BUSI 1600U Chapter Notes - Chapter 18: Canada Deposit Insurance Corporation, Guaranteed Investment Certificate, Commercial Bank
Document Summary
Chapter 18: the financial services industry in canada. Credit unions non-profit, member-owned financial co-operatives that offer a full variety of banking services to their members. Trust company a financial institution that can administer estates, pension plans, and agency contracts, in addition to other activities conducted by banks. Non-banks financial organizations that accept no deposits but offer many services provided by regular banks. Examples: pension funds, insurance companies, brokerage houses. Pension funds amounts of money put aside by corporations, non-profit organizations or unions to cover part of the financial needs of their members when they retire. Life insurance companies provide financial protection for policyholders, who periodically pay premiums. Commercial and consumer finance companies offer short-tern loans to businesses or individuals who either cannot meet the credit requirements of regular banks or have exceeded their credit limit and need more funds. Every day across the country, consumers, businesses, and governments depend on the products provided by financial institutions.
