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TD is ready to guide you through our products and services. We can offer advice about which of our solutions would best suit your needs as a newcomer to Canada. Take a look at our banking products for new Canadians.
Canadian banking basics
Prepare for your move
Why choose TD?
- Interac e-Transfer®
Once you have a Canadian bank account, the Interac e-Transfer® service lets you send and receive money through email or text message to people in Canada who have a Canadian bank account.
- Debit card
A debit card is a card that gives you access to your deposit account and can be used to withdraw money directly from your bank account. You can use this card to pay for any purchases you make at a retailer.
- Chequing account
You can use this bank account for your day-to-day transactions. Chequing accounts generally don’t pay interest.
- Savings account
This type of account generally pays interest on the money you deposit in it.
- Money order/Bank draft
Money orders and bank drafts are types of cheques that are guaranteed by your bank. This type of payment is used when the person or company being paid wants a guaranteed form of payment or if the payment at hand has a large sum.
- Credit card
A credit card is a type of loan that you’re required to apply for. If you’re approved, you’ll receive a credit limit. The limit is different for every individual. When you use your credit card, you must repay at least a minimum amount every month.
A cheque lets you take out money from your chequing account if you want to make a payment to a person or company.
- Housing: As a guideline, it’s recommended that Canadians spend less than 30% of their income on housing. If you’re renting, you’ll have to pay for your first and last month up front.
- Taxes: The taxes you pay depends on your province and income. Canadians pay taxes at the provincial and federal level, taxes on goods and services and property taxes. Taxes go towards paying for important parts of your community.
- Health insurance: Canada has public healthcare, but some things like vision care, dental care, prescription drugs and wheelchairs are not-covered. You may want to buy private health insurance to get more coverage.
- Home and car insurance: If you own a car in Canada, car insurance is mandatory. Home, condo and tenant insurance isn’t mandatory, but helps protect your property.
- Utilities: As a renter, utilities may or may not be included in your rent. Depending on where you live, utilities may include electricity, natural gas, water, cable and/or telecommunications.
- Pay cheque deductions: Most employers take some money from their employee’s pay cheques to pay for income taxes, employment insurance, union dues (if you belong to a union), or pension plans.
- Childcare: Childcare costs and subsidies depend on your province. Depending on your child's age, daycare or afterschool programs can be a good idea.
- Tipping: In Canada, it is common to add tips to your payment for many services. For example, Canadians typically tip for great service from a restaurant server, hair stylist, or taxi driver.
- Communication: Keep in mind Canada’s prices for cell phone plans and internet may be higher than you’ve experienced in other countries where you may have lived.
†Individual branch hours may vary.