Canada Travel Tips – Canadian Currency Information

Canada uses dollars ($) and cents (¢) similar to the United States, Australia and New Zealand.

In addition to 0.01 cents, 0.05 cents and 0.25 cents, Canada currently has 1 dollar and 2 dollar coins, commonly called “loonie” and “toonie”. Banknotes come in different colors and patterns, the most common being the 5 dollar bill (blue), 10 dollar (purple), 20 dollar (green), 50 dollar (red) and 100 dollar (brown).

Most hotels, shopping malls and restaurants accept US dollars, but sometimes the exchange rate is lower than that of banks and airports. The exchange rate of large hotels is usually close to that of banks. It is recommended that you exchange Canadian dollars before departure.

1. Currency Exchange in Canada

You can exchange currency at any regular financial institution, bank, trust company or currency exchange office in Canada. Many large shopping malls, hotels and restaurants can also exchange currency, but the exchange rate is usually lower than that of financial institutions. It is best to exchange currency in advance before departure.

2. Provincial Sales Tax and Federal Tax

Most goods and services in Canada are subject to a 5% federal tax (GST) or “Goods and Services Tax”. Except Alberta, all other provinces will add a 5% to 10% provincial sales tax (PST) on purchased goods and financial transactions. The region does not charge provincial sales tax. Newfoundland and Labrador, Nova Scotia and New Brunswick replace PST and GST with a 13% HST (combined sales tax). Some hotels and shopping malls combine GST or HST in the price; other places charge the price of goods and taxes separately.

3. Credit Cards and Bank ATMs

Major credit cards such as American Express, MasterCard, Visa, etc. can be used in Canada. The amount on your monthly credit card bill when you get home has already been converted to an exchange rate. Remember to contact your credit card company to let them know that you will be using your credit card abroad.

Using an ABM (bank automated teller machine), also known as an ATM (automatic teller machine), is a convenient way to get cash when traveling abroad. Most international bank card systems, such as Interac, Plus, Cirrus and Maestro, are installed on most ABMs in Canada. ABMs are easily found in many places, such as banks, stores, airports, etc. You can also use your credit card to advance cash at ABMs. It is best to contact your bank in your home country before you leave to let them know that you will be using your credit card in Canada, as you may be subject to certain specific terms or withdrawal limits.

4. Bank Opening Hours

Normal bank opening hours are Monday to Thursday, 9:30 am to 4:00 pm. Many banks are open until 6:00 pm on Friday. Some banks and branches may also be open in the evenings during the week, and even on Saturdays. Trust companies are usually open from 9 am to 6 pm Monday to Friday and on Saturday mornings.

5. Tipping

Canada has a habit of tipping. Canadian restaurant bills usually do not include tips or service charges, but tips account for a significant proportion of the waiter’s income. Some restaurants will charge a service charge for large purchases. Generally speaking, tips are 15% to 20% of the total amount of consumption.

Tips for barbers, hairstylists and taxi drivers are usually 15%. Tips for hotel, airport and train station waiters, doormen, porters, etc. are 1 to 2 Canadian dollars per piece of luggage. Canadian bar and nightclub guests usually tip the bar and table waiters separately.