Financial services are a very important component of the economy of Canada because they have brought strong growth over the past years. Canada has developed an understanding and have been able to solve business and regulatory problems that clients encounter as changes occur in the marketplace due to the strong global resources and experience in financial services. Various institutions of finance have provided businesses and individual citizens with access to varying capital resources to expand or set up businesses, a great boost to the economy of Canada. Financial institutions in Canada have been ranked among the top worldwide in providing access to capital to consumers due to their well-played role of acting as facilitators.
Management of assets in businesses, banking and insurance are comprised in the financial services sector. These have contributed to very many jobs among the population of Canada and a good percentage of the gross domestic product of the country. Moreover there is a continuous increase in importance of these sectors to the economy of Canada due to the large number of employment opportunities, outward FDI outpacing, international trade and gross domestic product. The country’s outward FDI has been high and has been increasing overtime. Financial services have generally attributed to how the service export of the country has been growing faster and becoming largest globally. Know about bad credit cards instant approval canada here!
Redistribution of capital from people with low funds who are the borrowers to people with excess funds who are the savers is another core responsibility of financial service companies. In doing so they create an opportunity for consumers who have a shortage in funds and need to set up businesses with an arena where they can get the starting capital, a very critical function of the modern economy. Canada is ranked among the leading countries globally in the sector of domestic company’s public listings and venture capital investment with respect to gross domestic product. Start now!
Growth in the economy and investment in business has been outpaced by growth in business credit in the present years meaning that restraint to setting up of businesses is no longer due to lack of access to credit facilities.
Banking systems in Canada are well regulated, capitalized and managed therefore contributing to its financial safety and strength and lenders can easily borrow loans. Majority of the financial service firms are in Canada hence generation of revenues for municipal, federal and provincial government is mostly done by the financial services firms. To get some facts about finance, visit https://www.britannica.com/topic/bank.