Kitimat is a planned industrial city of about 8,500 permanent residents, located at the head of the Douglas Channel approximately 65 kilometres south of Terrace. Kitimat was built in the 1950s to house workers for the Alcan (now Rio Tinto) aluminum smelter, which remains a major employer. LNG Canada's massive liquefied natural gas export facility — Canada's largest-ever private sector project — is under construction here, bringing thousands of construction workers and dramatically reshaping the local economy.
RBC has a full-service Kitimat branch. As the LNG Canada project has ramped up, RBC has been active serving both the influx of construction workers and the Rio Tinto employees who form the permanent workforce. Mortgage financing, personal banking, and investment services are all available. High-earning LNG and smelter workers make Kitimat's RBC branch unusually active for a city of its size.
TD serves Kitimat with personal and business banking. TD is popular among LNG workers for its strong digital banking capabilities — when workers rotate off-site for breaks, they can manage finances from anywhere. TD's investment advisors help high-income workers maximize RRSP and TFSA contributions.
Scotiabank maintains a Kitimat presence serving residents and project workers. Their commercial banking team serves contractors and suppliers working on LNG Canada.
Integris Credit Union has a Kitimat branch serving permanent residents and long-term workers. For Haisla Nation members and long-standing Kitimat residents, Integris' community focus provides an alternative to the big banks. Haisla Nation has significant economic participation in LNG Canada through the Cedar LNG project (a floating LNG export terminal planned by Haisla Nation and Pembina Pipeline), and Integris supports First Nations members in managing growing economic opportunities.
Thousands of workers on the LNG Canada project are at various stages of the construction. Key financial considerations for LNG workers:
Kitimat's housing market has transformed with LNG Canada. Prices have risen from historically depressed levels (when Alcan employment was shrinking) to a competitive market. Detached homes now commonly sell for $350,000-$600,000+. All major banks and Integris offer mortgages. Workers with LNG employment income should work with a mortgage broker familiar with project-based income, as lenders treat contract employment differently than permanent employment.
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