Big Five Banks
From FXPedia
In Canada, the term The Big Five Banks is used to describe the largest five of Canada’s commercial banks. In order, based on total assets as supplied by each bank, the Big Five consists of the following:
| Rank | Bank Name | Total Assets |
|---|---|---|
| 1 | Royal Bank of Canada | $605 billion (as of July 31, 2007) |
| 2 | Bank of Nova Scotia | $412 billion (as of April 30, 2007) |
| 3 | Toronto – Dominion Bank | $404 billion (as of July 31, 2007) |
| 4 | Bank of Montreal | $359 billion (as of July 31, 2007) |
| 5 | Canadian Imperial Bank of Commerce | $339 billion (as of July 31, 2007) |
Schedule I Banks
The Big Five Banks – in addition to several smaller banks – are classified as Schedule I banks. Schedule I banks are permitted – under the Bank Act of 1991 – to accept deposits from clients, and these deposits are eligible for deposit insurance provided by the Canadian Deposit Insurance Corporation. Schedule I banks may not be subsidiaries of a foreign bank and must be incorporated under the Bank Act.
Schedule II Banks
Schedule II banks are also permitted to accept deposits and are incorporated under the Bank Act. However, unlike Schedule I banks, Schedule II banks are subsidiaries of foreign banks.
Schedule III Banks
Schedule III banks are foreign banks that are permitted to carry on business in Canada. They face certain restrictions and are not incorporated under the Bank Act.
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