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Personal Finance

There are five major financial institutions near TMU:

Banking Institution


Phone Number

Canadian Imperial Bank of Commerce (CIBC) (external link)        

595 Bay Street (inside Atrium on Bay)        


Alterna Savings (external link) 

350 Victoria Street POD-158


RBC Royal Bank (external link) 

101 Dundas Street West


BMO Bank of Montreal (external link) 

382 Yonge Street, Unit #4


TD Canada Trust (external link) 

465 University Avenue


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.