A Canadian-incorporated bank that is a wholly owned subsidiary of a foreign bank is listed on the Bank Act as a:
A Canadian-incorporated bank that is a wholly owned subsidiary of a foreign bank is listed on the Bank Act as a:
Answer
Schedule II bank
Options - A. Schedule II bank - B. Schedule I bank - C. Schedule III bank - D. Federal trust company Why - A. Correct — Schedule II is the foreign-bank subsidiary: incorporated here, owned abroad. - B. Schedule I banks are those NOT subsidiaries of a foreign bank — the domestic banks. - C. Schedule III is an authorized foreign bank operating as a BRANCH, not as a separately incorporated Canadian subsidiary. - D. A trust company is incorporated under trust-and-loan legislation, not the Bank Act, and is defined by its fiduciary business.
Bank Act ss. 14, 14.1 (laws-lois.justice.gc.ca); OSFI, financial institutions supervised (osfi-bsif.gc.ca); Bank of Canada core functions — observed 2026-09-17