Ontario is one of the 13 provinces and territories of Canada and is located in east-central Canada. It is Canada's most populous province accounting for 38.3 percent of the country's population, is the second-largest province in total area. Ontario is fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included, it is home to the nation's capital city and the nation's most populous city, Ontario's provincial capital. Ontario is bordered by the province of Manitoba to the west, Hudson Bay and James Bay to the north, Quebec to the east and northeast, to the south by the U. S. states of Minnesota, Ohio and New York. All of Ontario's 2,700 km border with the United States follows inland waterways: from the west at Lake of the Woods, eastward along the major rivers and lakes of the Great Lakes/Saint Lawrence River drainage system; these are the Rainy River, the Pigeon River, Lake Superior, the St. Marys River, Lake Huron, the St. Clair River, Lake St. Clair, the Detroit River, Lake Erie, the Niagara River, Lake Ontario and along the St. Lawrence River from Kingston, Ontario, to the Quebec boundary just east of Cornwall, Ontario.
There is only about 1 km of land border made up of portages including Height of Land Portage on the Minnesota border. Ontario is sometimes conceptually divided into Northern Ontario and Southern Ontario; the great majority of Ontario's population and arable land is in the south. In contrast, the larger, northern part of Ontario is sparsely populated with cold winters and heavy forestation; the province is named after Lake Ontario, a term thought to be derived from Ontarí:io, a Huron word meaning "great lake", or skanadario, which means "beautiful water" in the Iroquoian languages. Ontario has about 250,000 freshwater lakes; the province consists of three main geographical regions: The thinly populated Canadian Shield in the northwestern and central portions, which comprises over half the land area of Ontario. Although this area does not support agriculture, it is rich in minerals and in part covered by the Central and Midwestern Canadian Shield forests, studded with lakes and rivers. Northern Ontario is subdivided into two sub-regions: Northeastern Ontario.
The unpopulated Hudson Bay Lowlands in the extreme north and northeast swampy and sparsely forested. Southern Ontario, further sub-divided into four regions. Despite the absence of any mountainous terrain in the province, there are large areas of uplands within the Canadian Shield which traverses the province from northwest to southeast and above the Niagara Escarpment which crosses the south; the highest point is Ishpatina Ridge at 693 metres above sea level in Temagami, Northeastern Ontario. In the south, elevations of over 500 m are surpassed near Collingwood, above the Blue Mountains in the Dundalk Highlands and in hilltops near the Madawaska River in Renfrew County; the Carolinian forest zone covers most of the southwestern region of the province. The temperate and fertile Great Lakes-Saint Lawrence Valley in the south is part of the Eastern Great Lakes lowland forests ecoregion where the forest has now been replaced by agriculture and urban development. A well-known geographic feature is part of the Niagara Escarpment.
The Saint Lawrence Seaway allows navigation to and from the Atlantic Ocean as far inland as Thunder Bay in Northwestern Ontario. Northern Ontario occupies 87 percent of the surface area of the province. Point Pelee is a peninsula of Lake Erie in southwestern Ontario, the southernmost extent of Canada's mainland. Pelee Island and Middle Island in Lake Erie extend farther. All are south of 42°N – farther south than the northern border of California; the climate of Ontario varies by location. It is affected by three air sources: cold, arctic air from the north; the effects of these major air masses on temperature and precipitation depend on latitude, proximity to major bodies of water and to a small extent, terrain relief. In general, most of Ontario's climate is classified as humid continental. Ontario has three main climatic regions; the surrounding Great Lakes influence the climatic region of southern Ontario. During the fall and winter months, heat stored from the lakes is released, moderating the climate near the shores of the lakes.
This gives some parts of southern Ontario milder winters than mid-continental areas at lower latitudes. Parts of Southwestern Ontario have a moderate humid continental climate, similar to that of the inland Mid-Atlantic states and the Great Lakes portion of the Midwestern United States; the region has warm to cold winters. Annual precipitation is well distributed throughout the year. Most of this region lies in the lee of the Great Lakes. In December 2010, the snowbelt set a new record when it was h
Canada Savings Bond
Canada Savings Bonds were investment instruments that were offered by the Government of Canada in between the years 1945 and to 2017, sold between early October and December 1 of every year. Unlike a true marketable bond, Canada Savings Bonds or CSBs are debentures; the financial products were issued by the Bank of Canada and were claimed to offer a competitive rate of interest and had a guaranteed minimum interest rate. Canada started selling war bonds in 1917 to raise money during World War I for the Allies of World War I. Five bond campaigns were held from 1915-1919. To advertise the purchasing of Victory Loans, the Victory Loan Dominion Publicity Committee created artwork, held parades, had celebrity endorsements. Community members who bought many Victory Loans were given a Victory Loan Honour Flag as a thank you. Canada Savings Bonds were first offered in 1945 in an effort to replicate the success of Victory Bonds. In 2004, consultants gave the Department of Finance a report suggesting the CSB program be scrapped, giving an overall program cost savings of about $650 million in 9 years.
And with record budget surpluses recorded by the Liberal government since 1997, the importance of CSBs to finance the government had waned. Then-finance minister Ralph Goodale rejected the recommendation, opted to have the program changed to be more competitive and attract investors. Many Canadians still rely on this program for their investment portfolio, the program is recognized by 2 out of 3 Canadians as their first investments; this program recognition may give potential to an more popular program. This may suggest; the CSB website announced that effective fall of 2012 the term of all new bonds will be reduced to three years. The value of bonds issued declined from $55 billion in 1987 to just over $6 billion in 2015. A government-commissioned study by KPMG in June 2015 recommended canceling the program. Despite this recommendation, the Department of Finance ruled out canceling the program despite the estimated $58 million annual cost of running the program; as of October 2016, the Liberal government considered ending the program.
On March 22, 2017, the federal budget announced its decision to end the sale of new CSBs, saying they would be discontinued in 2017. No further bond purchases will be allowed, however existing bonds will still be honored until they are redeemed. Canada Savings Bonds were available in compounding interest; these bonds are cashable at any time and come in denominations of $100, $300, $500, $1000, $5000, $10000. Interest rate is guaranteed for 1 year and fluctuate with market conditions for the remaining 9 years until its maturity, they are green, picture the Peace Tower of the Parliament building in Ottawa. The new series as of November 1, 2006 picture the Cenotaph in Ottawa; as of 2010, the bonds were only available through the payroll savings program. Canada Premium Bonds were purchasable in compounding interest; these bonds differ from the regular bonds in that they are only cashable on the anniversary of the issue date or during the 30 days thereafter. They come in denominations of $100, $300, $500, $1000, $5000, $10000.
They are sold with rates up to year 3 with each subsequent year offering higher interest. The interest rate fluctuates for the remaining 7 years with market conditions until its maturity; the rates were determined for 5 years and fluctuated for the last 5 years. The bonds feature a picture of the Library of Parliament in Ottawa, but the new series as of November 1, 2006 picture the Canadian War Museum. Canada Investment Bonds were bonds available only through investment brokers and were offered from October 1, 2003 and April 1, 2004, they had 3 year maturities. Only 6 different series were issued, they are unavailable. CSBs are purchased at a financial institution or online at the CSB website and certificates are mailed to the investor; however there are a few plans available in. Canada RSP is a no-fee Registered Retirement Savings Plan designed for holding compound interest Canada Premium and Canada Savings Bonds; this product is no longer offered to new customers. Canada RIF no-fee Registered Retirement Income Fund designed for holding the Canada Premium and Canada Savings Bond directly in a RRIF.
This product is no longer offered to new customers. Payroll Savings Plans- Employers can provide employees this plan during sale periods. Employees choose how much they would like deducted off their paycheques and it is automatically saved until the employee would like to withdraw; this program was available under the Canada RSP. Ontario Savings Bond Saskatchewan Savings Bond Épargne Placements Québec Official website CBC News In Depth: Canada Savings Bonds Rest in peace, CSB: A eulogy for the Canada Savings Bond
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services. Worldwide, credit union systems vary in terms of total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion U. S. dollars and hundreds of thousands of members. Credit unions operate alongside other mutuals and cooperatives engaging in cooperative banking, such as building societies. "Natural-person credit unions" serve individuals, as distinguished from "corporate credit unions", which serve other credit unions. Credit unions in the US had one-fifth the failure rate of other banks during the financial crisis of 2007–2008 and more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion..
Public trust in credit unions stands at 60%, compared to 30% for big banks Furthermore, small businesses are eighty percent less to be dissatisfied with a credit union than with a big bank. Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, they elect their board of directors in a one-person-one-vote system regardless of their amount invested. Credit unions see themselves as different from mainstream banks, with a mission to be "community-oriented" and "serve people, not profit". Credit unions offer many of the same financial services as banks but use different terminology. Typical services include share accounts, share draft accounts, credit cards, share term certificates, online banking. Only a member of a credit union may deposit or borrow money. Surveys of customers at banks and credit unions have shown higher customer satisfaction rates with the quality of service at credit unions. Credit unions have claimed to provide superior member service and to be committed to helping members improve their financial situation.
In the context of financial inclusion, credit unions claim to provide a broader range of loan and savings products at a much cheaper cost to their members than do most microfinance institutions. In the credit union context, "not-for-profit" must be distinguished from a charity. Credit unions are "not-for-profit" because their purpose is to serve their members rather than to maximize profits, so unlike charities and the like, credit unions do not rely on donations and are financial institutions that must make what is, in economic terms, a small profit to remain in existence. According to the World Council of Credit Unions, a credit union's revenues must exceed its operating expenses and dividends in order to maintain capital and solvency. In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501. Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501. According to the World Council of Credit Unions, at the end of 2014 there were 57,480 credit unions in 105 countries.
Collectively they oversaw US$1.79 trillion in assets. WOCCU does not include data from cooperative banks, so, for example, some countries seen as the pioneers of credit unionism, such as Germany, the Netherlands, Italy, are not always included in their data; the European Association of Co-operative Banks reported 38 million members in those four countries at the end of 2010. The countries with the most credit union activity are diverse. According to WOCCU, the countries with the greatest number of credit union members were the United States, Canada, South Korea, Philippines and Mexico, Australia, Thailand and Ireland; the countries with the highest percentage of credit union members in the economically active population were Barbados, Grenada, Trinidad & Tobago, Belize and St. Lucia, St. Kitts & Nevis, Jamaica and Barbuda, the United States and Canada. Several African and Latin American countries had high credit union membership rates, as did Australia and South Korea; the average percentage for all countries considered in the report was 8.2%.
Credit unions were launched in Poland in 1992. Modern credit union history dates from 1852, when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects, one in Eilenburg and the other in Delitzsch in the Kingdom of Saxony into what are recognized as the first credit unions in the world, he went on to develop a successful urban credit union system. In 1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, the Netherlands, England and other nations; the first credit union in North America, the Caisse Populaire de Lévis in Quebec, began operations on January 23, 1901 with a 10-cent deposit. Founder Alp