Latest Articles
What Is a Credit Union?
If you’ve ever wandered the warm, misty streets of Vancouver in the spring, driven the flat endless plains of the Canadian Prairies, or even grew up in small town Ontario, there’s a very good chance that you’ve seen a credit union here and there. Throughout Canada, both small and large independent credit unions are a staple of the communities they
What Is a Reverse Mortgage?
What Is a Reverse Mortgage? Exclusively designed for seniors or individuals aged 55 years and older who either already own their home or are close to paying off their mortgage, a reverse mortgage is a loan that allows homeowners to borrow money against the equity in their homes. In contrast to a conventional mortgage, a reverse mortgage does not require
GIC Software | 5 Best Features for Financial Institutions
What Are the 5 Best GIC Software Features for Banks and Financial Institutions? Banks and financial institutions know that the right GIC software is one of the most critical components of a core banking system. It not only provides a trusted foundation for creating and offering a diverse range of deposit products that appeal to a wide range of investors,
Are GIC Investments Making a Comeback?
GIC investments are traditionally more popular among a certain type of investor, but according to recent data from the Bank of Canada, it appears that GICs and fixed-term deposits are on the rise with their popularity set to skyrocket in 2023, as more and more Canadians turn to safer investments in the face of heightened economic uncertainty. In fact, data
Portfolio+ Elevates Security Stance with Its Successful SOC 2® Type 2 Examination
Portfolio+ chose the industry-recognized 360 Advanced, Inc., a licensed CPA cybersecurity and compliance firm, to perform the demanding third-party examination. Portfolio+, which leverages innovative technologies to drive an open banking ecosystem for personalized banking and financial services, announced today it has successfully completed its System and Organizational Controls (SOC) 2® Type 2 Report on controls relevant to Security, Availability and
What Is Deposit Insurance and CDIC’s Fast Insurance Determination?
What Happens When A Bank Fails? Your money isn’t available. Yes, that’s right. It probably comes as a bit of a shock. Your banking app is down, too—that’s just a part of this whole thing. You read the message, though, right? I think it says something like, your financial services are not available. Not very helpful, is it? They should
What Is a Schedule I Bank?
What is a Schedule I Bank in Canada? It’s OK to admit that maybe there’s a point where your understanding of the banking landscape kinda-sorta-slips-away-from-you. Maybe you know a thing or two about investment banking. Maybe you’re even a bit of a specialist in personal investments at your firm. The kind of person everyone goes to for advice on the
The Different Types of GICs and Term Deposits
What Is a Non-Bank Financial Institution?
Isn’t a Non-Financial Institution Still a Financial Institution? Ok, so maybe it’s not the best name. After all, you wouldn’t call a bicycle a non-skateboard. Just like you wouldn’t call a horse a non-cow or an airplane a non-bird. You see where I’m going here. But sometimes—even despite personal intuition, common sense, and logical rationalization—ridiculous things still happen. (Think presidential
How Do You Open a Bank in Canada?
How Do You Start & Open a New Bank in Canada? You’re here for one of two reasons. The first reason: You’re a financial service visionary about to set off an epic journey of establishing Canada’s next Schedule I bank. You’ve come armed with an entirely new banking idea that aligns with the boom of open banking in Canada and
in Stouffville, Canada