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The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. [9] ATB Financial , a financial institution owned by the Government of Alberta , and Canada's many credit unions, are not included in this list.
The bank was required to provide to the Minister of Finance each Wednesday a statement of assets and liabilities, which was published the following week in the Canada Gazette. The bank became a government-owned corporation in 1938. [12] Amendments to the Act allowed the Bank of Canada to divide the capital of the bank into one hundred thousand ...
The Bank of Canada (BoC; French: Banque du Canada) is a Crown corporation and Canada's central bank. [4] Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, [5] and for the promotion of a safe and sound financial system within Canada. [6]
Examples include AMEX Bank of Canada, Bank of China (Canada), Citibank Canada, HSBC Bank Canada, ICICI Bank Canada and Walmart Canada Bank. Like the Schedule I banks, the Schedule II banks are incorporated under the Bank Act. [20] Schedule III: Foreign banks permitted to carry on business in Canada.
[87] [90] A revision to the Bank Act in 1944 provided that the banks could not issue or reissue notes after the end of 1944, except outside Canada. [87] [91] The last note issued by a chartered bank for use in Canada was a five-dollar note issued by the Royal Bank of Canada in 1943. [92] The old banknotes were gradually withdrawn from circulation.
In 2007, the Government of Canada provided FCAC with an additional $3 million for the creation of the Financial Literacy Initiative. In 2009, new federal legislation gave FCAC oversight over payment card network operators. On July 11, 2010, amendments to the Financial Consumer Agency of Canada Act further expanded FCAC’s role in four areas:
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Narcotic Control Act, 1961; Canada Labour Code, 1967; Criminal Law Amendment Act, 1968–69; Arctic Waters Pollution Prevention Act, 1970; Consumer Packaging and Labeling Act, 1970; Weights and Measures Act, 1970; Divorce Act, 1968 - replaced by Divorce Act, 1985; Canada Wildlife Act, 1973; National Symbol of Canada Act, 1975; Anti-Inflation ...