Money Matters

• Will I be able to pay my expenses in US dollars?
• Will I have any problem exchanging my money for Canadian currency?
• Will my ATM card (automated teller machine card) work in Canada?
• How do I claim a tax refund?
• If I can prove that I am an American citizen, do I still have to pay taxes
• What credit cards are accepted in Canada?

Will I be able to pay my expenses in US dollars?

Most hotels, stores, restaurants will accept US$, but they will give you a lower rate than banks or airports. Large hotels will usually give you a rate that approaches those at the bank.

Will I have any problem exchanging my money for Canadian currency?

Although U.S. money is usually accepted at stores in Canada, you will be better off exchanging it for Canadian dollars at a financial institution. Financial institutions offer the daily exchange rate. Some currency exchangers are reluctant to exchange coinage, or will exchange it only at par value.

Bank of Canada Currency Converter

Will my ATM card (automated teller machine card) work in Canada?

Check with your bank branch and see what they say about your ATM card and about any special conditions any of your accounts may have. Most of the major Canadian banks and trust companies are on the Plus or Cirrus networks. You get Canadian dollars and generally the exchange rate is good. Your bank may make a service charge of $2 for each withdrawal. When you make a withdrawal, funds will come out in the form of Canadian currency.

PLUS network members in Canada include: Bank of Montreal, Bank of Nova Scotia (Scotiabank), Canada Trust, Canadian Imperial Bank of Commerce (CIBC), Laurentian Bank, Royal Bank, Toronto-Dominion (TD) Bank, and caisses populaires (Francophone credit unions).

CIRRUS network members in Canada include: Bank of Montreal, Credit Unions, National Bank, National Trust, and Royal Bank.

How do I claim a tax refund?

On September 25, 2006, the Government of Canada announced amendments to the Excise Tax Act that eliminate the Visitor Rebate Program effective April 1, 2007. Budget 2007 confirmed the elimination of the Visitor Rebate Program and the new Foreign Convention and Tour Incentive Program. For details concerning these changes, see Canada Revenue Agency's Questions & Answers.

If I can prove that I am an American citizen, do I still have to pay taxes?

Yes. Most goods and services you buy in Canada are subject to Goods and Services Tax and Harmonized Sales Tax (GST/HST).

What credit cards are accepted in Canada?

Visa and Mastercard are generally accepted everywhere (restaurants, hotels, stores, etc). While American Express is widely accepted you may find that many restaurants, stores and cafes will not accept it. Any charge to a credit card will reflect the currency exchange rate of the day of the purchase and will appear on your monthly statement as such.