- What is the Canadian financial system and its function?
The Canadian financial system is banks, financial marketers, and insurers, which promote Canada’s economic and financial welfare. Its functions include; they conduct and publish research and analysis, develop and implement policy, help in the provision of services in central banks, and act as the resolution authority for the important financial market.
- What are the tools that are being used to regulate the money supply?
The tools used to regulate money supply are; discount rates, operations in the open market, reserved requirements, interests on reserves, and federal funds.
- What is the financial system cast of characteristics in Canada?
Canada’s financial system cast of characteristics was formed on chartered banks, insurance companies, trust and mortgage company loans, co-operative credit movements, and dealers in security.
- Which Canadian banks provide personal loans, house mortgage?
The banks which offer personal loans and house mortgage are; Mogo bank, Fairstone bank, and Meridian bank.
- What are the non-banks institutions, and I need examples in Canada?
Non-bank institutions which do not accept deposit from the public because it lacks full banking license. Canadian non-banking institutions include; Mortgage finance corporations, leasing companies, financial companies, and mortgage investment corporations.
- How did e-banking/online banking developed in Canada?
The development of online banking in Canada started in 1996where Montreal’s.mbanx was the first to use internet service. In the same year, RBC released computer banking software, and it started providing information online. In 1997, ING Direct Canada was formed with online banking. In the 2000s, all major banks in Canada were now operating online.
Reference
Williams, T. (2007). Empowerment of whom and for what? Financial literacy education and the new regulation of consumer financial services. Law & Policy, 29(2), 226-256.