Everyday English · Money in Canada: paying at a store checkout with coins, bills or a card, getting change and a receipt, and using a bank to deposit, withdraw and save.
Money & the Bank: 16 Everyday English Words
Learn everyday money words such as loonie, toonie, change, receipt, tax, deposit and savings, and talk about paying at a store and using a bank.
What to do
Money is part of many daily trips: buying a snack, paying for a haircut, or putting birthday money in the bank. In Canada, people use coins, paper or plastic bills, and cards or phones. The dollar is divided into 100 cents.
The coins have names you will hear often. A loonie is one dollar, and it has a loon on it. A toonie is two dollars. A quarter is 25 cents, a dime is 10 cents and a nickel is 5 cents. The penny is no longer made in Canada, but you may still see old ones.
At the checkout, the cashier tells you the total. It is the price plus tax. If you pay with a bill that is bigger than the total, you get change. Ask for a receipt if you may need to return something.
A bank keeps money safe. You can deposit money, withdraw it, and keep savings in an account. A PIN is a secret number for your bank card, so never share it. These words are here so you understand them when you hear them, not to memorise in one day.
Core everyday words
money
noun · MUN-eecoins, bills and other things people use to pay for what they buy
Example: We need money to buy groceries.
coin
noun · koyna small, round, flat piece of metal money
Example: She found a coin under the couch.
loonie
noun · LOO-neethe Canadian one-dollar coin, which has a loon on it
Example: A loonie is worth one dollar.
toonie
noun · TOO-neethe Canadian two-dollar coin
Example: I paid for the juice with a toonie.
bill
noun · bila piece of paper or plastic money, such as a $5 or $20 bill
Example: He gave the cashier a $20 bill.
price
noun · prisethe amount of money you must pay for something
Example: The price is on the tag.
cash
noun · kashmoney in coins and bills, not a card
Example: Do you want to pay with cash or a card?
change
noun · chaynjthe money a cashier gives back when you pay more than the price
Example: The cashier gave me two dollars in change.
receipt
noun · rih-SEETa small paper or message that shows what you bought and what you paid
Example: Keep the receipt in case you need to return it.
tax
noun · taksextra money added to a price that goes to the government
Example: The tax is added at the checkout.
bank
noun · banka business that keeps people’s money safe and lets them save and borrow
Example: My mom went to the bank on Friday.
account
noun · uh-KOWNTa record at a bank of the money that belongs to you
Example: Dad has a savings account at the bank.
deposit
verb / noun · dih-POZ-itto put money into a bank account; the money you put in
Example: I will deposit my birthday money.
withdraw
verb · with-DRAWto take money out of a bank account
Example: She withdrew twenty dollars from the machine.
savings
plural noun · SAY-vingzmoney you keep to use later instead of spending it now
Example: He is adding to his savings for a new bike.
allowance
noun · uh-LOW-unssmoney some parents give a child each week or month
Example: Her allowance is five dollars a week.
Recognise the word
Recognise the word
Choose the meaning or the word that fits.
1. What is a toonie?
- a Canadian one-dollar coin
- a Canadian two-dollar coin
- a coin worth ten cents
- a two-dollar bill
2. You pay with a $5 bill for a $3 snack. What is the money the cashier gives back called?
- change
- a receipt
- tax
- savings
3. What does a receipt show?
- how much money is in your bank account
- a coupon that takes money off next time
- the price of everything in the store
- what you bought and how much you paid
4. Which word means to put money into a bank account?
- withdraw
- tax
- deposit
- price
5. What is tax at a store checkout?
- extra money added to the price that goes to the government
- money the cashier gives back
- a discount for paying with cash
- money a child gets each week
6. What does withdraw mean at the bank?
- to put money into an account
- to earn extra money
- to pay the tax
- to take money out of an account
Use the word in a situation
Use the word in a situation
Pick the word that fits the scene.
7. “The jacket has a ___ of $40 on the tag.”
- price
- savings
- deposit
- allowance
8. “I do not have a card, so I will pay in ___.”
- tax
- cash
- a receipt
- an account
9. “Leo gets a weekly ___ of $5 for helping at home.”
- deposit
- receipt
- tax
- allowance
10. “Maya puts two dollars a week into her savings.” What is she doing?
- buying something right away
- paying tax on a purchase
- keeping money to use later
- getting change from a cashier
11. In Canada, which of these is a bill?
- a loonie
- a $20 note
- a toonie
- a quarter
Quick-check answers
- 1. a Canadian two-dollar coin
A toonie is the Canadian two-dollar coin. The one-dollar coin is a loonie, a dime is ten cents, and in everyday Canadian shopping two dollars is a coin, not a bill. - 2. change
Change is the money handed back when you pay more than the price. A receipt is the paper that shows the sale, tax is added to the price, and savings is money you keep. - 3. what you bought and how much you paid
A receipt records one purchase. A bank balance is on a bank statement, a coupon is a different paper, and a store does not list every price on a receipt. - 4. deposit
To deposit is to put money in. To withdraw is the opposite, taking money out. Tax and price are about buying things in a store. - 5. extra money added to the price that goes to the government
Tax is added to the price and goes to the government. Money handed back is change, a discount lowers the price, and a weekly payment to a child is an allowance. - 6. to take money out of an account
To withdraw is to take money out. Putting money in is deposit, and earning or paying tax are different ideas. - 7. price
The price is the amount you must pay. Savings and allowance are money a person keeps or is given, and a deposit goes into a bank. - 8. cash
Cash means coins and bills. Tax is added to the price, a receipt is the paper you get after paying, and an account is kept at a bank. - 9. allowance
An allowance is money some families give a child regularly. A deposit is money put in a bank, a receipt is paper from a store, and tax goes to the government. - 10. keeping money to use later
Savings are money you keep for later. Buying right away is spending, tax is paid at a store, and change comes from a cashier. - 11. a $20 note
A bill is paper or plastic money, such as a $20 note. A loonie, a toonie and a quarter are all coins.