Where to Go

There are a number of different financial institutions that conduct savings and loan transactions. Almost everyone deals with a financial institution of one sort or another, usually on a fairly regular basis. However, not all financial institutions are the same. They offer different services, in different ways to different clients.

The main types of financial institutions in Canada are banks, trust companies and credit unions. The following sections will outline the particulars of each.

Canadian Banks

  • No longer merely accept deposits and make loans.
  • Provide a number of financial services (such as mutual funds, RRSPs and other services).

Trust Companies

  • Provide banking services by accepting deposits from the public in the form of savings and demand deposits and by providing loans.
  • Provide estate services by managing assets derived from wills or from living trusts for individuals.

Credit Unions

  • Require membership, usually based on some common bond such as occupation, location or background.
  • Provide a full range of savings, lending and insurance services.