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Financial system

Quebec’s financial system 

The financial aspect is a very important part of successful immigration. Here are a few specifics of the Quebec financial system.

Open an account at a financial institution

When you arrive in Québec City, you will absolutely need an account in a financial institution to carry out your daily transactions (deposit your pay, withdraw money, pay your rent, etc.).

You can open a personal account even if you don’t have a job.

Listen carefully the recommendations of our partnerLa Caisse Desjardins de Québec, to learn how to open an account before you even arrive in Québec City!

All financial institutions offer a range of useful services:

  • Debit card;
  • Rental of safety deposit boxes;
  • Traveller’s cheques;
  • Foreign currency exchange;
  • All types of loans;
  • Money transfers;
  • Various investment options;
  • Direct deposit of salary;
  • Certified cheques.

The Caisse Desjardins de Québec is here for you

In Quebec, there are two types of financial institutions: banks and (caisses populaires). There are several banking companies, but all credit unions are part of the Caisses populaires Desjardins network. The difference is that a bank is a private institution while a credit union is a cooperative.

Please note that our partner, La Caisse Desjardins de Québec, has developed a tailor-made support for immigrants:

  • It allows you to open an account before your arrival;
  • It relaxes the credit standards according to your situation;
  • It conducts conferences on various important topics concerning the Canadian financial system and dedicated only to newcomers.

Build your credit history

Before being granted credit, you will need to build your credit history in Quebec.

This history is essential when applying for a financing loan: for the purchase of a car, a house or even for the rental of an apartment.

Your credit rating represents how well you meet your financial obligations and lets authorized persons know whether or not you are a good payer. Don’t hesitate to ask about your rights as a tenant.

Several forms of credit are available in Quebec: credit card, instalment plan at merchants, bank line of credit, etc.


Income tax and taxes on goods and services are used to fund services to the community. It is your responsibility to file a tax return.

Municipal and school taxes are taxes levied by cities, urban communities and school boards within their respective jurisdictions. They are generally imposed only on homeowners and vary according to the value of the property.

As with income tax, you will have to pay these taxes each year. The payment can often be spread out in instalments.

Learn more about wages, income and taxes.



Would you like to come and live in the beautiful city of Québec or its surroundings? Tell us if you would like to come to study or work there and we will send you relevant information related to your immigration project!