Personal Finance
There are five major financial institutions near TMU:
Banking Institution |
Address |
Phone Number |
595 Bay Street (inside Atrium on Bay) |
416-861-3801 |
|
350 Victoria Street POD-158 |
416-213-7972 |
|
101 Dundas Street West |
416-581-8865 |
|
382 Yonge Street, Unit #4 |
416-408-1974 |
|
465 University Avenue |
416-982-8710 |
Canadian Bankers Association (external link)
Learn more about your Canadian banking options
When opening an account, you will need two pieces of identification:
1. Passport
2. SIN or personal identification card
In Canada, the federal, provincial and municipal governments collect money from individuals and companies to help pay for government programs and services, such as roads, public utilities, schools, health care, economic development and cultural activities.
Taxes are collected on income, property and the sale of goods and services. In Ontario, there is a Harmonized Sales Tax (HST) of 13% (external link) , that is applied to the purchase of goods and services, with some exceptions such as basic food products, prescription drugs and childcare products and services. Usually, HST is added at the time of purchase.
HST Contributions
8% to the provincial government
5% to the federal government
Faculty are paid on the 15th of each month and the deductions from each pay include the following:
- Federal and provincial taxes (external link) ;
- Between 8% and 9% pension contributions for the TMU plan;
- 30% of the life insurance premium for supplemental life insurance (which at a salary of $100,000 is approximately $150 annually; note that this is subject to change);
- Approximately 1% in Toronto Metropolitan Faculty Association (TFA) dues; and
- Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums.
This online calculator (external link) allows you to forecast these deductions based on your personal information
Information for newcomers on filing taxes in Canada is available through the Canada Revenue Agency (external link) (CRA). The information applies only for the first tax year that you are a new resident of Canada. After your first tax year in Canada, you are no longer considered a newcomer for tax purposes.
You will require a T4/T4A from TMU in order to file your taxes and this can be obtained through your Employee Self Service access in eHR.
- Canada Revenue Agency (external link) : information on payroll, child and family benefits, credits, rebates, savings and pension plan.
- Tax-Free Savings Account (TFSA) (external link) : a guide to what it is and how to use it.
- Investing: (external link) information on the different types of investments from the Ontario Securities Commission.
- Registered Retired Savings Plan (RRSP)s: (external link) info.from the Ontario Securities Commission on how to invest in and draw funds from an RRSP.
- Registered Education Savings Plan (RESP)s: (external link) a guide on education savings for your child through the RESP.