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Money and Shopping in Canada
Money and Shopping in Canada
Canada's currency is the Canadian dollar (symbol: $ proper abbreviation is CAD), commonly referred to simply as a "dollar", or "buck" (slang). One dollar ($) consists of 100 cents (¢). In the 1970s, the Canadian dollar was worth more than the US dollar, but it slipped to about 66 cents US by the mid-1990s. Currency traders made jokes about the "Hudson's Bay Peso". As of January, 2011, the Canadian dollar is at par with the US dollar.
Canadian coins are of 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (rarely seen/never used), $1 (loonie) and $2 (toonie). (The penny, nickel, dime, and quarter match their U.S. counterparts in size, shape, and colour, but not in metallic composition.) Canadian notes come in $5 (blue), $10 (purple), $20 (green), $50 (red) and $100 (brown) denominations. The $1,000 (pinkish) bill has not been issued since 2000 as part of the fight against money laundering and organized crime. Although it remains legal tender, banks have been taking them out of circulation. In addition, the $1 (green/black) and $2 (terra-cotta) bills no longer circulate but are still considered legal tender.
In comparison to the United States, Canada tends to be more expensive with some things costing almost double as to what they would in the United States. Be aware that Canada sells fuel (gasoline, diesel, etc.) in liters, as opposed to gallons. However, as of August 2009, many of the goods on sale in Canada have a price equivalent to that of the United States when the exchange rate is taken into account. American prices have surged due to the world economic crisis, and most US products are far more expensive than they were a year ago. A sweater on sale in the United States that costs US$40 will typically be valued at C$50, which is approximately the same(As of March 2011 this is no longer true). When you factor in cross border duties and taxes, the sweater will actually be cheaper in Canada. While many Canadians are under the impression that shopping south of the border is less expensive, as of late, it has been cheaper to shop in Canada. Beer is generally stronger in Canada than in the United States, but in some provinces such as Quebec, it can be cheaper than neighbouring US states such as New York. There are now many microbreweries across the country, many with restaurants and pubs on premises; some of these are permitted to sell beer and cider on site.
The Most Frequently Asked Travel Questions about Canada
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Canada Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.