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For Consumers |
Consumer Protection: Know Your Rights
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Public Accountability Statements
Financial institutions play a significant role in communities across the country and in the lives of many Canadians. You should understand what their economic contributions are. In an effort to increase transparency and public awareness, the federal government recently mandated large institutions to report on their community performance.
Banks and federally incorporated or registered trust
and insurance firms with more than $1 billion in equity
are required to publish information in the form of yearly
Public Accountability Statements, describing their contribution
to the Canadian economy and society.
Statement requirements
Each institution must make its Public Accountability
Statement available no later than 135 days after the
end of its financial year. Copies are available from
the institution free of charge to individuals upon request.
The following information must be included:
- Detailed examples of the financial institution's involvement in community development projects
- Examples and the total dollar value of the institution's charitable donations and other philanthropic activities
- A description of employee volunteer activities on behalf of the institution for the purposes of community development
- A report setting out the total amount of money authorized for firms in Canada concerning debt financing. The dollar amounts are to be broken down by the prescribed loan authorization size, and by province or territory. The report must note the number of firms authorized for debt financing.
- An overview of initiatives to improve access to banking services for low-income individuals, seniors and disabled persons
- The address of deposit-taking institution branches opened and closed over the year reported by province
- The total number of individuals employed full-time and part-time by the institution in each province
- The total amount of taxes paid to the federal and provincial governments
- Information on new initiatives or assistance programs undertaken for financing small businesses and for investments or partnerships in micro-credit programs
- A list of affiliates included in the Public Accountability Statements
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Have a question or complaint?
Call 1-866-461-3222 or contact us via our Web
site. If you believe that a financial institution
has breached a consumer law, click
here for information on making a complaint.
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