Tegretol IS licensed in Canada for the treatment of bipolar disorder- just not as a first line treamtnet and usually in combination with other things.
I'm on Carbamazepine and Seroquel for bipolar.
For me the side effects have been very few- I often feel rather sedated in the morning but as the day goes on this wears off, it has helped keep my mania and depression from reaching the same heights as before but in turn can make me feel rather zombified (like I don't connect as well to emotions). I also felt a bit nauseated at first.
As it has only been a few days I wouldn't worry too much- that all sounds normal and you need to give it a good couple of months to really judge if it is working. I found switching to the modified release version helped me with some side effects.
Good luck and take care.
And to that other replier- I suggest you do a literature search, there are plenty of studies that prove carbamazepine to be efficacious in management of bipolar- both in monotherapy but particularly in combination with something else. A psychology degree (a bachelor of ARTS one no less) has no bearing on medication knowledge.
Edit: I actually have a BSc in Psychology (hence knowing that that degree does not qualify you to make judgements on a doctor's prescribing skills), a PG Diploma in Mental Health Nursing and am a year into DClinPsy. But being as educated as you are you would know not to assume that a bipolar diagnosis automatically means you can't succeed in a education/career... I'm not sure why I'm bothering to justify myself though to someone who believes they can back up their incorrect knowledge on medication with a quip about which side of the road you drive on. You really are a moron.
P.S. - a quote from Health Canada - 'TEGRETOL* is indicated for the treatment of epilepsy, either alone or in combination with other anticonvulsant drugs. TEGRETOL* is also indicated for the symptomatic relief of pain of trigeminal neuralgia, as well as in the treatment of acute mania and prophylaxis treatment in bipolar (manic-depressive) disorders (as monotherapy or as an adjunct to lithium).' (http://www.hc-sc.gc.ca/dhp-mps/medeff/advisories-avis/prof/_2008/tegretol_hpc-cps-eng.php )