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Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) 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 simila ...
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Government Of Canada
The government of Canada (french: gouvernement du Canada) is the body responsible for the federal administration of Canada. A constitutional monarchy, the Crown is the corporation sole, assuming distinct roles: the executive, as the ''Crown-in-Council''; the legislature A legislature is an assembly with the authority to make law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its p ..., as the ''Crown-in-Parliament''; and the courts, as the ''Crown-on-the-Bench''. Three institutions—the Privy Council ( conventionally, the Cabinet); the Parliament of Canada; and the Judiciary of Canada, judiciary, respectively—exercise the powers of the Crown. The term "Government of Canada" (french: Gouvernement du Canada, links=no) more commonly refers specifically to the executive—Minister of the Crown, ministers of the Crown (the Cabinet) and th ...
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UNI Financial Cooperation
Caisse populaire acadienne ltée, operating as UNI Financial Cooperation (french: UNI Coopération financière), is a Francophone credit union (french: caisse populaire) 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 Livain Chiasson and first president, Martin J. Légère. In 2014, the Mouvement des caisses populaires acadiennes (the Mouvement), comprising the Fédération, its supporting institutions and subsidiaries, ...
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Bank Of Credit And Commerce Canada
The Bank of Credit and Commerce International (BCCI) was an international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier. The bank was registered in Luxembourg with head offices in Karachi and London. A decade after opening, BCCI had over 400 branches in 78 countries and assets in excess of US$20 billion, making it the seventh largest private bank in the world. BCCI came under the scrutiny of financial regulators and intelligence agencies in the 1980s, due to concerns that it was poorly regulated. Subsequent investigations revealed that it was involved in massive money laundering and other financial crimes, and had illegally gained the controlling interest in a major American bank. BCCI became the focus of a massive regulatory battle in 1991, and, on 5 July of that year, customs and bank regulators in seven countries raided and locked down records of its branch offices during Operation C-Chase. Investigators in the United States and the UK determined that BCCI ...
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Principal Group
The Principal Group was a group of interrelated Canadian financial companies that collapsed in 1987, resulting in losses to an estimated 67,000 people. Losses were in recovered in part through provincial governments paying compensation, based on findings as to deficiencies in regulatory oversight.Brian BrennanPrincipal Group Collapse: The Man Who Knew" Extracted fro''Boondoggles, Bonanzas, and Other Alberta Stories'' Fifth House Publishers, 2003, as reprinted in ''Business Edge'', January 6, 2004. History The Principal Group was primarily three companies: First Investors Corporation, Associated Investors of Canada and Principal Savings and Trust Corporation. First Investors Corporation was established by Donald Cormie in 1954. The company was initially based in Edmonton, Alberta. The company sold investment contracts, which were contracts by which investors remitted monthly amounts to First Investors Corporation, in return for a promised future redemption amount, plus interes ...
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Bank Of British Columbia
There have been two British Columbian/Canadian banks with the name Bank of British Columbia. The first bank: 1862–1901 The first was established by Royal Charter in 1862, with its head office in London.Historical Essays on British Columbia'. McGill-Queen's Press – MQUP; 1980. . p. 174–. Between 1862 and 1871 it issued dollar banknotes. By 1885 it had branches in San Francisco,British Columbia. Department of Agriculture. Province of British Columbia, Canada: Its Climate and Resources; with Information for Emigrants ...'. R. Wolfenden, Government Printer; 1883. p. 108–109. Portland, Oregon (est. 1866), Victoria, British Columbia (est. 1862) and New Westminster (est. 1862). In 1889 it established a branch in Seattle. In 1901 it merged with the Canadian Bank of Commerce.Geoffrey Jones. British Multinational Banking, 1830–1990'. Clarendon Press; 1995. . p. 404–. At the time of the merger it had branches in Vancouver (est. 1886), Victoria, Kamloops, Nanaimo, Nelson, New W ...
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Northland Bank
The Northland Bank was an Alberta-based Canadian bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ... 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, 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 ...
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Canadian Commercial Bank
The 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 ...
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Crown Trust
The Crown Trust Company was an Ontario-based firm that operated in most of Canada prior to its bankruptcy, along with several other trusts, in 1983. The bankruptcies occurred when a major Canadian recession drove down speculative real estate values into which the trusts had made increasingly bad loans during a period of rising inflation and interest rates. Crown Trust, and many other Canadian financial institutions, were left with an overwhelming volume of defaulted mortgages. 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. It eventually came to be controlled by Argus Corporation. References Trust companies of Canada Defunct financial services companies of Canada {{finance-company-stub ...
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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. Owning shares in a mortgage investment corporation enables you to invest in a company which manages a diversified and secured pool of mortgages. 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. ...
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Guaranteed Investment Certificate
A guaranteed investment certificate (GIC, french: links=no, certificat de placement garanti, CPG) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks. Due to its low risk profile, the return is generally less than other investments such as stocks, bonds, or mutual funds. It is similar to a time or term deposit as it is known in other countries. Overview The rate of return on a GIC varies depending on the various factors, such as the length of the term and specified interest rates from the Bank of Canada. At the time of purchase, the rate is higher than the interest on a savings account. The return on the investment will be low if the savings interest rate becomes higher than the GIC rate of return and will be high otherwise. The principal amount is not at risk unless the bank defaults. The guarantee for GICs is provided by the Canada Deposit Insurance Corporation (CDIC) up to a maximum ...
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