# Renting and banking in Toronto



## elliott wilde (May 14, 2013)

My girlfriend and I are heading to Toronto in a months time on a working holiday visa and have scoured various posts and blogs for guidance but still have a couple of questions. If anyone could answer them we would be very grateful. So, when we land we have booked into a hostel for a week but want to move into an apartment asap so as to save money. We were wondering, to pay first and last months rent would we not have to have a canadian bank account set up? therefore could we set up a new canadian bank account without having a fixed address? Any guidance would be much appreciated


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## Auld Yin (Mar 10, 2009)

You should have a bank account yes, but if I were you I would be more concerned about finding a landlord who will rent to you without you having a Canadian credit bureau report. I trust i'm wrong but I think you'll face great difficulty.


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## RhychelleW (Jan 25, 2013)

Auld Yin said:


> You should have a bank account yes, but if I were you I would be more concerned about finding a landlord who will rent to you without you having a Canadian credit bureau report. I trust i'm wrong but I think you'll face great difficulty.


eeek thats not what i want to hear, i fly out in a month too.
would renting from an owner as oposed to through a realtor be a safer bet?
alternatively, how do you obtain a credit report; is that just having a positive credit history like getting a credit card or something?


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## elliott wilde (May 14, 2013)

Auld Yin said:


> You should have a bank account yes, but if I were you I would be more concerned about finding a landlord who will rent to you without you having a Canadian credit bureau report. I trust i'm wrong but I think you'll face great difficulty.


Ok but what I was really getting at was can I get a canadian bank account without having a fixed address? The credit report is an issue we will have to deal with when were out there.


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## Auld Yin (Mar 10, 2009)

elliott wilde said:


> Ok but what I was really getting at was can I get a canadian bank account without having a fixed address? The credit report is an issue we will have to deal with when were out there.


You should be able to open an account with your temporary hostel address but until you get permanent there will probably be restrictions on the account. Make sure you discuss with bank and have a firm understanding with them.


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## EVHB (Feb 11, 2008)

We used our friends home address (after asking them first) as our address when we opened our bank account while we were visiting Canada. Once we got our visa and went back to Canada to live their, we went to the bank to change our address. That was not a problem.

If you have no Canadian or US credit history, it can be harder to find a landlord. But we could convince the landlord by giving him 4 months rent up front (we only rented for 4 months). Some might want to have a secured cheque, which means you need all the money up front and it's blocked on your bank account to make sure your landlord will get the money.


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## colchar (Oct 25, 2011)

Auld Yin said:


> You should have a bank account yes, but if I were you I would be more concerned about finding a landlord who will rent to you without you having a Canadian credit bureau report. I trust i'm wrong but I think you'll face great difficulty.



I rented all through university and not once was my credit checked.


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## GRETZKY427 (Jan 5, 2013)

Thats what the wife and i are going to do, actually pay a full 6mths rent up front (even though from realtors directly they only require 1-2mths rent up front)


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## elliott wilde (May 14, 2013)

What about providing a landlord with your credit check from your home country. If you've never actually been to Canada, surely they can understand that any credit history will be in your own country. If I provide my United Kingdom credit report will that go any way to solving the rental issues we may face? If we provide references from our previous landlords, a UK credit report and provide first and last months rent, would that not be enough to assure a good percentage of landlords that we are honest, willing and sound tenants. 5000 people are heading to Canada on the working holiday visa and they will have to live somewhere, which reassures us somewhat


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## Auld Yin (Mar 10, 2009)

Such items might help depending on what and where you rent. Large apartment blocks are probably more stringent in their renting rules whereas someone renting an apartment in their home may be easier.


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## elliott wilde (May 14, 2013)

What about providing a landlord with your credit check from your home country. If you've never actually been to Canada, surely they can understand that any credit history will be in your own country. If I provide my United Kingdom credit report will that go any way to solving the rental issues we may face? If we provide references from our previous landlords, a UK credit report and provide first and last months rent, would that not be enough to assure a good percentage of landlords that we are honest, willing and sound tenants. 5000 people are heading to Canada on the working holiday visa and they will have to live somewhere, which reassures us somewhat


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## GRETZKY427 (Jan 5, 2013)

When ive inquired about apartments now have mentioned to me about a credit history check only that due to being a foreigner yours and your wife will need to put down 1-2mths rent straight up. Thats all that was need from us and i gave then where we are from, etc.


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## RhychelleW (Jan 25, 2013)

how lon do you think would be safe to book into a hotel/hostel while i am hunting for a place to live permanently, i was budgeting for a about 10 days but a lot have people have said book for 14 days to take it to the 1st july as apparently a lot of leases end then? 

i am nervous about over or under booking something and being out of pocket eitherway.


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## thinkering (Apr 24, 2013)

I usually have better luck finding a cheaper hotel rate when walking the ground. 

So my approach is to book one or two nights and then upgrade or downgrade or change location while I'm at the destination. That has its downsides as well... but I love the surprises and sense of adventure!


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## Auld Yin (Mar 10, 2009)

RhychelleW said:


> how lon do you think would be safe to book into a hotel/hostel while i am hunting for a place to live permanently, i was budgeting for a about 10 days but a lot have people have said book for 14 days to take it to the 1st july as apparently a lot of leases end then?
> 
> i am nervous about over or under booking something and being out of pocket eitherway.


The July 1st date applies to the City of Montreal, not Toronto.


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## RhychelleW (Jan 25, 2013)

Auld Yin said:


> The July 1st date applies to the City of Montreal, not Toronto.


well there goes that idea! i guess just biting the bullet and seeing how it goes is the only option! :fingerscrossed:


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## EVHB (Feb 11, 2008)

A lot will depend on where you want to live, and what your budget is. If you want to rent 2 bedrooms downtown Toronto with a budget of $700, you'll have a hard time. If you want to rent 3 bedrooms in Burlington with a $3,000 budget, it will be easy.


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## elliott wilde (May 14, 2013)

EVHB said:


> A lot will depend on where you want to live, and what your budget is. If you want to rent 2 bedrooms downtown Toronto with a budget of $700, you'll have a hard time. If you want to rent 3 bedrooms in Burlington with a $3,000 budget, it will be easy.


What about downtown with a budget of $1400 inc bills. A lot of listings on craiglist etc want a letter of employment included. The furthest we would want be out of town is about 15 mins on subway


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## elliott wilde (May 14, 2013)

elliott wilde said:


> What about downtown with a budget of $1400 inc bills. A lot of listings on craiglist etc want a letter of employment included. The furthest we would want be out of town is about 15 mins on subway


That is one bedroom sorry. With 350 sq feet plus, no parking


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## GRETZKY427 (Jan 5, 2013)

The wife and i are happy for up to 45mins subway/bus travel from the CBD as we are use to this in our home city anyway...we only want a 2bdr appartment, between $950-$1100 a month. Is this realistic ?


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## Auld Yin (Mar 10, 2009)

I assume CBD means Central Business District? Do you mean Toronto?


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## EVHB (Feb 11, 2008)

In Toronto? Not really. It will be hard.


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## GRETZKY427 (Jan 5, 2013)

Auld Yin said:


> I assume CBD means Central Business District? Do you mean Toronto?


Yeh the Central Bussiness District.

To put it this way could we get a 2br appartment/unit/house paying between $950-$1150/mth ? no far then 45-50mins travel by bus/subway - is this then now realistic.

And if so what suburbs would they be ? sorry i dont know one suburb from another.


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## AllisonVSC (Sep 17, 2010)

GRETZKY427 said:


> Yeh the Central Bussiness District.
> 
> To put it this way could we get a 2br appartment/unit/house paying between $950-$1150/mth ? no far then 45-50mins travel by bus/subway - is this then now realistic.
> 
> And if so what suburbs would they be ? sorry i dont know one suburb from another.


Here are a couple things I learned while settling in the TO area. Nearly 80% of all immigrants settle at least temporarily in the area. Landlords and banks are accustomed to dealing with new settlers. Public transport is fairly easy to use; so don't worry if you don't have a car. Rent is cheaper, generally speaking, the further away you are from the city center. But look around near Universities in case a student type place is coming available. If not, I suggest following the TTC green line out to Kipling Station and looking for apts within walking distance of the TTC station in that area (Etobicoke/Mississauga). Services like Apartments for Rent: Find rentals in Toronto, Edmonton, Vancouver and viewit.ca allow you to search shared accommodation, short term rentals (furnished or unfurnished) and basement apts. Many ads will mention proximity to public transport. There are lots of ways to find housing online; don't just use Craigslist or Kijiji.

You could consider renting a furnished room for a month or so upon arrival, instead of a hostel or hotel. That option (about $500-600 a month) would give you a chance to get your bearings and give you a temporary mailing address for the bank. If you do, I suggest making initial contact ONLY before hand. Don't sign or send money without viewing the place and meeting the person (might consider asking them for references too). Most areas in the city are quite safe, but do not rent in the Jane and Finch area!

Also, just so you know, Toronto is quite expensive. I don't know where you are moving from, but I was in shock at the price of food, even in grocery stores and nearly everything (goods and services) is taxed at 13%. There are lots of immigrant service centers also called settlement centers that can help you access/locate things you may need. Do check them out as well. Lots of great helpful people there.

Other helpful hints, take a copy of your credit credit. Keep you home bank accounts and credit cards open at least during the transition period if you can. You can find low cost newcomer bank accounts and credit cards (mine at RBC had a $1000 limit and a 19.99% interest rate, ouch!). If you drive get your official driving record (proof of driving for several years can help get a regular class licence without testing or restrictions) and get your claims record from your auto insurance company (this can help you lower your insurance costs...did I mention things are expensive?)

Good luck with your move!
Allison


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## ric1816 (Mar 27, 2013)

*Banking in Canada*

I am a US citizen who lives in Canada and married a Canadian. My experience has been that you cannot open a bank account in Canada without a social insurance number (Canada's equivalent to a social security number), you cannot get a social insurance number unless you have either citizenship or permanent residency. 

The way to get around that is basically either using cash or if you have a US bank debit card which you can use in place of a credit card (I have one of those from Wells Fargo). You can use it for purchases or ATM withdrawals and they will debit your account in Canadian dollars, however they will charge you a transaction fee.


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## AllisonVSC (Sep 17, 2010)

ric1816 said:


> I am a US citizen who lives in Canada and married a Canadian. My experience has been that you cannot open a bank account in Canada without a social insurance number (Canada's equivalent to a social security number), you cannot get a social insurance number unless you have either citizenship or permanent residency.
> 
> The way to get around that is basically either using cash or if you have a US bank debit card which you can use in place of a credit card (I have one of those from Wells Fargo). You can use it for purchases or ATM withdrawals and they will debit your account in Canadian dollars, however they will charge you a transaction fee.


I did not have this problem and I'm a US citizen as well. I opened a bank account before I was a resident (actually before I even applied for PR status), so check around. I certainly found that banks do not have consistent policies.


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## ric1816 (Mar 27, 2013)

Those are surprising news, seems I was misinformed by the bank I applied to. Would help if you stated which bank.


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## Auld Yin (Mar 10, 2009)

ric1816 said:


> I am a US citizen who lives in Canada and married a Canadian. My experience has been that you cannot open a bank account in Canada without a social insurance number (Canada's equivalent to a social security number), you cannot get a social insurance number unless you have either citizenship or permanent residency.
> 
> The way to get around that is basically either using cash or if you have a US bank debit card which you can use in place of a credit card (I have one of those from Wells Fargo). You can use it for purchases or ATM withdrawals and they will debit your account in Canadian dollars, however they will charge you a transaction fee.


Your comment about acquiring a SIN is incorrect. If one is in Canada legally then a SIN will be issued on application at a Service Canada outlet.


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## GRETZKY427 (Jan 5, 2013)

AllisonVSC said:


> Here are a couple things I learned while settling in the TO area. Nearly 80% of all immigrants settle at least temporarily in the area. Landlords and banks are accustomed to dealing with new settlers. Public transport is fairly easy to use; so don't worry if you don't have a car. Rent is cheaper, generally speaking, the further away you are from the city center. But look around near Universities in case a student type place is coming available. If not, I suggest following the TTC green line out to Kipling Station and looking for apts within walking distance of the TTC station in that area (Etobicoke/Mississauga). Services like Apartments for Rent: Find rentals in Toronto, Edmonton, Vancouver and viewit.ca allow you to search shared accommodation, short term rentals (furnished or unfurnished) and basement apts. Many ads will mention proximity to public transport. There are lots of ways to find housing online; don't just use Craigslist or Kijiji.
> 
> You could consider renting a furnished room for a month or so upon arrival, instead of a hostel or hotel. That option (about $500-600 a month) would give you a chance to get your bearings and give you a temporary mailing address for the bank. If you do, I suggest making initial contact ONLY before hand. Don't sign or send money without viewing the place and meeting the person (might consider asking them for references too). Most areas in the city are quite safe, but do not rent in the Jane and Finch area!
> 
> ...


A guy from Toronto has recently joined my wife place of work and he is in shock by how expensive my home city (Adelaide) is over Toronto - the cost of living...

So will i be require to apply for a SIN and get one before i start applying for work in Toronto, where can i obtain one from ?


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## Auld Yin (Mar 10, 2009)

GRETZKY427 said:


> A guy from Toronto has recently joined my wife place of work and he is in shock by how expensive my home city (Adelaide) is over Toronto - the cost of living...
> 
> So will i be require to apply for a SIN and get one before i start applying for work in Toronto, where can i obtain one from ?


Yes, you cannot work in Canada without a SIN. It's used for most Government relationships in the country. One can be obtained from a Service Canada location.

My Service Canada Account - Service Canada


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