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In this padlet wall, we will delve into how money functions, how banking systems operate, and their vital role in our economy. You’ll find videos, articles, and images that highlight the history, innovations, and relevance of money and banking systems, especially in Canada. By the end of this journey, you’ll better understand how these systems impact our daily lives and global economics.

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In this padlet wall, we will delve into how money functions, how banking systems operate, and their vital role in our economy. You’ll find videos, articles, and images that highlight the history, innovations, and relevance of money and banking systems, especially in Canada. By the end of this journey, you’ll better understand how these systems impact our daily lives and global economics.

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Bank of Canada: Monetary Policy Explained

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Bank of Canada: Monetary Policy Explained

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This official Bank of Canada page outlines its role in implementing monetary policy to ensure economic stability. It explains how inflation targeting works, why interest rates are adjusted, and how monetary policy tools are used to manage economic growth. The website uses accessible language and visual aids to illustrate complex concepts, such as quantitative easing and the monetary transmission mechanism.

I chose this resource for its authority and depth. The explanation of inflation targeting was particularly valuable, as it helped me understand how monetary policies directly impact everyday expenses, such as housing and groceries, for Canadian citizens.

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Learn about the objective of Canada's monetary policy and the main instruments used to implement it: the inflation-control target and the flexible exchange rate. See also how monetary policy works, how decisions are made and read related backgrounders.

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Financial Consumer Agency of Canada: Banking Basics

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Financial Consumer Agency of Canada: Banking Basics

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This website, run by the Canadian government, offers practical information about banking basics for Canadians. Topics include choosing a bank account, understanding fees, and how to use banking services effectively. It also provides advice on online banking security and what to consider when dealing with loans or mortgages.

This resource is highly practical and directly relevant to everyday banking needs. The advice on online banking security stood out as particularly useful, as it connects modern digital trends with safe financial practices for consumers.

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Bank accounts, debit cards, online banking, deposit insurance, branch closures and more.

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This article provides a comprehensive overview of the Big Five banks in Canada: RBC, TD, Scotiabank, BMO, and CIBC. It explains their history, services, and market dominance in the Canadian financial landscape. The article also discusses the competitive advantages of these banks, such as their strong presence in investment banking and wealth management, and their global outreach.

This resource gives a detailed perspective on the private banking sector in Canada. I found the analysis of how these banks maintain dominance through diversification and innovation particularly useful for understanding their role in shaping Canada’s financial system.

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What Are the Big Five Banks?

The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, Toronto-Dominion Bank, the Bank of Montreal, the Canadian Imperial Bank of Commerce, and the Bank of Nova Scotia. Occasionally, the term "Big Six Banks" is used, with the sixth bank referring to the National Bank of Canada.

Key Takeaways

Below, we've ranked the five largest banks in Canada based on assets under management.

1. Royal Bank of Canada

Royal Bank of Canada is the largest of the Big Five. In its 2024 second-quarter report, Royal Bank of Canada recorded total net assets under management of CA$1.223 trillion. It also reported CA$6.6 billion of net interest income and CA$7.5 billion of non-interest income. Founded in 1864 in Halifax, Nova Scotia, the bank financed the lumber and timber industries. It was known as the Merchants Bank of Halifax.

2. Toronto-Dominion Bank

The second-largest bank in Canada is the Toronto-Dominion Bank. As of the second quarter of 2024, Toronto-Dominion Bank reported total assets under management of just under CA$489 billion. It reported net interest income of CA$7.5 billion and non-interest income of CA$6.3 billion.

Is the Toronto-Dominion Bank the Same As TD Canada Trust?

3. Bank of Montreal

The Bank of Montreal is the next largest Canadian bank. In the firm's 2024 second-quarter report, Bank of Montreal, or BMO, recorded total assets under management of CA$386 billion. In this period, BMO reported CA$4.5 billion of net interest income and CA$3.5 billion of non-interest income.

4. Canadian Imperial Bank of Commerce

In the second quarter of 2024, the Canadian Imperial Bank of Commerce recorded CA$349.2 billion in assets under management. CIBC reported net interest income of CA$3.2 billion and net non-interest income of CA$2.9 billion.

5. Bank of Nova Scotia

The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada. In its 2024 second-quarter report, Bank of Nova Scotia recorded CA$349 billion in total assets under management. It also reported CA$4.7 billion in net interest income and CA$3.7 billion in non-interest income.

What Is the Biggest Bank in Canada?

The biggest bank in Canada is the Royal Bank of Canada.

What Services Do Canada's Largest Banks Offer?

These largest banks listed in this article offer a wide range of services including personal and business banking, investment services, mortgages, loans, credit cards, insurance products, and more. They cater to various financial needs of individuals and businesses.

Do These Banks Have International Branches or Services?

Yes. To reach the size of these largest Canadian banks, these firms have international branches and offer international banking services. Some have partnerships with foreign banks to provide international services. Others simply seek those wishing to perform international business or carry Canadian deposits.

Why Are the Largest Banks in Canada Called the "Big Five"?

The top five Canadian banks are collectively referred to as the "Big Five" due to their dominant position and significant influence within the country's banking and financial industry. This term has been used for many years to characterize these major banks, and it highlights their substantial market share and impact on Canada's economy.

The Bottom Line

Though their financial health and positioning may vary from year to year, Canada has five largest, established banks that control the financial industry in the country. These largest banks include Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC).

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The Big Five: Here Are Canada's Largest Banks by Total Assets

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The Big Five refers to the five largest banks in Canada: Royal Bank, Toronto-Dominion Bank, the Bank of Montreal, the Canadian Imperial Bank of Commerce, and the Bank of Nova Scotia.

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This article from The Canadian Encyclopedia provides a detailed history of banking in Canada, from the establishment of early banks in the 19th century to the modern financial system. It discusses significant milestones, including the creation of the Bank of Canada and the development of Canada’s unique branch banking system.

I selected this resource for its historical depth and Canadian focus. The discussion on how branch banking helped Canada maintain a stable financial system during economic crises provided unique insights.

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Banking in Canada | The Canadian Encyclopedia

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History, politics, arts, science & more: the Canadian Encyclopedia is your reference on Canada. Articles, timelines & resources for teachers, students & public.

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This video explains how banks operate, focusing on their role in managing deposits and issuing loans. It introduces concepts like fractional-reserve banking and describes how banks contribute to the economy by creating money through lending. The video also touches on the risks associated with banking, such as bank runs, and explains how central banks like the Bank of Canada regulate the financial system to prevent such crises.

This video is incredibly insightful because it simplifies complex financial concepts, making them accessible. I appreciated how it explains the relationship between individual savings, lending, and economic growth. The mention of central banks adds a Canadian angle, which ties directly to the project’s focus.

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This video discusses the concept of open banking and its potential to foster innovation and competition within Canada's financial sector. It explains how open banking can improve the banking experience for consumers by allowing them to share their financial data securely with third-party providers.

I selected this video because it explores the future of banking in Canada, focusing on the emerging trend of open banking. One particularly useful piece of information is the potential benefits of open banking for consumers, such as increased access to personalized financial services and better control over their financial data.

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How open banking will create innovation and competition in Canada's financial sector

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This video delves into the history of the Bank of Canada, explaining why it was established and how it has evolved over the years. It highlights the Bank's role in promoting economic stability and financial welfare for Canadians.

This video was chosen for its historical perspective on the Bank of Canada, providing context on its foundational principles and ongoing mission. A unique piece of information is the detailed explanation of the Bank's role in managing monetary policy and ensuring economic stability, which is crucial for understanding its impact on the Canadian economy.

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A Canadian Central Bank: The History of the Bank of Canada

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This video provides an overview of the Canadian banking system specifically tailored for new immigrants. It covers the different types of bank accounts, the top banks in Canada, and the steps required to open a bank account as a newcomer.

This video is valuable for its focus on helping new immigrants navigate the Canadian banking system. One piece of information that stands out is the detailed guidance on the documents required to open a bank account, which is crucial for newcomers who may be unfamiliar with the process.

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BANKING SYSTEM IN CANADA FOR NEW IMMIGRANTS || CANADIAN BANKING

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What did you learn about your topic that surprised you the most?

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What did you learn about your topic that surprised you the most?

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I was most surprised by the extent to which Canada’s banking system is both innovative and stable. While I had always thought of banking as a traditional industry, I learned that Canada’s banking sector is actually a leader in adopting new financial technologies, like blockchain and mobile banking. What truly surprised me was how the Canadian banking system, which includes both private banks and the central Bank of Canada, has managed to innovate while maintaining such high standards of financial security and regulation. Canada’s banking system is often ranked as one of the safest in the world, and learning about the careful regulatory measures and policies that keep it so stable, such as the inflation-control target set by the Bank of Canada, was eye-opening. This surprising combination of modernity and regulation shows just how vital a well-structured banking system is to a country’s economic health.

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Provide a real-life example of how this topic is relevant or interesting for you.

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Provide a real-life example of how this topic is relevant or interesting for you.

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This topic is highly relevant to me because I use digital payment systems, such as Interac e-Transfers, on almost a weekly basis. Initially, I didn't give much thought to how these systems worked behind the scenes, but after learning about the processes that make digital payments safe, fast, and reliable, I now have a deeper understanding of the infrastructure that supports these services. The growing shift to a cashless society in Canada, where digital transactions are increasingly common, has made me realize just how important it is to understand how banking technologies and policies evolve. For instance, knowing that Canada's move toward a cashless economy is closely linked to cybersecurity efforts and regulatory bodies helps me appreciate the safety measures in place when I make online transactions. This is a perfect example of how the topic directly impacts my daily life in an increasingly digital world.

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If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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If I were to pass on my knowledge, the most important thing I would share is the idea of financial literacy, particularly understanding the role of central banking and how monetary policy influences the economy. I would explain how institutions like the Bank of Canada use tools such as interest rates to control inflation and stabilize the economy, and why this is crucial for everyone to understand. Additionally, I would emphasize the importance of understanding digital banking systems and security. Many people aren't fully aware of how mobile banking, e-transfers, and even cryptocurrency are reshaping the way we manage our money. Sharing this knowledge would not only help them navigate the current financial landscape more effectively but also prepare them for future changes in how money is managed globally. Knowledge of these systems and policies gives individuals more control over their finances and their financial decisions.

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This image features a collection of Canadian banknotes and coins, showcasing the vibrant and diverse designs of the country's currency. The banknotes include images of notable Canadian figures and landmarks, reflecting the nation's heritage and values.

This image was selected for its depiction of Canadian currency, which is a fundamental aspect of the banking system. A unique piece of information is the inclusion of security features on the banknotes, such as holograms and transparent windows, which highlight the measures taken to prevent counterfeiting and ensure the integrity of the currency.

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This image shows the exterior of a prominent Canadian bank building, with its grand architecture and the bank's logo prominently displayed. The building represents the stability and trustworthiness of the Canadian banking system, reflecting its long-standing presence and importance in the country's financial landscape.

I chose this image because it visually represents the strength and reliability of Canadian banks. One piece of information that stands out is the architectural design, which often symbolizes the bank's history and commitment to serving the community, something not always highlighted in other images.