Financial Industry In Canada - Frequently Asked Questions
Financial Industry In Canada - Frequently Asked Questions
The country of Canadais one of the associates of Organization for Economic Co-operation and Development (OECD) and also Group of Eight (G8). Its fiscal year dates from 1st of April to 31st of March and it is a member of WTO, NAFTA and many other well known global trade organizations. Canada stands on number ten as being the largest economy of the world and is among the most, richest nations of the world. Oil, logging, automobiles and manufacturing sectors account for large cash inflows into the economy with major part being played by the service sector, hence making it one of the world's strongest financial industries. Canadian financial industry is woven around the financial region of Toronto.
Like all the major economies, the Canadian financial industry also consists of strong network of banks, insurance companies and investment services. Main facets that define the strength of Canadian financial industry include the Canadian Banking association, Canadian banking system, Canada's bank and the banking laws. The insurance companies and investment services also put in their work well. The manufacturing sector is mostly located in central Canada providing the most of the investment opportunities there, thus, the investors target central Canada more as compared to other parts.
The government of Canada pays special attention towards its financial industry. It conducts periodic reviews and issue periodic reports for the benefit of all the stakeholders in the Canadian banking industry. The government is most interested in the reviews related to major developments of financial "service" sector and the foreign policy environment. Its focus is chiefly on the legislation targeted at restoring the confidence of investors in financial markets and corporate governance. All cases of bankruptcy and accounting discrepancies are dealt with a firm hand in the financial and other sectors.
The progress of all sectors is at the heart of Canadian government's aim of economic growth which is evident in its effort to improve legislations to ensure investors' confidence. The Sarbanes-Oxley act distinctly marks the government's attention towards the Canadian financial industry. This Act lays out important proponents for all listed stock exchange companies around Canada as well as the United States of America.
The development and consistency of Canadian financial industry is also dependent on the Canadian financial institutions. This forces the Canadian Government to be attentive to Canadian banks by putting in more efforts to make them competent. For this purpose, the Canadian government explores, on continuous basis, the matters of large bank mergers and focus heavily on formation of a nationwide system for securities regulations. For this cause, investors feel that their investment is more secure in Canada than any other financial industry of the world.
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