Canadian Currency & Exchange
The currency system in Canada uses dollars and cents similar to the U.S. system.Canada has one- and two-dollar coins, affectionately called the "loonie" and the "toonie", in addition to 1 cent, 5 cent, and 25 cent coins. The paper money comes in different colors and designs. The most common are $5 bills (blue), $10 bills (purple), $20 bills (green), $50 bills (red), $100 bills (brown), and $1000 bills (purple). You may still see some old red $2 bills, which remain valid currency.
It is always best to change your money at a recognized financial institution, bank, trust company or currency exchange. Stores, hotels and restaurants will also exchange currency but the rate will not be as good as a financial institution. And always convert some of your money prior to leaving home.
Average costs when traveling Canada
For an idea of costs, if you’re prepared to buy your own picnic lunch, stay in hostels, and stick to the least expensive bars and restaurants, you could get by on around 60 Canadian dollars a day. Staying in a good B&B, eating out in medium-range restaurants most nights and drinking regularly in bars, you’ll get through at least 150 Canadian dollars a day, with the main variable being your cost of your room. On 230 Canadian dollars a day and upwards, you’ll be limited only by your energy reserves – though if you’re planning to stay in the best hotels and make every night a big night out, this won’t be enough.
Sales taxes in Canada
The GST, or "goods and services tax", is a 7% federal tax, which applies to most foods and services, provided in Canada. As of April 1, 1997 the HST or "harmonized sales tax" is a 15% tax that replace the provincial sales tax (PST) and GST in the provinces of Newfoundland & Labrador, Nova Scotia, and New Brunswick.
Visitor Tax Rebates
Non-resident visitors to Canada are entitled to a rebate of GST/ HST on certain goods they take out of Canada as well as short-term accommodations.
Keep your receipts if you wish to apply for a GST / HST rebate. Simply pick up a copy of the Tax Refund Application for Visitors at any Customs office or most tourism information centers, duty-free shops, department stores and some hotels.
In addition, Quebec and Manitoba allow you to apply for a rebate on provincial taxes as well. Check with the appropriate tourism information office.
|