Personal Finance

Managing your finances in a new country can be difficult. Discover the cost of living in Ontario and how to manage your money.

Cost of Living in Ontario

What are the monthly living expenses for a family of 3?
Your monthly expenses depend on many things, such as your city, housing type, where you shop, your lifestyle and more.
What activities can I do on a low budget?
There are many free or low-cost events and activities that you and your family can enjoy
How much does it cost to rent an apartment in Ontario?
Yearly updated list of rental housing prices across Ontario.
What is a food bank?
A food bank is a free service that collects and gives out food basics and essential items to people who do not have enough to eat. Food banks typically give you food and supplies that last 2-3 days.
5 Tips to Becoming Financially Successful
Strive has real-life success stories of newcomers who found financial success in Canada by following these tips.
Can I write off work-from-home expenses?
Details on how to claim expenses for working from home at tax time.

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Banks

How do I open a bank account?
To open an account, you have to go to the bank in person and show acceptable identification.
Do I have the right to open a bank account?
Banks have to open a bank account for you except for five reasons set out in new federal law that began at the end of September 2003.
What kinds of bank accounts are there?
Generally, there are 3 types of personal accounts: savings, chequing and combination. There are also small business accounts.

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Credit and Debt

How do I repay my travel loan if I am a refugee or protected person?
You will receive a letter outlining the minimum amount you need to pay back each month. You do not have to pay interest on these types of loans.
5 Tips to Becoming Financially Successful
Strive has real-life success stories of newcomers who found financial success in Canada by following these tips.
What should I know about credit card fraud?
Credit card fraud is when someone uses your credit card information to make purchases that you don't know about. In cases of identity theft, people may apply for new credit cards in your name without your knowledge.

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Financial Planning

What is a Tax-Free Savings Account?
A Tax-Free Savings Account is a type of bank account. "Tax free" means you do not pay tax on any interest you earn on the money in the account.
Will I get a pension from my employer?
Some employers offer a pension plan for their employees. There are two main types of employer pension plans.
5 Tips to Becoming Financially Successful
Strive has real-life success stories of newcomers who found financial success in Canada by following these tips.
Can I write off work-from-home expenses?
Details on how to claim expenses for working from home at tax time.
Investing Basics: Getting Started
Most people know they should play a more active role in their investments but they often don't know where to start. This guide was written to help get you on your way.
Investments at a Glance
This guide tells you about different kinds of investments and some things to keep in mind when you’re considering an investment. It is available in English and French.

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Taxes

What is the taxation system in Canada?
In Canada, the federal, provincial and municipal governments collect money from individuals and companies to help pay for government programs and services.
How much income tax do I have to pay?
The amount of income tax you pay depends on how much money you earned in the past year minus any deductions and credits.
What is a Tax-Free Savings Account?
A Tax-Free Savings Account is a type of bank account. "Tax free" means you do not pay tax on any interest you earn on the money in the account.
What financial assistance can I get if I have a disability?
If you or a family member have a disability that may impact your income or personal finances, there may be options to help in this list of programs.
Are there any incentives or tax breaks for buying a home?
These are the government incentives for first-time homebuyers.
Do I have to file a tax return?
You have to file a return if you are a resident of Canada for tax purposes and you owe tax or want to receive a refund.
How do I file my tax return?
There are different ways to file your tax return. Some ways may process your refund faster.
What are the important dates in the tax year?
There are some important dates, including deadlines, in the tax year.
What happens after I file my tax return?
After you file your tax return the Canada Revenue Agency (CRA) will review the information you submitted and confirm the calculations are correct.
Can I write off work-from-home expenses?
Details on how to claim expenses for working from home at tax time.
Where can I get help with my tax return?
You can get help with your tax return from an accountant, a free tax clinic, or a community agency.
What is the GST/HST credit? Am I eligible?
The GST/HST credit is a tax-free payment for individuals and families in Ontario who have low or modest incomes.

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Personal Finance

Cost of Living in Ontario

What are the monthly living expenses for a family of 3?

What activities can I do on a low budget?

How much does it cost to rent an apartment in Ontario?

What is a food bank?

5 Tips to Becoming Financially Successful

Can I write off work-from-home expenses?

Banks

How do I open a bank account?

Do I have the right to open a bank account?

What kinds of bank accounts are there?

Credit and Debt

How do I repay my travel loan if I am a refugee or protected person?

5 Tips to Becoming Financially Successful

What should I know about credit card fraud?

Financial Planning

What is a Tax-Free Savings Account?

Will I get a pension from my employer?

5 Tips to Becoming Financially Successful

Can I write off work-from-home expenses?

Investing Basics: Getting Started

Investments at a Glance

Taxes

What is the taxation system in Canada?

How much income tax do I have to pay?

What is a Tax-Free Savings Account?

What financial assistance can I get if I have a disability?

Are there any incentives or tax breaks for buying a home?

Do I have to file a tax return?

How do I file my tax return?

What are the important dates in the tax year?

What happens after I file my tax return?

Can I write off work-from-home expenses?

Where can I get help with my tax return?

What is the GST/HST credit? Am I eligible?