Introduction to Banks in Canada




Banks in Canada

According to the Office of the Superintendent of Financial Institutions, as of September 30, 2010,  the Canadian banking industry currently has 22 domestic banks in Canada, 26 foreign bank subsidiaries and 23 full-service foreign bank branches and seven foreign bank lending branches with operations in Canada . In total, these institutions manage close to $3.1 trillion in assets.

The very first chartered bank in Canada was Bank of Montreal which was established in 1817.  Since this time banking in Canada has grown to be a major financial contributor to Canadian society.  Banks in Canada now serve millions of customers and help individuals, small and medium-sized businesses, large corporations, governments, institutional investors and non-profit organizations all across the country.

The major domestic Canadian banks offer a broad range of banking, investment and financial products and services.  The banks in Canada are extremely large and many have country-wide branch retail networks.  Some of the bigger domestic Canadian banks like the RBC, TD Bank, Scotia Bank, CIBC and BMO  also do business in the United States, Latin America, the Caribbean,  Europe,  Asia and all over other parts of the world.  Almost half of the earnings made by these banks are generated outside of Canada.

The most well known banks in Canada and the ones that do the most business and have the biggest brands are the “Big Five” banks.

The Big 5 Banks

Royal Bank                                  Scotiabank                 BMO               CIBC

Royal Bank (RBC) is the biggest bank in Canada followed closely by the TD Bank. The other three Canadian banks included in the Big Five, listed by assets size order include Scotiabank, Bank of Montreal and CIBC. These five banks are Schedule 1 banks (domestic banks) operating in Canada under government charter. The bank shares must be widely held with no one entity or person holding more than 20% ownership share.

Just how big are the Big Five banks in Canada. Royal Bank has over 1200 retail branches across Canada, TD Bank has over 1100,  Scotiabank has over 1000, BMO (Bank of Montreal) has over 900 and CIBC has over 1000. Royal Bank has approximately  79,000 employees with the other banks following close behind… TD 65,000, Scotiabank 70,000, BMO 38,000 and CIBC 42,000. The asset size of these banks are approximately as follows…RBC with 760 Billion, TD Bank with 619 Billion, Scotiabank 526 Billion, BMO 411 Billion and CIBC 352 Billion.

Many large international banks are also have operations and retail networks in Canada.  As an example HSBC, is an international bank with an extensive retail branch network.  HSBC has a retail branch network of approximately 150.

There are other financial institutions in Canada that compete with the banks in Canada including credit unions, insurance companies and mutual fund companies.

Filed in Info •

Canadian Bank Holidays 2012




Banks in Canada Holiday Schedule 2012
Day, Holiday, Federal/Provincial

January 2, Monday, New Year’s Day, Federal – National
January 3, Tuesday, Traditional Holiday, Provincial – Quebec
February 20, Monday, Family Day, Provincial – Alberta, Saskatchewan, Ontario
February 21 Monday, Louis Riel Day, Provincial – Manitoba
April 6, Friday, Good Friday, Federal – National
May 21, Monday, Victoria Day, Federal – National
June 25, Monday, National Holiday, Provincial – Quebec
June 25, Monday, Discovery Day, Provincial – Newfoundland & Labrador
July 2, Monday, Canada Day (July 1st), Federal – National
August 6, Monday, Civic Holiday, Provincial – Alberta, British Columbia, Manitoba New Brunswick, Nova Scotia, Ontario, Saskatchewan
September 3, Monday, Labour Day, Federal – National
October 8, Monday, Thanksgiving Day, Federal – National
November 12, Monday, Remembrance Day, Federal – National
December 25, Tuesday, Christmas Day, Federal – National
December 26, Wednesday, Boxing Day, Federal – National

Banks in Canada are closed in recognition of national and provincial holidays in Canada. Canadian Bank ATM’s and telephone banking at Canadian banks are still available and continue to operate on these public holidays. TD Bank, RBC, Scotiabank, CIBC and BMO (the big 5 banks) along with the other Canadian retail banks would be closed during these holidays.

Filed in Bank Holidays •

RBC Saturday hours




RBC Saturday hours are from 8am-3pm or 8am-4pm or 9am-3pm or 9am-4pm depending on the RBC branch location.
For Saturday hours for a specific RBC branch you can call Royal Bank Telephone Banking 1 800 ROYAL® 1-1 (1 800 769-2511).
Alternatively you can look up the Saturday hours using the RBC branch locator webpage

Filed in Bank Hours •

Canadian banks open on Saturday




All the big 5 Canadian banks are open on Saturday.

Below are the Saturday hours for CIBC, RBC, TD Canada Trust, Scotiabank and BMO.

CIBC Saturday hours are from 9:30-4pm
Scotiabank Saturday hours are from 9am-3pm
BMO Saturday hours are from 9:30am-3pm or 9:30am-4pm depending on the branch location
RBC Saturday hours are from 8am-3pm or 8am-4pm or 9am-3pm or 9am-4pm depending on the branch location
TD Canada Trust Saturday are generally 8am-4pm

To find the exact branch hours for a specific bank branch you should contact the bank call centres for details or check online.

Filed in Bank Holidays, FAQs •

Canadian banks open on Sunday




Not all the big 5 banks in Canada offer Sunday service (Sept 2011). This may change in the next few years as banks continue to expand their customer service hours to attract and retain banking customers in Canada. TD Canada Trust was the first to adopt opening branches on Sunday.

TD Canada Trust has the most branches open on Sunday followed by CIBC. RBC and Scotiabank do not have branches open on Sunday. Read below to see the details about Canadian banking on Sundays.

TD Canada Trust has the most branches open on Sunday with approximately 300. Sunday branch hours are from 12 Noon-4pm.

CIBC has about 50 branches open on Sunday across Canada. CIBC 7 day service is relatively new. It began in February 2011 and CIBC are adding more branches with expanded hours. Sunday branch hours at CIBC are also 12 noon – 4pm.

BMO has only a few branches open on Sunday in the big cities like Vancouver and Toronto. In Vancouver the BMO Oakridge Shopping Centre branch is open from 11am-6pm on Sundays.

Scotiabank has no branches open on Sunday.

RBC has no branches open on Sunday.

Filed in Bank Holidays, FAQs •

Student Line of Credit Interest Rate




A student line of credit interest rate is typically a variable rate based on the prime rate similar to interest rates of other line of credit products.

Canadian Banks student lines of credit interest rates are variable rates based on the prime rate but will vary based on a number of factors.

For example RBC offers prime plus 1% for student lines of credit for their most creditworthy customers (Sept 3, 2011 – posted rate on their website).
BMO offer prime plus 2% for student lines of credit (Sept 3, 2011 – posted rate on their website)

Most of the other major Canadian banks offer prime plus 1% – 11% on student lines of credit.

Many of the Canadian banks won’t post their student lines of credit online or discuss the student line of credit interest rate over the phone. They want to establish the interest rate based on the customer relationship and have you speak to a loans officer in person at a branch.

Rates for the a Student Line of Credit are determined by a number of factors, including the Bank of Canada prime lending rate, the amount credit granted, whether or not the loan is secured, if you have a co-borrower(s) and by the borrower’s credit rating.

Filed in Rates, Student Banking, Student Line of Credit •

Canadian Bank Student Loans




Many students in Canada obtain student loans through the Canada Student Loans Program (CSLP) offered by the Government of Canada. This student loan program provides financing for up to 60% of assessed need up to a maximum of $210 in loans per week of study. The other 40% may be provided through provincial or territorial student loans. You must be a Canadian citizen or have been a permanent residence in Canada for 1 year in order to be eligible for this Canada Student Loan Program.

All of the big 5 Canadian banks offer student lines of credit. This type of credit product is more attractive to Canadian students than a Canadian bank student loan because they can borrow exactly what they need and when they need for tuition, books and living expenses like housing. Students only need to pay interest on the line of credit while attending school. Students will need to repay the line of credit with principal and interest after their graduation. Some banks offer a 1 year grace period before having to repay principal.

Students can obtain lines of credit even if they have a government student loans. Regular borrowing criteria applies for student lines of credit and many students will need to have co-borrowers (like parents) to qualify.

Student lines of credit have minimum and maximum credit limits set per year. It is up to $10,000 per year for undergraduate study and up to $40,000 for 4 years of undergraduate study. Minimum $1,000 per year. For graduate study it is up to $10,000 per year to a maximum of $20,000 for 2 years.

For part time study the maximum credit limits are $5,000 per year and $20,000 for 4 years of study. Minimum amounts are $1000.

Student Line of Credit interest rates are typically prime plus 1%.

RBC, TD Canada Trust, CIBC, BMO and Scotiabank all offer student lines of credit.

RBC Student Line of Credit
RBC charges prime plus 1% (subject to change) for student lines of credit.

Filed in Student Banking •

Tweets from TD Canada Trust Official Twitter page




Tweets appearing on the TD Canada Trust official Twitter page.

Follow @TD_Canada
Filed in Canadian Bank Tweets •

CIBC News Releases Tweets





CIBC News tweets published by Canadian Imperial Bank of Commerce.

Follow @CIBCnews
Filed in Canadian Bank Tweets •

Bank of Canada Tweets




Here is a list of the most recent tweets from the Bank of Canada appearing on Twitter.

Follow @bankofcanada
Filed in Bank of Canada, Canadian Bank Tweets •

What is CDIC?




The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation. It was created by Parliament of Canada in 1967 to protect the deposits made with member financial institutions in the event of their failure. CDIC is not a bank or a private insurance company. The deposit insurance is is funded by premiums paid by the various member financial institutions.

If your financial institution is a CDIC member and collaspes then you are eligible for CDIC coverage on your savings of up to $100,000.

Website: Canada Deposit Insurance Corporation

Filed in FAQs •
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