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Answers of Questions posted in the assignment 2

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Answers of Questions posted in the assignment 2

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This Image explains the economic growth rate. The economical growth rate is depend on the GDP. GDP means gross domestic products, it includes the goods and services produced in the Canadian economy. The GDP is measured yearly or quarterly. From this overall the economy of few years explained.

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This image explains about the mortgage rates increased or decreased from 1935 to today. Mortgage rates are depends on the prime rates. If prime rate increases then mortgage also increases and vice-versa. Right now the prime of Bank of Canada is 3.95%.

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It tells us the information regarding the monetary policy of Bank of Canada like as the commitment to stable the economy of the bank and the provide genuine inflation to Canadian firms and the companies that is responsible for the credibility that is helpful for inflation less and relatively stable.

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Why Monetary Policy Matters: A Canadian Perspective

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This paper provides a non-technical introduction to monetary policy - what it is, how it works, and why it matters. It discusses inflation volatility and why this is damaging to the economy, as well as why increased stability of output growth is desirable.

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It tells us about the rules and regulation of the Bank of Canada which are made by the Govt. of Canada that is the official status of consolidations. it contains the Acts of the institution which are responsible for any kind of the regulation such as management, executive Committee, Bank staff, Business and powers, Note issue and removal, offences and punishment, liability and reserve funds etc.

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It is based on the unclaimed balances which tells us the interest rates, benefits and the information regarding accounts,deposits, negotiable instruments, communication, retention period, exchange of currency and the charges of the Transactions or interest rate of deposits and withdrawal of money.

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On this page, you can learn about unclaimed balances and how to find them. You can also make a claim, check its status or contact us.

About Unclaimed Balances

When a Canadian-dollar account, deposit or negotiable instrument held or issued by a federally-regulated bank or trust company has been inactive for 10 years and the owner cannot be contacted, it is considered an "unclaimed balance."

Once a year on December 31, unclaimed balances are transferred to the Bank of Canada, which acts as custodian on behalf of the owners.

By the numbers:

At the end of 2018, approximately 2 million unclaimed balances, worth $816 million, were on the Bank's books. Over 93 per cent of unclaimed balances were valued at under $1,000, representing 26 per cent of the total value outstanding.

In 2018, the Bank paid out $11 million to balance holders.

The oldest balance dates back to 1900.

Types of balances held

Only the following types of unclaimed balances are held by the Bank of Canada.

Accounts

Current/chequing accounts

Savings accounts

Deposits

Positive credit card balances

Term deposits

Guaranteed Investment Certificates (GICs)

Deposit receipts

Negotiable instruments

Bank drafts

Certified cheques

Money orders

Official cheques

Traveller's cheques

Types of balances not held

The following types of unclaimed balances are not held by the Bank of Canada:

Accounts in U.S. dollars and other non-Canadian currencies

Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) accounts

Life insurance policies

Credit union or Caisse populaire accounts

Unclaimed balances at utilities and other companies

Gold or silver certificates

Safety deposit boxes

Stocks (equity shares) and dividends - contact the province's securities commission; e.g., the Ontario Securities Commission.

Other organizations within your province hold unclaimed property and may be able to help find assets.

Communication

According to the , federally-regulated banks and trust companies have a legal obligation to send written notification after two, five and nine years of inactivity. If balance holders do not respond to this communication, the balance is transferred to the Bank of Canada as an "unclaimed balance."

The Bank of Canada does not initiate contact with balance holders to notify them of unclaimed balances.

The Bank only contacts a claimant once it has received a claim request.

Retention period

The Bank of Canada holds unclaimed balances of less than $1,000 for 30 years.

Balances of $1,000 or more are held for 100 years.

Balances that are unclaimed at the end of the prescribed custody period are transferred to the Receiver General for Canada.

Fees and interest

The Bank does not charge a fee for processing a claim.

The Bank of Canada pays interest for the first 10 years of custody on balances that were held in interest-bearing savings accounts before their transfer to the Bank.

All other deposits and instruments earn no interest.

Finding an Unclaimed Balance

To find an unclaimed balance to which you may be entitled, you can do either of the following:

Search our Unclaimed Balances Registry, free of charge. The registry displays information on balances greater than $2.00, as submitted to the Bank of Canada by the financial institution or trust company.

Purchase the full list of unclaimed balances on CD-ROM for Can$85 (price includes applicable tax and shipping). Send your request and payment in the form of a money order or certified cheque payable to the Bank of Canada.

If you are unable to find an unclaimed balance, it may be because your account has not been inactive for more than 10 years or your unclaimed balance has not yet been transferred to the Bank of Canada, as this happens only once a year on December 31. In these cases, you need to contact your financial institution to retrieve your funds.

Privacy notice

To help individuals find balances that may be owed to them, their details are posted on our website. In this context, the disclosure of personal information is permitted under the Privacy Act, because doing so clearly benefits the individual to whom the information belongs, and public interest clearly outweighs any privacy concerns that could result from the disclosure. Once a balance is claimed and paid, it is removed from the registry and is no longer searchable on the Bank's website.

Making a Claim

Step-by-step support is available for making the following types of claims:

Individual Claim - the balance holder is living.

Estate Claim - the balance holder is now deceased.

Other Claim - the balance belongs to an organization, not an individual: corporate entities, registered charities, registered non-profit organizations, non-registered associations and non-registered non-profit organizations, partnerships, sole proprietorships or trust accounts.

If a balance belongs to another individual

You can make a claim for a balance that is not in your name if you:

legally have rights to the balance

identify your relationship to the claimed balance as owner, heir, or trustee, etc.

provide documentation to support your entitlement to claim on behalf of someone else

If a claim is for a negotiable instrument

The claimant must be the original purchaser of the instrument unless the original instrument itself can be presented by the payee/beneficiary.

If a claim has more than one owner

If there is more than one claimant, all claimants' information needs to be provided, including their signatures and other documentation to support their identity and balance entitlement.

An unclaimed balance held by two or more names joined by "or," may be claimed in its entirety by any of the balance holders or by the estates of any deceased balance holders, if applicable.

An unclaimed balance held by two or more names joined by "and," will be split equally between the living holders and the estates of any deceased balance holders, if applicable.

In either case, when a claim is made on behalf of a deceased balance holder, the claimant must be an authorized representative of the deceased balance holder.

Checking Your Claim's Status

A unique claim ID is assigned to your claim. It can be found in the upper-right corner of your claim form.

If you have supplied us with your email address, you will be notified when the status of your claim has changed.

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On this page, you can learn about unclaimed balances and how to find them. You can also make a claim, check its status or contact us. When a Canadian-dollar account, deposit or negotiable instrument held or issued by a federally-regulated bank or trust company has been inactive for 10 years and the owner cannot be contacted, it is considered an "unclaimed balance."

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Bank of Canada increase the interest rate in last year in June. Many factors were involved behind it. The bank income was less and Bank of Canad started going down in case of economy. The amount was increased by $13 per month if you have $100,000 mortgage. This video was very helpful to know about the reasons behind the increase in the interest rates.

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This video helps a lot to know about the security features present in the polymer bank notes made by Bank of Canada. These notes are secure, durable and innovative. It is very easy to check these notes that these are genuine or fake. These notes are made from single piece of polymer. By this thing it is very easy to know the difference between original and fake note by feel then, by looking them and by flip them. These notes have two transparent windows which are very useful as a security feature. One large window has metallic building which changes the color and other window is maple leaf window which has hidden number same as the value of note. So overall this video is very informative in many ways.

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Look at the innovative security features and design of the new $100 polymer note.

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The information of the video shows that the modernization of the new building of Bank of Canada in Ottawa. The renovation was necessary to meet the safety and security of the central bank of Canada. Moreover, better work place was essential for modern technology which is used in modern era. All the traditional was restore in the same building.

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Modernizing the Bank of Canada’s Head Office

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The new Bank of Canada museum. The old museum was closed in 2013 for renovation purpose and reopen after 4 years. This museum is very helpful to promote the financial welfare of Canadians. Ken Ross the director of bank of Canada museum also explains some interesting things of museum in video.

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This website tells us the information and the history of the Bank Of Canada. Moreover the tells us when the institution was started and the information regarding the senior management of the bank which are responsible for all rule and regulation of the Bank Of Canada.

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Separate from the Political Process

The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. For example:

The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors (with the approval of Cabinet), not by the federal government.

The Deputy Minister of Finance sits on the Board of Directors but has no vote.

The Bank submits its expenditures to its Board of Directors. Federal government departments submit theirs to the Treasury Board.

Bank employees are regulated by the Bank itself, not by federal public service agencies.

The Bank's books are audited by external auditors appointed by Cabinet on the recommendation of the Minister of Finance, not by the Auditor General of Canada.

Having an independent monetary institution allows for the separation of the power to spend money from the power to create money. Separating the central bank from the political process enables it to adopt the medium- and long-term perspectives essential to conducting effective monetary policy.

The Bank is committed to publishing information about how it works.

Reports, statements, public surveys and plans are available in the governance documents section.

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The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. For example: The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors (with the approval of Cabinet), not by the federal government.