COMMERCE 4FP3 Lecture Notes - Lecture 4: Financial Institution, Canadian Imperial Bank Of Commerce, Mutual Fund
6 Jul 2018
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Explain how to choose a financial institution. Describe how to choose a savings alternative. Financial institutions that accept deposits and provide loans to individuals & businesses. In canada there are over 3000 companies. Non-depository institutions: these provide some financial services, but are not insured or regulated by the federal deposit corporation. Ex. finance and lease companies, investment dealers, mortgage companies, insurance companies, mutual fund companies, cash chequing outlets, payday loan companies and pawn shops. Schedule ii: foreign banks with subsidiaries operating in canada (ex. Canada, which is now owned by scotiabank and called tangerine) Schedule iii: subsidiaries of foreign banks that are restricted in their authority to accept deposits (ex. Financial institutions that accept deposits and use these deposits to provide businesses with loans. These deposits are insured by the cdic for up to ,000 per depositor. Banks provide services in personal banking, business banking, international banking, investing, insurance, wealth management and trust management.
