Finances

Bank accounts

Given that it can take some time to open a bank account in Quebec, it is best to put off closing your bank account back home until the processing of your new account has been completed. You don't need to have a job in order to open a bank account in Quebec, nor do you have to deposit any money when opening a new account. You can use ATMs, which are found all over Quebec, to access your money quickly and easily.

Taxation

You have to fill out two annual income tax returns, one for the federal (Canadian) government, the other for the provicial (Quebec) government. The tax year runs from 1 January to 31 December. Tax returns usually have to be dispatched by, at the latest, 30 April of the following tax year. As well as calculating the level of taxation you are required to pay, tax returns are also used to calculate eligibility to various social benefit programmes.

Income tax at the provincial level in Quebec is around 16% to 24% of total income.

VAT (taxe de vente), payable on goods and services in Quebec, is 7.5%.

For more information on managing your finances in Canada, click here.

Municipal and school taxes are set by towns, urban communes and school boards at the regional level. They are generally applied exclusively to property owners and are progressive according to the value of the property. Like income tax, these taxes are payable annually. They can, however, be paid in installments throughout the year.