Is "nous" and "on" the same meaning? Is there a specific situation on when to use which?

Bonsoir, Carlos.

Nous = we (specific)
on = one, people, you, they, colloqual "we"= more nonspecific

We're going to school tomorrow. = Nous allons demain à l'école.

One goes to school tomorrow. = On va demain à l'école.

Mme