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Province Of Ontario Savings Office
The Province of Ontario Savings Office (POSO) was a financial institution established by the Government of Ontario, Canada in 1922 to provide a government-owned alternative to banks. The POSO was closed in 2003 when its assets were sold to the Quebec-based Desjardins Group cooperative of ''caisses populaires'' (credit unions) to form Desjardins Credit Union. In 2011, Desjardins Credit Unions in Ontario were transferred to Meridian Credit Union. History The Savings Office was created by the United Farmers of Ontario government of Premier Ernest C. Drury to provide loans to farmers and other small borrowers who traditionally had limited access to credit, as well as to offer savings accounts paying interest on small deposits, something Canadian chartered banks at the time did not do. POSO's authority to make loans was withdrawn by Premier Howard Ferguson's Conservative government that took office in 1923, and the institution's operations were effectively reduced to that of a gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crown Agency (Ontario)
Crown corporations in Canada are government organizations with a mixture of commercial and public-policy objectives.Tupper, Allan. 2006 February 7.Crown Corporation" ''The Canadian Encyclopedia'' (last edited 2021 March 18). Retrieved 2021 May 19. They are directly and wholly owned by the Crown (i.e. the government of Canada or a province). Crown corporations represent a specific form of state-owned enterprise. Each corporation is ultimately accountable to (federal or provincial) Parliament through a relevant minister for the conduct of its affairs. They are established by an Act of Parliament and report to that body via the relevant minister in Cabinet, though they are "shielded from constant government intervention and legislative oversight" and thus "generally enjoy greater freedom from direct political control than government departments." Crown corporations are distinct from "departmental corporations" such as the Canada Revenue Agency. Crown corporations have a long-stan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Deposit
Demand deposits or checkbook money are funds held in demand accounts in commercial banks. These account balances are usually considered money and form the greater part of the narrowly defined money supply of a country. Simply put, these are deposits in the bank that can be withdrawn on demand, without any prior notice. History In the United States, demand deposits arose following the 1865 tax of 10% on the issuance of state bank notes; see history of banking in the USA. In the U.S., demand deposits only refer to funds held in checking accounts (or cheque offering accounts) other than NOW accounts; however, in a 1970s and 1980s response to the 1933 promulgation of Regulation Q in the U.S., demand deposits in some cases came to allow easier access to funds from other types of accounts (e.g. savings accounts and money market accounts). For the historical basis of the distinction between demand deposits and NOW accounts in the U.S., see Negotiable order of withdrawal account#H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of Canada
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 team members. 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 institutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Desjardins Credit Union
The Desjardins Credit Union was an autonomous Ontario credit union whose creation was funded by the Desjardins Group in a 2003 buyout of the Province of Ontario Savings Office . As of 2010, the credit union had 50,000 members and CDN$1.4 billion in assets. The company had 19 branches in Ontario and six agencies with a total of approximately 50,000 members. On June 1, 2011, Desjardins Credit Union merged with Meridian Credit Union. A new and similarly-named institution, the Desjardins Ontario Credit Union, was formed 1 January 2020 with the merger of 11 Ontario Desjardins-affiliated credit unions, along with its federation, into one credit union insured by the FRSAO. That credit union is a going concern, with 50 branches and 130,000 members. References Meridian Credit Union 2003 establishments in Ontario 2011 disestablishments in Ontario Credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Deficit
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression. It is a central point of controversy in economics, as discussed below. Controversy Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to compensate for the shortfall in aggregate demand, but should run surpluses in boom tim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Union Of Public And General Employees
The National Union of Public and General Employees (NUPGE) is a Canadian trade union. Taken in total it is the second largest union in Canada. Most of its 425,000 members work in the provincial public service sector. There is also a large and growing number of members who work for private businesses. Its mission is to monitor provincial and federal labour laws and developments as well as analyse restructuring of social programs and public services. The National Union reports on and contributes to legislation affecting the Canadian workplace. It gives its members a national presence through participation in the Canadian Labour Congress (CLC) and internationally through Public Services International (PSI). The 12 component unions are: * British Columbia Government and Service Employees' Union (BCGEU) * Health Sciences Association of British Columbia (HSA of BC) * Health Sciences Association of Alberta (HSAA; joined 2003) * Saskatchewan Government and General Employees' Union (SGEU ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ontario Public Service Employees Union
The Ontario Public Service Employees Union (OPSEU; french: Syndicat des employés de la fonction publique de l'Ontario EFPOlink=no) is a trade union representing public sector employees in the province of Ontario, Canada. It claims a membership of approximately 180,000 members. OPSEU was established in 1975 as the successor union to the former Civil Service Association of Ontario, which was founded in 1911. In 1979, OPSEU affiliated with the Canadian Labour Congress, the National Union of Public and General Employees, and the Ontario Federation of Labour. OPSEU is affiliated to several labour councils across Ontario. The current President is JP Hornick, who was elected to the position in April 2022. The labour expertise of President Hornick is recognized by her long-term role as a coordinator of the School of Labour at George Brown College. Hornick won election by beating out three other candidates for the position at the 2022 OPSEU/SEFPO Convention. Laurie Nancekivell is t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jim Flaherty
James Michael Flaherty (December 30, 1949 – April 10, 2014) was a Canadian politician who served as the federal minister of finance from 2006 to 2014 under Conservative Prime Minister Stephen Harper. First elected to the Legislative Assembly of Ontario in 1995 under the Progressive Conservative (PC) banner, Flaherty would sit as a member of Provincial Parliament (MPP) until 2006, also serving in a number of Cabinet positions from 1997 to 2002 during Premier Mike Harris' government. He unsuccessfully ran for the PC leadership twice. Flaherty entered federal politics and ran for the Conservative Party in the 2006 election. With his party forming government, Prime Minister Harper named Flaherty as finance minister. As finance minister, Flaherty cut the goods and services tax from 7 percent to 5 percent, introduced the tax-free savings account, and combatted the 2008 financial crisis; the $55.6 billion deficit from the crisis was eliminated in 2014 as a result of major spe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Minister
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, " Chancellor of the Exchequer". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries: * in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank); * in some countries the finance minister might be assisted by one or more other ministers (some supported ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget
A government budget is a document prepared by the government and/or other political entity presenting its anticipated tax revenues (Inheritance tax, income tax, corporation tax, import taxes) and proposed spending/expenditure (Healthcare, Education, Defence, Roads, State Benefit) for the coming financial year. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. Through this budget, the government implements economic policy and realizes its program priorities. Once the budget is approved, the use of funds from individual chapters is in the hands of government ministries and other institutions. Revenues of the state budget consist mainly of taxes, customs duties, fees and other revenues. State budget expenditures cover the activities of the state, which are either given by law or the constitution. The budget in itself does not appropriate funds for government programs, hence need for additional legislative measur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ontario Savings Bond
Ontario Savings Bonds (OSBs) were bond securities offered by the province of Ontario from 1995 to 2018. Unlike the Canada Savings Bond, OSBs were sold only to residents of Ontario, and their principal and interest were backed by the Province of Ontario. The OSBs were available from financial institutions, credit unions, caisses populaires and investment dealers. The Government of Ontario discontinued the sale of future Ontario savings bonds after 2018. All current bonds will continue to be honoured. Types of Bonds There were three types of savings bonds offered by the province. The variable-rate bond was a three-year bond that had its interest rate reset every six months (prior to 2009) or every year (since 2009). The step-up bond was a five-year bond that had an interest rate that increased every year until maturity. Finally, there were three different terms of fixed-rate bond, a 3-year, 7-year, and 10-year, each with interest rates that were unchanging throughout their term. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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