Online Guide for Newcomers to Prince Edward Island, Canada

Canadian Money

Canadian currency is called the dollar ($), and it comes as paper money (bills or banknotes) and coins. There are 100 cents (¢) in one dollar.

Bills are printed in $5, $10, $20, $50, and $100 denominations, and coins are made in 5¢, 10¢, 25¢, 50¢, $1 and $2 amounts.

Canadians like to use nicknames for each of the coin denominations:

5 cents
5 cents
nickel
10 cents
10 cents
dime
25 cents
25 cents
quarter
50 cents
50 cents
1 dollar
1 dollar
loonie
2 dollars
2 dollars
toonie

Ways to Pay

In Canada there are many ways to buy goods and services and pay bills. You can use cash, cheques, money orders, credit cards, debit cards or online banking.

Cash

Bills and coins are called cash. In Canada some people do not use or carry cash with them. Still, there are some small businesses which take payments in cash only or do not accept large bills, like $50 or $100.

Cheques

If you have a checking account in a bank, you can use cheques as means of payment. Some businesses do not accept personal cheques. Most businesses take cheques if you show your identification.

Money Orders

A money order is a payment order for a specified amount of money, which can be bought at a post office or bank for a small fee. Because it is required that the funds are prepaid for the amount shown on it, money order is a more trusted method of payment than a personal cheque.

Credit Cards

Using credit cards allows you to buy something today and pay for it later, like a loan. If you do not pay the full amount you owe each month, interest is charged on the amount you still owe.

Debit Cards

Debit cards are connected to your bank account. You can use them to:

  • make deposits in the bank
  • withdraw cash from your bank account
  • pay bills
  • check your account balance
  • pay for goods and services

Online Banking

Online banking is a convenient way to pay using secure websites operated by banks and other financial institutions over the Internet.

We have made every effort to ensure that the information in this Guide is accurate and up-to-date. If you find of any errors or omissions, please contact us.