COMMERCE 1B03 Study Guide - Canada Deposit Insurance Corporation, Credit Union, Trust Company

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1B03
• Professor: Rita Cossa

Document Summary

Chapter 15 the financial services industry in canada. Every day across the country, consumers, businesses and governments depend on the products provided by financial institutions. The environment in the financial services industry is supported by features provided by the financial consumer agency of canada, including: Ten tips you need to know before signing any contract. The financial services sector plays an important role in the canadian economy: It provides a yearly payroll of more than billion. It represents 6 percent of canada"s gdp, exceeded only by the manufacturing sector. It yields more than billion in tax revenue to all levels of government. It"s widely recognized as one of the safest and healthiest in the world. Until the 1980s, the financial services industry in canada was termed a four-pillar system. These were: banks, trust companies, insurance companies and securities dealers. Regulation was designed to foster competition within each pillar, but not among them.