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Sending Money

Cash should never be sent through the mail. A certified cheque or money order is much safer. Money orders can be purchased at the post office or at the bank. Funds can also be wired through a private money order or a secure e-mail money transfer, which is offered by most Canadian banks.

Borrowing Money

Borrowing money to make a large purchase, such as a car or a real estate property, requires consumers to obtain approval based on their Canadian credit history.

Before borrowing money, consumers must ensure they understand the terms of the borrowing agreement, such as how and when repayment is due. The following questions may be relevant:

  • Can extra payments be made?
  • What happens if a payment is missed?
  • How much interest will be charged?
  • Is there a penalty for paying off the loan early?

Mortgage loans can be used to purchase real estate. More information about buying properties, renewing or renegotiating a mortgage and borrowing on home equity can be found on the website of the Financial Consumer Agency of Canada.