Guide to Canadian banking terms

Navigating financial terms in a new country can be challenging. Here’s a concise guide to key Canadian financial terms to help you start off right:

📌 Chequing Account
Definition: A basic account for everyday transactions like deposits, withdrawals, and bill payments.

📌 Savings Account
Definition: An account for saving money and earning interest on your balance.

📌 e-Transfer
Definition: A secure method for transferring money between bank accounts via email or text.

📌 Direct Deposit
Definition: An electronic payment method where funds are transferred directly into your bank account, commonly used for payroll and government benefits.

📌 Overdraft
Definition: When your bank allows you to withdraw more money than is available in your account, resulting in a negative balance, often incurring fees.

📌 Budget
Definition: A financial plan outlining expected income and expenses over a specific period, helping you manage your spending and prioritize savings.

📌 Liabilities
Definition: Financial obligations or debts you owe, such as loans and credit card balances, essential for managing your overall financial health.

Near Toronto, the Bolton Fall Fair at the Albion-Bolton Fairgrounds offers a jam-packed schedule of activities and entertainment. Located about a 45-minute drive from Toronto. September 20 – September 22

Toronto International Festival of Authors at Harbourfront Centre offers 11 days of storytelling joy, featuring diverse tales from Toronto and beyond. Meet your favourite authors and explore new worlds. September 19 – September 29

Edmonton Oktoberfest at Fan Park at ICE District is Western Canada’s largest Oktoberfest celebration. Immerse yourself in the rich heritage. September 12 – September 28

Calgary International Film Festival at various venues celebrates over 40 countries and up to 200 films, offering everything from comedy to drama. Find your new favourite film. September 19 – September 29

Winnipeg’s Sunset Goose Flights at FortWhyte Alive offers a breathtaking view as thousands of geese land after sunset. Take in the sounds of the season. September 18 – October 20

Vancouver’s International Flamenco Festival at various venues is one of the few celebrated festivals devoted to Flamenco Art outside of Spain. Enjoy a rich cultural experience from September 12 – September 22

Montreal’s Fashion Week brings together the city’s fashion and creative community for a week of discovery and celebration. Experience the best of local fashion. September 16 – September 22

Welcome to Canada! The next several months will be full of excitement and new beginnings; Scotiabank can help navigate your journey by providing resources, banking solutions and tailored advice that help newcomers succeed financially. Newcomers can earn up to $2,000* in value with StartRight^{TM 1} and can get a credit limit up to $15,000* with StartRight^TM. ² 

¹ Potential value in 1^st year. Conditions & assumptions apply.
² Subject to credit approval. Conditions apply.

Canada offers a unique opportunity to explore a world of flavours. In an article by The Globe and Mail, Wole Olayinka’s journey captures the balance between holding onto the familiar and embracing the new.

When Wole moved to Calgary, he packed his suitcases with essentials from home to keep a taste of Nigeria close, including:

To his delight, Calgary offered plenty of African food stores and restaurants where he could stock up on:

But part of Wole’s journey was stepping out of his comfort zone. He dove into the rich, diverse food culture of Canada, trying things like:

• Poutine 🍟 (a true Canadian classic!)

• Steaks 🥩

• Sushi, tacos, hummus 🌮🍣

Of course, not everything was a hit: