Banking in Canada

Key facts

Start off on the right foot

Are you a young adult or a newcomer to Canada? Learn the basics of financial management. If you have any questions, our advisors are there to help!

Useful tips for living and working in Canada

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Carrying out your transactions

You should start by opening a chequing account for your day-to-day transactions: deposits, bill payments, etc. When you open an account, you'll get a debit card so you can withdraw cash and make purchases in stores. To make online purchases, you'll probably need a credit card.

Use online banking and our mobile app to manage your finances. Enjoy a number of useful features: transfer funds with free Interac® e-Transfers, use your smartphone to deposit cheques and make mobile payments via Apple PayTM or Google PayTM, and much more!

Opening an account
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Working in Canada

To work in Canada, you need a social insurance number issued by the federal government. If you provide your employer with a specimen cheque, your salary can be deposited directly to your chequing account. You can get a sample cheque via National Bank online.

Taxes will be deducted from each of your paycheques, and you'll have to file a tax return by April 30 each year. You may get a tax refund, or be required to pay a balance. Need help? Contact an accountant or a specialized firm.

Get a bigger tax refund
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Young professional woman working on her computer
Young professional woman working on her computer
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Quick tip

In Canada, sales taxes are not included in the prices shown in stores or online. Sales taxes vary from province to province.

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Growing your savings

To build your savings, you need to spend less than you earn. Drawing up a budget can help. Open a savings account, then set up regular automated transfers: this is called systematic savings.

For medium- and long-term projects (travel, children, retirement, etc.), a registered plan like an RRSP or TFSA will let you grow your savings interest free. N.B.: Funds held in some plans and investments cannot be accessed immediately.

Managing your finances
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Tip

It's better with insurance! All our Mastercard® credit cards include purchase insurance, and some also provide travel insurance.

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Building your credit history

You'll need a good credit score to rent an apartment, get a car loan or apply for a mortgage. How can you build your credit? Apply for a credit card and use it to make purchases. Some credit card types offer benefits such as cashbacks or rewards.

Check your credit card statement monthly and be sure to make the minimum payments before the deadline. Remember that interest will be charged on your unpaid balance. So the longer you take to pay off your balance, the more you'll owe! That's why it's best to pay your balance in full.

Build your credit history
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Young woman in a store hands her credit card to a saleswoman
Young woman in a store hands her credit card to a saleswoman
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Buying a home

Are you planning to buy a house or a condo? To help you pay the purchase price, you can apply for a mortgage loan, which can be repaid over many years. The loan amount is equivalent to the value of the home, less your Down payment (an amount contributed by you and payable at purchase). You will also pay interest on your mortgage.

Before you buy a home, make sure you understand the associated expenses and responsibilities: property tax, professional fees, co-ownership fees, maintenance, renovations, insurance, etc. Knowledge is power!

How to buy a home
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Terms of use
National Bank’s virtual assistant

When using our Virtual Assistant Service (the "Chatbot"), you accept these Terms of Use, which are subject to change without notice. Furthermore, you agree to consult these Terms of Use from time to time and acknowledge that your continuing use of the Chatbot means that you have accepted any changes that may have been made. Your continued use of the Chatbot means that you’ve read, understand and agree to these Terms of Use, the Terms of Use for our website, our Online transaction services, and to our privacy policy. You also understand any other agreements that you have with us will continue to apply when you use the Chatbot.

1. Our Services and your responsibilities

The Chatbot is an automated service which is integrated into our online banking platform.

The Chatbot is preprogrammed to answer general questions concerning the use of our online banking platform solely for informational purposes. The Chatbot is not able to answer questions on personal monetary transactions or products you hold with us.

By using the Chatbot, you understand and agree that:

  • The Chatbot does not provide financial advice or financial planning services.
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  • The Chatbot may not be able to answer all your questions. Therefore, it may not be able to provide you with the information you require. You must judge whether the answer provided responds to your question accurately. In the case of uncertainty, a customer service representative would be happy to help you. You can call us toll free at 1-888-483-5628 or 514-394-5555.
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2. Limitation of Liability

You acknowledge that we won’t be liable for any losses or damages that you may suffer as a result of your use of the Chatbot, including if the Chatbot is unavailable for any reason.

We cannot guarantee that the results obtained via the Chatbot will be accurate and reliable and that the answers provided will meet your expectations.

We will not be held liable for damages you incur as a result of:

  • Any delay, error, interruption or omission on our part or any other event beyond our control.
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  • Your failure to meet any of your obligations.
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3. Language

You have requested that these Terms of Use, and related documents be drawn up in English.

4. Governing Law

These Terms of Use are governed and must be interpreted in accordance with the laws in force in the province or territory where you reside. If you reside outside Canada, the laws in force and the courts of competent jurisdiction are those of the province of Quebec.

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