All of Seneca's services are accepting at least one form of cashless payment, which includes OneCard, debit card and/or credit card. Note: Payment methods may vary by service area and are subject to change.
This page outlines important topics related to finances for international students.
View the Life in Canada video for an introduction to living in Canada and resources to help you get settled.
Most places in Canada accept payments through debit/credit card, therefore, it is important to establish a personal bank account in Canada. Financial transactions such as paying for your rent and bills, receiving payments from employers and withdrawing cash require a bank account.
You may open a bank account with one of these leading Canadian banks based in Toronto.
Note: you may be required to visit a branch in person to open an account. Also remember to bring ID, your study permit and proof of address to set up an account. You must show original documents, not photocopies.
Types of Bank Accounts
There are two different types of bank accounts in Canada: chequing accounts and savings accounts.
Chequing account: this allows you to deposit and withdraw money as often as you like. Usually when you open a chequing account you receive a chequebook and a debit card. Most international students will only need to open a chequing account to pay for their living costs while studying in Canada.
Savings accounts: this is a place to save money over a longer term. Some students may consider opening one of these, if they are working or want to save money for travel or emergencies.
What to Consider Before Opening a Bank Account
Before opening a bank account, consider the following:
Make sure you understand all the terms, conditions and fees of the account before you sign up. Ask questions about anything that you don’t understand. Keep a copy of your account agreement for your records.
Questions to ask When Choosing a Bank
For detailed information on banking in Canada, visit the Government of Canada’s banking guide for newcomers.
Many international students may be eligible to work on or off campus. However, you will need the condition on your study permit allowing you to work.
Your study permit should indicate that you “may accept employment or may work” in Canada.
You will also need a Social Insurance Number (SIN) to legally work in Canada. You can apply online. There is no fee to apply for a SIN number.
For more information, contact Service Canada:
You are required to post your Social Insurance Number (SIN) or Individual Tax Number (ITN) in your profile on Student Home.
You can work on your school campus, without a work permit, if you:
“On campus” means you can work at all the buildings on your school campus. If your school has more than one campus, you may only work at the campus where you’re studying in most cases.
Student opportunities based on campus are eligible for up to 24 hours per week.
For more information, visit the Government of Canada’s Work on campus web page.
The Government of Canada has announced that international students who are in Canada and have permission to work off campus will no longer be limited to work 20 hours or less each week.
This change will continue until April 30, 2024.
To work full-time hours off campus, international students must have:
If you do not meet the conditions noted above, you may work up to 20 hours per week.
Review this resource for more details on how your study permit conditions affect the hours permitted to work as an international student.
More information is available on the Government of Canada’s Work off campus as an international student web page.
For a work term (including WIL, co-op, internship or placement), international students:
For steps and instructions on how to apply for your co-op work permit, view the Co-op Work Permit - Apply online in Canada.pdf guide.
Questions?
Connect with an immigration specialist to discuss working in Canada: theservicehub@senecapolytechnic.ca
There are many ways in which you can search for job opportunities. Students are encouraged to visit these resources:
Seneca has many resources available to help you prepare to find a job. Job preparation services such as resumé citique, interview preparation and career fairs are also available through Seneca Works.
It is very important that international students balance their study and work commitments.
Seneca has many resources available to help:
In Canada, income tax is administered by the Canada Revenue Agency (CRA). The Canadian income tax year is from Jan. 1 to Dec. 31. If you owe income tax, you must pay it by April 30 for the previous calendar year. Late submissions are accepted, but there may be a penalty.
You are responsible for determining your income tax status and paying the correct amount of tax.
You have to file a tax return if you work in Canada. You could owe tax or may be able to claim a refund.
If you are in Canada as an international student, it is important that you understand what your rights, entitlements and obligations are under Canada's tax system. It is your responsibility to determine your income tax status and make sure to pay your required amount of taxes for each year according to the law.
If you are an international student studying in Canada, you may have to file a Canadian income tax return. You must determine your residency status to know how you will be taxed in Canada.
If you are not sure of your residency status in Canada for income tax purposes, complete Form NR74, Determination of Residency Status (entering Canada) and send it to the address indicated on the form.
For more information about residency status, visit the Government of Canada’s Determining your residency status web page.
To file a Canadian tax return, you need either:
Students can access tax services at Seneca from the Seneca Student Federation.
The following section provides information and tips to help you become aware of common scams that target international students and what you can do to protect yourself against fraud.
Things to look for:
Note: The Government of Canada and financial institutions would not reach out to you in this manner.
If you would like to learn more tips on how to protect yourself against fraud and how to report suspicious activity, visit the Government of Canada website.
To speak to a representative from International Student Services, please join an upcoming session for international students or contact theservicehub@senecapolytechnic.ca
Resources
Learn about awards, scholarships and bursaries available to help you pay for your studies. Scholarships and awards recognize the academic achievement and community engagement of Seneca students.
You can also review financial assistance offered through third parties such as Scholarships Canada and Yconic.
