Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC; ) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks (and other member institutions) up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the ''Cooperative Credit Associations Act'' that take deposits. History The Canada Deposit Insurance Corporation was created 4 March 1967 (under Schedule III, Part 1 of the '' Financial Administration Act'' and ''Canada Deposit Insurance Corporation Act''). It is similar to the Federal Deposit Insurance Corporation i ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Government Of Canada
The Government of Canada (), formally His Majesty's Government (), is the body responsible for the federation, federal administration of Canada. The term ''Government of Canada'' refers specifically to the executive, which includes Minister of the Crown, ministers of the Crown (together in Cabinet of Canada, the Cabinet) and the Public Service of Canada, federal civil service (whom the Cabinet direct); it is Federal Identity Program, corporately branded as the ''Government of Canada''. There are over 100 departments and agencies, as well as over 300,000 persons employed in the Government of Canada. These institutions carry out the programs and enforce the laws established by the Parliament of Canada. The Structure of the Canadian federal government, federal government's organization and structure was established at Canadian Confederation, Confederation, through the ''Constitution Act, 1867'', wherein the Canadian Crown acts as the core, or "the most basic building block", of its ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Bank Of British Columbia
Two Canadian banks have been named the Bank of British Columbia. The first bank: 1862–1901 The first one was established by Royal Charter in 1862, with its head office in London. Between 1862 and 1871, it issued dollar banknotes. By 1885, branches operated in San Francisco, Portland (est. 1866), Victoria (est. 1862) and New Westminster (est. 1862). In 1889, a branch was established in Seattle. In 1901, it merged with the Canadian Bank of Commerce. At the time of the merger, branches existed in Vancouver (est. 1886), Victoria, Kamloops, Nanaimo, Nelson, New Westminster, Rossland, Sandon, San Francisco, Portland, and London. Banknotes There remains $48,797 in outstanding banknotes from the bank of British Columbia, in $1, $5, $10, $20 and $50 denominations. The bills were issued from 1863 to 1894 and in the 1970s they brought anywhere from $500 to $1,500 per bill on the collector's market. Architecture In British Columbia, the Victoria branch was built in 1885 and was designa ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Northland Bank
Northland Bank was an Alberta-based Canadian bank that failed in 1985. It was incorporated in 1974. It failed and was closed by the Canadian government shortly after the failure, also in 1985, of the Canadian Commercial Bank. The failures of both banks were the subject of a Commission of Inquiry headed by Supreme Court of Canada Justice Willard Estey Willard Zebedee "Bud" Estey (October 10, 1919 – January 25, 2002) was a Canadian justice of the Supreme Court of Canada. Estey was born in Saskatoon, Saskatchewan. He was the son of James Wilfred Estey, a puisne justice of the Supreme Co ..., who issued his report in 1986. References Further reading * Banks established in 1974 Defunct banks of Canada Bank failures Banks disestablished in 1985 1974 establishments in Alberta 1985 disestablishments in Alberta Canadian companies disestablished in 1985 Canadian companies established in 1974 {{Canada-corp-stub ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Canadian Commercial Bank
Canadian Commercial Bank (CCB) was a bank based in Edmonton, Alberta, Canada, which failed in 1985. It received its parliamentary charter in 1975 and established its head office in Edmonton. The bank was privately owned and operated as a wholesale commercial bank. History The Canadian Commercial Bank officially began operations in July 1976, with CDN$22 million of capital. From 1976 to 1982, it operated profitably—usually in the top quartile of Canadian banking. It built a new headquarters in Edmonton, the Canadian Commercial Bank Tower in 1982. In early 1985, after investing heavily in real estate and energy sector companies, the bank became insolvent during a period of rising interest rates and a falling Canadian dollar. The federal government arranged a $255 million bailout ($ billion today) in an effort to keep the failing institution afloat. In spite of this, the bank ceased operations on September 3, 1985. It was the largest bank failure in Canadian history and the f ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Crown Trust
The Crown Trust Company was an Ontario-based firm that operated in most of Canada prior to its collapse in 1983. History In January 1946, the Trust and Guarantee Company Limited acquired Crown Trust. For one year it operated under the name the Crown Trust and Guarantee Company. In December 1947 it was renamed the Crown Trust Company. References Trust companies of Canada Defunct financial services companies of Canada {{finance-company-stub ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Mortgage Investment Corporation
Requires updating to reflect the current Income Tax Act and the growth of MICs that trade on the TSX. A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Shares of a MIC are qualified investments under the Income Tax Act (Canada) for RDSPs, RRSPs, RRIFs, TFSAs, or RESPs. Mortgage investment corporations are generally provincially registered and licensed, with the management of the mortgage fund under the direction of provincially licensed mortgage brokers and real estate agents. A MIC mortgage portfolio can include everything from small second mortgages on residential property to commercial and development mortgages on new projects. Every investment is typically based on a thorough investigation of the property. A typical MIC loan (ideally) should never exceed a specified percentage (typically from 60% to 85%) of the current value of the property. Compare ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Government Of Alberta
The Government of Alberta () is the body responsible for the administration of the Provinces and territories of Canada, Canadian province of Alberta. In modern Canadian use, the term ''Government of Alberta'' refers specifically to the executive—political Minister of the Crown, ministers of the Crown (the Cabinet/Executive Council) who are appointed on the Advice (constitutional), advice of the Premier of Alberta, premier. Ministers direct the Nonpartisanism, non-partisan civil service, who staff ministries and agencies to deliver government policies, programs, and services. The executive corporately brands itself as the ''Government of Alberta'', or more formally, His Majesty's Government of Alberta (). Alberta operates in the Westminster system of government. The political party or coalition that wins the largest number of seats in the legislature forms government, and the party's leader becomes premier of Alberta and ministers are selected by the premier. Role of the Crown ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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ATB Financial
ATB Financial is a financial institution and Crown corporation wholly owned by the province of Alberta, the only province in Canada with such a financial institution under its exclusive ownership. Originally established as Alberta Treasury Branches in 1938, ATB Financial operates only in Alberta and provides financial services to over 800,000 Albertan residents and businesses. It is the largest public bank in North America and Alberta’s largest financial institution based in the province. Headquartered in Edmonton, ATB Financial has over 5000 employees. ATB is not a chartered bank, meaning it is not regulated by the Canadian federal government under the '' Bank Act'' and associated regulations. ATB is instead regulated entirely by the Government of Alberta under the authority of the ''ATB Financial Act'' and associated regulations; the legislation is modeled on the statutes, regulations, and guidelines which govern banks and other federally chartered financial institutions. ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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UNI Financial Cooperation
Caisse populaire acadienne ltée, trade name, operating as UNI Financial Cooperation (), is a Francophone credit union () based in New Brunswick, Canada whose members are primarily Acadians. UNI's administrative headquarters are in Caraquet on the Acadian Peninsula. The Fédération des caisses populaires acadiennes (the Fédération) was founded on December 3, 1946, shortly after the New Brunswick Credit Union League, created in 1938 as part of the popular Antigonish Movement, was divided into two separate entities. Factors that have contributed to the Mouvement's success were the catastrophic economic situation during the Great Depression, the minority status of the Acadians, and the dedication of its proponents, who included :fr:Livain Chiasson, Livain Chiasson and first president, :fr:Martin J. Légère, Martin J. Légère. In 2014, the Mouvement des caisses populaires acadiennes (the Mouvement), comprising the Fédération, its supporting institutions and subsidiaries, adopt ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Credit Union
A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (checking account, cheque accounts), credit cards, Credit (finance), credit, share term certificates (Certificate of deposit, certificates of deposit), and online banking. Normally, only a member of a credit union may deposit account, deposit or loan, borrow money. In several African countries, credit unions are commonly referred to as ''SACCOs'' (''savings and credit co-operatives''). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 millio ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |