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I have chosen Bank of Canada and Financial Institutions as my topic of search because I found the topic interesting during our Week 2 class.
Here my goal is to for you, the viewers, to find some interest in how money is made and where is goes when you deposit the amount into your accounts.

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I chose this image because it represents how money is made for the banks and it gives you a clear understanding of where your money goes when you deposit it into you account.

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Post with 15 votes and 186 views. Tagged with , , , The More You Know; Shared by insacrednight. A simple guide to modern banking

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This website is about the Bank of Canada. In this website you can gather information on how the bank operates and by whom, research information, statistics, history, and more.

I chose this website because, like me, some people may not know who makes the decisions, designs, distributes money in our country, and the duties they perform.

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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.

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This video represents the way the future is heading for handling payments and money. This is just confirming my thoughts about how digital technology is taking over. We do not even have a say in the matter. We are being forced to use technology.

I chose this video because it seems real to me. This is the way the future is heading. Everything is going to be digital. We have started already with the tap and go on credit cards and using our mobile devices to pay for merchandise also with being able to pay bills online.

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We're taking note

Research is just beginning, but the idea of a digital currency issued by central banks makes some sense. In theory, it could provide the safety of cash, with the convenience of modern electronic payments.

It could take many forms, but two broad approaches are

value-based-people transfer money from their bank account to a card or a phone app; or

account-based-people and businesses can open an account at the central bank.

Either way, payments made using a central bank digital currency could allow payments to remain

private to the parties involved, just like cash; but

traceable to law enforcement, just like bank accounts.

Central bank digital currencies could give consumers more choice while maintaining competition among financial service providers like banks-the way cash does now. Depending on their design, they could even act as a backup if other payment methods become temporarily unavailable.

Basically, central bank digital cash would act like current electronic payment methods. Only difference: it wouldn't be tied to a commercial bank the way bank accounts and debit cards are.

Rest assured, though, that even if we were to issue a digital currency, we wouldn't stop printing cash. We will supply highly secure bank notes for as long as Canadians demand them.

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Research is just beginning, but the idea of a digital currency issued by central banks makes some sense. In theory, it could provide the safety of cash, with the convenience of modern electronic payments.

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This video provides an overview of how to detect counterfeit money and what security features to look for. Also provides you information on what should be done if you suspect you have counterfeit money or have had someone try and give you it.

As we are moving into the digital world, I feel counterfeit will become a thing in the past. I found this video to be interesting because I only knew of a couple ways to check security features on money notes.

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Canadian bank notes have security features that are easy to check and hard to counterfeit. This video helps you to verify bank notes, and informs cash handlers on how to deal with suspicious notes.

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In this site you will find information about your rights and responsibilities working with a federal financial institution. Most of the banks people work with are federally regulated institutions, however, most credit unions are provincially regulated and may not have the same guidelines as the federal institutions.

I chose this site, because I think it is important for people to know when dealing with financial institutions along with anything in life you should know your rights and responsibilities. This site also provides you with information if you feel you are not being respected by your institution, who to contact.

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Under Canadian law, you have certain rights when you are dealing with a federally regulated financial institution (FRFI). Other deposit-taking institutions, such as credit unions and caisses populaires, are generally regulated provincially and may have different requirements. Some credit unions are federally regulated. Federal consumer protection laws apply when dealing with a federal credit union.​

Click on the links below to learn more about your rights and responsibilities when dealing with a FRFI:

Ensuring banking needs of seniors are met

The member banks of the Canadian Bankers Association ( CBA) have agreed to principles to guide them when they deliver banking products and services to seniors.

FCAC monitors banks' compliance with this code of conduct.
Learn more about the Code of Conduct for the Delivery of Banking Services to Seniors.
What you should do if you feel your rights are not being respected

If you feel that a FRFI is not respecting your rights, contact the Financial Consumer Agency of Canada.

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Under Canadian law, you have certain rights when you are dealing with a federally regulated financial institution (FRFI). Other deposit-taking institutions, such as credit unions and caisses populaires, are generally regulated provincially and may have different requirements. Some credit unions are federally regulated.

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This video is about the Office of the Superintendent of Financial Institutions (OSFI). They are the ones who back up the financial system. They monitor and regulate the federal registered banks, loan companies, and private pension plans subject to federal oversight to make sure they are in good financial standings.

I chose this video to give the awareness that you need to be planning all the time for unforeseen circumstances such as what we are facing currently in the Pandemic. If the banks do not keep one foot in front all the time, then Canada may fall back down like we did in 2008 with the lack of money available for people.

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Protecting Canada from a financial crisis

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Within this website you will find some quick statistics about the banking system in Canada. Some interesting stats that popped out to me where the number of online banking transaction completed at the six largest banks in 2017: 574 million, the mobile banking transactions completed with the largest banks in 2017: 398 million, and the percentage of Canadians who believe that banking has become more convenient because of updated technology: 91%.

I found this site interesting because it provides you with some recent activity and gives you the insight of how active the banks are still.

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Quick overview of the Canadian banking sector.

Banks in Canada are major employers and essential contributors to the Canadian economy.

Canada has one of the most accessible banking systems in the world - more than 99 per cent of Canadian adults have an account with a financial institution.

The Canadian banking sector

Banks in Canada are major employers and essential contributors to the Canadian economy

Banks contribute approximately 3.6% (or almost $70 billion) to Canada's GDP.

Taxes paid in Canada in 2022 (by the six largest banks): $18 billion.

The majority of Canadians are shareholders in Canadian banks either directly through share ownership or indirectly through pension and mutual funds, including the Canada Pension Plan (CPP).

Dividend income paid in 2022 by Canada's banks to shareholders: $26 billion.

In 2022, banks employed more than 280,000 Canadians.

Amount banks and their subsidiaries paid in salaries and benefits in Canada in 2019: $30 billion.

Women constitute 54.5% of the workforce at Canada's six largest banks (excluding subsidiaries).
Transaction statistics

Serving Canadians

Serving small businesses

Banks serve close to 3 million self‑employed and small and medium‑sized businesses across Canada.

Loan approval rates are high: 90.8 per cent of all SMEs that applied for a loan from a financial institution were approved.

Banks authorized $1.7 trillion in credit to Canadian businesses as of 2022. Of that, $280.7 billion went to small and medium-sized businesses.

Technology, cyber security and fraud prevention

How Canadians bank

Addressing climate change

Banks understand that the financial sector is central to securing an orderly transition to a low-carbon economy, mitigating the impacts of humans on the environment and ensuring the continued resilience of our country's financial system.

Banks in Canada have pledged to implement action plans that set specific targets to meet the demands of the global challenge of climate change including financial commitments totally in the hundreds of billions.

Canada's six largest banks have joined the Net‑Zero Banking Alliance (NZBA), a global initiative of banks worldwide committed to aligning their lending and investment portfolios with net-zero emissions by 2050.

Focus: Representation of Women at Banks in Canada

Focus: Banks and the Economy

Focus: Banks as Employers

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fast facts about the canadian banking system

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Focus: Fast Facts About the Canadian Banking System

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Quick overview of the Canadian banking sector.

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This video has a great analogy behind it. Within this video it demonstrates what would happen to the financial system if people did not repay loans regularly and quickly. People and businesses rely on the strong economy, because without money being readily available, we would be in a crisis.

This video is important to understand the financial system and the way it works. If you can understand this analogy, then you would be helping not only yourself but others, such as businesses in the future to get loans.

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Financial system vulnerabilities: the crack in the tree

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

What surprised me the most about this topic was, the fact, the money you deposit into your account does not actually go to your account. The banks use it to provide people and businesses loans. As shown in the first image provided, only 10% of deposits are saved in the banks.

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

This topic is interesting to me because I had no idea where money came from. I knew that the Canadian Mint made the coins, and I thought they made the bills too, but I did not know about The Bank of Canada and the role they play with money.

The Bank of Canada has pretty much the power with money, they control the distribution, and they design.

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

If I could pass a thing or two onto my friends and family, would be, to inform them of how money is made and what happens to the money they deposit. I would advice them to gear up for the way the future is heading in the digital world, to know their rights and responsibilities working with a financial institution.