your paycheque probably won't reflect the full amount of your salary because the employer must make a number of mandatory deductions. Similarly, the price of most goods and services will be less than the amount you will be required to pay, because the federal and provincial governments add on a number of taxes.

This section will introduce newcomers to the financial system in Canada and provide information on the following topics:

  • Banking — General description of banking in Canada. Includes links to additional banking information, including what is available in Kingston.
  • Credit & Debt — Information on what types of credit are available in Canada and how to avoid and manage debt.
  • Cost of Living — General overview of the cost of living in Canada and Kingston. The average amount of money an individual or family can expect to spend daily household expenses and incidentals and what those basic expenses are.
  • Income Assistance — Overview of financial assistance programs available to newcomers, immigrants and refugees.
  • Payroll Deductions — Information on standard payroll deductions such as income tax, Canada Pension Plan (CPP), Employment Insurance (EI), benefits, dues and others.
  • Taxes — General overview of Canadian taxes. Includes an overview of income tax (federal and provincial), Goods and Services Tax (GST), Provincial Sales Tax (PST), Harmonized Sales Tax (HST), tax credits, and automatic payroll deductions.
Was this page helpful?