College 101: Your Finances

College 101: Banking in Canada

The banking system in Canada is divided into a two-tier system. Each bank offers student accounts and their own perks. Choose a bank that’s the most convenient for you.

Tier One:

Consists of Canada’s 5 largest banks, often referred to as “The Big Five.”

• Royal Bank of Canada (RBC)

• Toronto-Dominion Bank (TD)

• Bank of Montreal (BMO)

• Bank of Nova Scotia (Scotiabank)

• Canadian Imperial Bank of Commerce (CIBC)

Tier Two:

Smaller banks that often only have a few physical locations.

• National Bank of Canada

• HSBC Bank Canada

• Tangerine

• Canadian Western Bank Equitable Bank

College 101: Opening a Bank Account

Banks are a safe place to keep your money. You will need a bank account to make payments, pay for tuition and to safeguard your money.

Open Your Bank Account

Tell the bank you're a student: Student accounts usually have low or no fees. Check out this post to learn more.

Bring your ID: Domestic students need any 2 pieces of government issued ID. International students need passport and Sheridan Enrollment Letter. Learn more about opening an account.

Chequing Account:

This type of account is used for everyday banking and to pay bills. Talk with your bank to determine the features of your chequing account.

Savings Account

This type of account is used to put money away for the future, not for day-to-day expenses.

Talk to your bank to determine which savings account is right for you.

College 101: How to Manage Your Money

Create a Budget

Be aware of your incoming funds, and your expenses. Check out this video for more tips.

Track Payment Deadlines

Be aware of when and how much is due for your tuition fees and other bills. This will help you plan better and avoid missing deadlines.

Connect for Support

The Financial Aid and Awards Office can assist you with any questions you have about your finances or financial aid. Email at fin.aid@sheridancollege.ca.

Apply for Awards

Apply for awards, scholarships and bursaries by filling out the General Online Awards Application.

Open a Bank Account

Setting up your own bank account provides you with services and flexibility to access your money in Canada. To learn more about how to open a Student Bank Account, check out this post.

Be Aware of Scams

Be careful when sharing your personal and financial information, especially if doing so over the phone or computer. If in doubt, ask us.

For more information, check out this post on Financial Wellness.

College 101: How to be Thrifty

Life is expensive. Here are some ways you can save money.

Rent or Borrow Textbooks

• Renting textbooks online can be more affordable

• Buy or borrow a textbook from a student who took the course already.

Online Options

• Amazon Warehouse Deals

• Online marketplaces like Kijiji and Facebook Marketplace

• Buy Nothing groups are online communities where people offer items they no longer use for free

Always use precaution when buying or collecting an item from someone you’ve met online. Check out the advice from Peel Police and Halton Regional Police.

Buy Secondhand

• Secondhand can be a great option to buy clothes, kitchen items or home goods at a low cost.

Popular thrift stores include:

• Value Village

• Goodwill

• Talize

• Habitat ReStore

Campus Resources

• The Mission Zero Freeuse Pop up Shop lets you “shop” for free goods others have donated

• The Dress for Success program offers free clothing

• If you’re experiencing food insecurity, check out the SSU’s Food First program Find where you can get free menstruation products on campus

College 101: Student Perks

Student Discount Programs

SPC

• Exclusive student deals and discounts for $11.99/year!

UNiDAYS

• Free membership to exclusive offers.

Transit Discount

PRESTO

• Full-time post-Secondary students can save 40%* with PRESTO on GO.

Air Canada Student Flight Pass

• Pre-paid bundle of one-way trip credits with the Student Flight Pass.

Computers & Electronics

Apple Education Pricing.

Microsoft Education Store.

Subscriptions

Amazon Prime: After your 6-month free trial, pay only $4.99/month.

Spotify: After your 1-month free trial, pay only $5.99/month.

Sheridan Onecard

Follow Onecard on Instagram and Facebook to learn about exclusive discounts and promotional events for the Sheridan community.

SSU Perk Partners

Primus: Save up to 30% on unlimited Internet plans.

Hello Fresh: Get easy-to-prepare meals delivered right to your door.

Full Perk Partners on SSU website!

College 101: Internet & Cellphone Plans

Canada has some of the most expensive internet and data plans.

Choose the plan that’s right for your budget.

CHOOSING AN INTERNET PLAN

• Consider how many people will be using it

• Know how will you use it (web-browsing, streaming, gaming, etc.)

• Check who offers service for your address

WAYS TO SAVE MONEY

• Student discount offers

• Providers with both internet and cellphone plans may have deals if you bundle (buy both)

• If you already have a cellphone, you may save money by using that and just getting a SIM card instead of buying a new phone.

CHOOSING A CELLPHONE PLAN

• Know your call and texting needs

• Consider how much data you will need

• Check the provider’s coverage map

AVOID ADDITIONAL CHARGES

• Read and understand your plan

• Data overage charges are very expensive! Use wifi instead of cellphone data whenever possible

• Use your home and campus wifi

• Set data limits in your phone settings

• Use alternative services for international calls