5 things to do as you start your studies in Montreal

Congratulations, you’ve finally arrived in Canada. After all your hard work, research and planning for this day, you’re now a university student, eager and excited to start this new chapter of your life. 

There are some essential things you’ll need to do – both as a student and member of your new Canadian family – to ensure your transition into your new home is as smooth as possible. 

Here is a checklist of key items you’ll need to take care of. 

Your Social Insurance Number (SIN) is a nine-digit number that you’ll need in order to work in Canada and to access benefits and services from government programs. Service Canada (a department within the Government of Canada) is responsible for issuing SINs. There is no fee to apply for a SIN. 

Some reminders:

• If you haven’t yet done so, apply immediately.
• Your SIN belongs to you and it’s illegal for anyone else to use it.
• You are responsible for protecting your SIN.

For more information, visit the Government of Canada website at Canada.ca, Social Insurance Number – Overview.

An important step in getting your finances set up is by opening a Canadian bank account as soon as possible. The good news is since you’re in our Scotiabank Express branch, we can help you with this today. 

Your must-have account for daily transactions

A chequing account is a bank account designed for everyday activities like withdrawing cash, paying bills and sending money. It doesn’t typically earn interest. 

For students we recommend the Student Banking Advantage® Plan , which includes:

• No monthly account fee¹
• Unlimited debit and Interac e-Transfer† transactions²
• Earn points on everyday purchases with the Scene+™ program³
• Available through online and mobile banking

Check out our latest student bank account offers .

Now that you’re in Canada, you may have started hearing a lot about “credit.” 

A credit card, which is issued by a bank, is the most common method of paying for goods or services on credit. Obtaining “credit” allows you to obtain a good or service before paying for it, with an understanding that it will be paid for later.

Many banks require that a person have a credit history before approving them for a credit card, which can put some newcomers at a disadvantage. A credit history refers to your payment history and your ability to consistently pay your credit card bill, and any other bills, on time. When you apply for credit in Canada, lenders will normally check your credit history to help with their decision as to whether to give you credit

What is a credit score?

A credit score is a number that represents your financial health at a specific moment in time. It indicates how risky you are to money lenders, and how likely you are to pay your bills on time. In Canada, your credit score generally falls between 300 and 900, and the higher the better.

A good credit score is important for a healthy financial life in Canada. Without it, it may be difficult to get a loan, mortgage or credit card, and you may experience higher interest rates on these products. A good credit score allows you to get more easily approved for such things as a rental property, a cell phone or the purchase or lease of a car. 

You can check your credit score

Once you’re a Scotiabank customer and signed up for online or mobile banking, you can register for the TransUnion Credit Score tool⁶ at no cost.  With this tool, you can check your credit score, view your personal credit report, and get practical tips on how to build a good credit history.

If you are a full-time student, under the age of 25, you are eligible to pay/receive a reduced fare on the metro, bus and commuter train in Montreal when you use the OPUS Card . The card is available for a fee of $15. It’s a rechargeable metro card that will be very useful and cost effective if you don’t live near the campus and need to take public transportation to get to school, or if you simply will be using the metro system on a regular basis.

For example: 

A one-month pass, for unlimited use, is $90 for the regular price. With the OPUS card, the reduced fare for students is $54 a month.

Canada is known for having some of the most expensive cell phone plans in the world, especially when it comes to data. It’s important to choose a plan that fits your needs and budget.

Some students, particularly those from the U.S., may be able to extend their current plan to allow for their move to Canada. However, many students may find it cheaper and more practical to obtain a new cellphone and cell plan here in Montreal. The sooner you get a local phone, the more you’ll avoid costly roaming charges from your home provider.

Getting a phone

Some companies will provide a free phone/device when you sign up for a plan with them. Some service providers may also sell used certified phones at a discounted rate. 

To help you decide what plan is best for you, here are some questions to consider:

• What is important for you to have

              - Do you need a data plan?
              - Do you need long-distance calling? International texting?
              - Do you plan on using a smartphone?

• What are the overage charges should you go over your limit of text messaging, minutes or data?
• Is the plan flexible? Can you add on or remove different services?
• Do you want to sign onto a monthly contract plan (usually a two- to three-year term) or use a pre-paid plan?

For a newcomers’ guide to understanding Canadian cell phones, visit the Moving2Canada  website.