1. What are the IDs requirements for opening an account in Canada?
A:You will need to bring two of the three Foreign government-issued IDs in order for us to open an account for you.
- Drivers License
- Passport
- Federal, provincial or state government-issued, not expired, identification documents
2. Can I have someone to sign the documents on my behalf? Does my signature have to be in English or in Chinese?
A: No. You will have to sign all the documents yourself. Signature can be in English or Chinese of your choice, however, it has to match your passport signature.
3. What are the everyday banking accounts that I would need to open prior to arrival?
A: We suggest you to open three accounts for your basic banking needs: US Savings account, CDN Chequing account and CDN Savings account.
4. How long does it take to open an account and apply for a MasterCard at BMO?
A: We suggest you to open an account and sign up for a MasterCard one month prior to your arrival in Canada so that you would have sufficient time to wire funds if necessary. It should only take 2-4 days to receive confirmation back that your account has been opened and we provide you with the account reference numbers.
5. Is there any fee for applying a credit card or opening an account at BMO?
A: No. There will be no fees. For questions related to Banking Plan fees, please click here.
6. How long before I arrive in Canada can I open my bank accounts?
A: Your bank account can be opened up to 12 months prior to arrival.
7. How can I apply for a Canadian credit card?
A: You can contact one of our China branches who can assist you with more information on the application process.
8. How can I find useful information about settling in Canada?
A: Here is a useful link about different aspects of living of Canada.
http://www.cic.gc.ca/english/resources/publications/guide/index.asp
9. What are the benefits to have my bank accounts opened and credit card applied prior to departure?
A: We can arrange a client relationship manager in Canada to contact you and help you settle down into your new life. To have a credit card ready shortly after landing will help you establish your credit history quickly. Good credit is very important in Canada which provides a great amount of convenience in your life.
10. What difficulties if any are there for new comers to open a bank account in Canada?
A: Canadian Law requires two current and valid pieces of ID be presented to open an bank account in Canada, which can include your passport, landing papers and/or your government issued ID card. Canadian issued ID such as a driver’s license take time to apply for.
11. How do I make my first deposit after opening a bank account?
A: Once the account is opened from China, you will be able to safely and securely wire money directly to BMO in Canada to deposit to your account. Due to Canadian Anti Money laundering laws and BMO policy, you will not be able to withdraw funds from your account prior to arrival in Canada. Once you arrive in Canada and meet BMO staff, you will be able to withdraw funds.
12. When and how can I get my cheque book, bank card and credit card after landing?
A: Your initial cheque supply and bank card are given to you when you arrive at the branch in Canada and you meet with your Relationship Manager. After you meet with your Relationship Manager in Canada and you have a Canadian mailing address your credit card will be sent to you within 2-3 weeks.
13. How do I find out about your upcoming seminars?
A: Our seminar information is updated regularly on our site. Please click on the seminar webpage for detailed information or contact one of our China branches.
Should you have any other questions, please contact one of our four locations in China or alternatively call our Toll-fee line at 800-810-1438 (in China). In Hong Kong call 852-2522-4182
FAQ for Students
1. What are tuition costs in Canada for University programs?
A: The costs will range depending upon the province and the program chosen. For more detail check the web site for the University or College of your choice.
|
University tuition fees for full-time foreign students, General Arts and Sciences Programs in Canada | ||
| Province | 2006 - 2007 Undergraduate tuition fees (per academic year)* |
2006 - 2007 Graduate tuition fees (per academic year)** |
| Newfoundland and Labrador | $8,780 | $1,896 - $3,549 |
| Prince Edward Island | $8,970 | $4,854 - $7,281 |
| Nova Scotia | $8,233 - $14,349 | $5,735 - $19,467 |
| New Brunswick | $7,843 - $12,810 | $7,260 - $9,384 |
| Quebec | $10,068 - $12,930 | $9,078 - $20,000 |
| Ontario | $6,900 - $16,800 | $5,650 - $26,764 |
| Manitoba | $5,573 - $8,283 | $4,170 - $7,937 |
| Saskatchewan | $8,489 - $11,482 | $2,000 - $7,078 |
| Alberta | $8,000 - $15,767 | $5,500 - $21,546 |
| British Columbia | $9,248 - $17,667 | $2,600 - $33,667 |
2. Some basic costs of living in Canada:
A: Here are some typical costs for living in Canada:
- Bus Fare One Way (local) $2.50 - $4.00
- Laptop $550 - $1500 depending on the options chosen
- Average Restaurant Meal $10.00 - $25.00 per person
- Student Cell Phone Plans $30 - $50
- Movie $8.50 - $12.00
- Letter within Canada $0.55
- International Postage (letter) $1.60
Taxes
Almost all provinces apply a provincial tax levy to goods and services. All provinces must apply the federal Goods & Services Tax (GST) of 5 percent to most purchases. As a visitor, a portion of the GST may be refunded to you upon your departure from Canada. There are restrictions that apply and you must provide original receipts. Contact Revenue Canada or your school for further information. GST refund forms can be obtained at the information counters at airports and at most shopping malls.
3. Tell me about the currency and how we can access money and pay bills:
A: Money and Measurements
Canada uses the metric system of measurement. The unit of currency is the Canadian dollar, which equals 100 cents. The most common paper currency in Canada comes in $5, $10, $20, $50 and $100 denominations. Coins appear in 1 cent (pennies), 5 cents (nickels), 10 cents (dimes), 25 cents (quarters), $1 (loonies) and $2 (toonies) denominations. The $1 and $2 coins have been introduced over the last 10 years, and there are still Canadian $1 and $2 bills in circulation that are considered legal tender (they have also become collector's items). Canadian bills are clearly marked and each denomination has a distinctive colour.
Banks and Automated Teller Machines (ATMs)
Students can easily access the many banks and affiliated ATMs in Canada. They are especially easy to find in large cities, and are more convenient than credit cards and traveller's cheques. You can usually use a regular bank card or a major credit card at ATMs to withdraw cash. When you open an account at a Bank they will provide you with an ATM card.
ATM cards, also known as Debit Cards, can be used to make purchases at most stores in Canada to pay for items such as groceries, clothing, entertainment and meals. Many Canadians only carry small amounts of cash (less then $50. CDN) due to the wide spread use of Debit Cards for making purchases.
Banks offer a variety of services to their customers including currency exchange, safety deposit boxes for storage of passports, and savings accounts.
4. Tell me about accommodations
A: Accommodation - Short Term
Hotels
A wide range of hotels is available for temporary stays upon arrival in Canada. A Canadian hotel is defined as having inside access, private rooms, and daily cleaning service. It is always best to make reservations in advance, and during the peak tourist season, it is essential. From May until August, hotels are booked most heavily (90 per cent full), and finding a reasonable place to stay without a reservation can be challenging. Most reservations can be made with a week's notice.
Hotel services, price and quality vary. Rooms in larger cities will generally be more expensive. In general, however, you will find hotels in Canada to be clean, comfortable and reasonably priced. Most hotels accept major credit cards, and reservations can be made either directly or by a travel agent. Here are some general estimates for the cost of hotel accommodation per night. Please note that prices vary according to occupancy rates, location and season.
Low price range: $55 - $95 CDN (It is advised to carefully check accommodation in this price range, as good quality hotels at these prices can be difficult to find, particularly in large cities.)
Moderate price range: $85-$135 CDN
Expensive price range: $135 - $250 CDN
Five-Star Hotel price range: $250 CDN & upwards
Bed-and-Breakfast
Another temporary accommodation option is the bed-and-breakfast. Rooms are located in private homes or locally-run establishments, and the cost includes your own room and a generous breakfast. Many rooms do not have private toilets and baths. Bed-and-breakfast accommodation comes in a variety of forms - it can be in a heritage home, modern townhouse, rural farmhouse, or seaside home. Most establishments are registered with a professional association, and are a great way to meet local people.
Average cost of a room in a bed-and-breakfast: $75 to $125 CDN per night.
Accommodation - Long Term
1. School Provided Accommodation
Home stays
Many Canadian families welcome international students. This may be an effective way for you to improve your English or French, learn about daily life in Canada, and meet new, friendly people. Homestays also offer a more stable and secure environment for younger people coming to study in Canada. Typically, a homestay consists of a Canadian family hosting a student in their home while the student attends classes in Canada. Meals and a private, furnished room are provided in the home, and the host family welcomes and encourages participation in family and community activities.
Home stays are arranged by the school and students are matched with families who share similar interests. Amenities and location vary from home to home, but preferences can and should be indicated to the school so that a suitable match may be found. Many schools can arrange for a school representative or home stay family to meet you at the airport when you arrive.
For more information, contact the school you will be attending.
Average cost of home stay accommodation: $400 - $800 CDN per month.
Residence/Dormitory
Many schools have accommodation conveniently located on or near their campus. Rooms can vary in size and in quality, and many dormitories have shared kitchens, toilets, showers and laundry facilities. There is usually an option of having either a shared or private room, and dormitories are usually separated by gender. In some cases, there are cafeterias and meal plans that can be included in the cost of the room. Most dormitories come furnished, and are an ideal way to become involved in campus activities and meet other students.
Average cost of residence/dormitory rooms: $5,000 - $8,500 CDN per school year. For more information, contact the school you will be attending.
2. Off-Campus Housing
Renting
Renting is an option open to students, but price, quality and availability vary greatly. Rents are often quite high in the major cities, and places are not always available. Many students share accommodation to keep costs down and usually find places to meet their needs and preferences. Many schools offer an off-campus housing service, which can provide affordable listings that are near the campus. At this service centre, those seeking shared accommodations can also find roommates. Once on campus, you will often find a variety of postings throughout the campus advertising nearby housing, but it is always best to make arrangements before coming to Canada.
There are different types of places you can rent as an international student. A house is usually too expensive for one student to rent, but many students share or rent suites (a self-contained unit with a kitchen, toilet, bath and bedroom) within a larger home. Apartments are another option, where one has a kitchen, toilet, bath, and one or two bedrooms. Most rental apartments do not include furniture or meals. Some, however, include the cost of heat and/or electricity in the rent.
Listings of available apartments or homes are published in local newspapers. It is the responsibility of the student to determine suitability as schools do not inspect these places nor can they make any other arrangements. Most landlords require a damage deposit and rent is paid on a monthly basis in cash or by cheque. Agreements with landlords should be made with care. Carefully examine and know the terms of any lease before you sign it. Carefully examine the apartment or suite before signing a lease to determine whether anything needs to be repaired by the landlord before you move in. If you experience problems with your rental accommodation, you should contact a provincial residential tenancy office.
Average cost of shared accommodations in Canada: $400 - $700 CDN monthly.
Average cost of a suite or apartment: $700 - $1,500 CDN monthly.
