Finance - Canada

  Guides & Articles

Banking System in Canada

Banking in Canada is widely considered the safest and most efficient in the world. Each of the largest banks in Canada has a dedicated division that can assist newcomers with their financial transition. Banks can also provide informational publications to newcomers in many languages, including English, French, Chinese, Punjabi, Hindu, Urdu, Tamil, Tagalog, Farsi, Korean, Romanian, Spanish and Russian.

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Retirement system

Canada’s retirement system is based on three pillars: The Canadian Pension Plan (CPP), Old Age Security (OAS), and private employer-sponsored pensions or tax-deferred individual savings (Registered Retirement Savings Plans or RRSPs).

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Social Insurance Numbers

You must have a Social Insurance Number (SIN) to work in Canada, pay taxes, and access government features and benefits.

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Tax system and rates

In Canada employers usually deduct taxes from the income they pay you. Every year, you determine how much tax you must pay by completing an income tax return and sending it to the Canada Revenue Agency (CRA).

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