Banks - Insurance agents - Tax services
A financial institution licensed as a receiver of deposits. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank.
Commercial banks are mainly concerned with managing withdrawals and deposits as well as supplying short-term loans to individuals and small businesses. Consumers primarily use these banks for basic checking and savings accounts, certificates of deposit and sometimes for home mortgages. Investment banks focus on providing services such as underwriting and corporate reorganization to institutional clients.
While many banks have both a brick-and-mortar and online presence, some banks have only an online presence. Online-only banks often offer consumers higher interest rates and lower fees. Convenience, interest rates and fees are the driving factors in consumers' decisions of which bank to do business with. As an alternative to banks, consumers can opt to use a credit union.
The economic functions of banks include:
Issue of money, Netting and settlement of payments, Credit intermediation, Credit quality improvement, Asset liability mismatch/Maturity transformation, Money creation.
A financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit. The traditional commercial bank is a brick and mortar institution with tellers, safe deposit boxes, vaults and ATMs. However, some commercial banks do not have any physical branches and require consumers to complete all transactions by phone or Internet. In exchange, they generally pay higher interest rates on investments and deposits, and charge lower fees.
Commercial banking activities are different than those of investment banking, which include underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients.
Commercial bank being the financial institution performs diverse types of functions. It satisfies the financial needs of the sectors such as agriculture, industry, trade, communication, etc. That means they play very significant role in a process of economic social needs. The functions performed by banks are changing according to change in time and recently they are becoming customer centric and widening their functions. Generally the functions of commercial banks are divided into two categories viz. primary functions and the secondary functions
Primary Functions of Commercial Banks:
Accepting Deposits, Making Advances, Credit creation.
Secondary Functions of Commercial Banks:
The secondary functions of commercial banks can be divided into agency functions and utility functions.
Agency Functions : Various agency functions of commercial banks are
To collect and clear cheque, dividends and interest warrant.
To make payment of rent, insurance premium, etc.
To deal in foreign exchange transactions.
To purchase and sell securities.
To act as trusty, attorney, correspondent and executor.
To accept tax proceeds and tax returns.
General Utility Functions : The general utility functions of the commercial banks include
To provide safety locker facility to customers.
To provide money transfer facility.
To issue traveller's cheque.
To act as referees.
To accept various bills for payment e.g phone bills, gas bills, water bills...
To provide merchant banking facility.
To provide various cards such as credit cards, debit cards, Smart cards...
Bank - General Information
The banks are specialized financial institutions, which, with the permission and supervision of the National Bank, providing certain financial services. To be able to provide a safe and stable operation at all times fulfill the obligations to creditors, banks must dispose of money, capital, the amount of which should not fall below the level specified by law.
These financial institutions are earning, on the one hand, the difference in interest rates paid by banks on money they collect (through savings or the issuance of securities, for example), and interest rates that customers pay on loans (loans) received by the bank, on the other hand, and the collection of fees for the various services they provide.
Banks operate through its affiliates, or territorial organizational units.
A bank used by citizens, legal persons, primarily as:
Deposit transactions, or receive money (dinars or foreign currency) in savings, on which the bank pays interest to the clients;
credit transactions in which the bank provides the customer loans, a bank customer, the return rate on the loan, and the interest is paid;
Opening dinar or foreign currency account at the bank's clients come from a variety of payment sources (wages, pensions, royalties, alimony ...) is that he can raise money or perform non-cash payments (bank charges a certain amount for account maintenance, and in some cases payment of a commission to cash or non-cash payments);
issuance and maintenance of payment cards (debit and credit), with which the client performs cashless payment and raises money from ATMs; using a credit card bank clients using pre-approved loan and pay the interest;
In addition, the Bank carried out a series of other jobs, which often do not have direct connections with the public (the issuance of securities, broker-dealer transactions, issuance of guarantees and so on).
Level of interest rates and fees and other operating conditions vary considerably from bank to bank. You'll choose - depends on the type of services that you need. A bank can have the most favorable conditions for the savings, the other for maintaining current accounts, and the third for housing loans.
Nothing's stopping you to use the services of banks, each what is the best for you, but you should know that the services are often offered in packages (certain credit facilities, for example, often apply only to persons who have a current account with the bank ), and you will, if the need arises to make money from one bank to another reproach, may have to pay such a fee would be the advantage of doing business with multiple banks melt.
Banks are changing requirements, depending on the market situation, so it is important to stay in touch and all the carefully calculated. It would not be hurt even to someone who has already used the services of the bank you want to know ask what his experience.
Of importance can be seemingly trivial factors such as distance from the branch of your apartment or workplace, or her working time.
Today, most banks offer some electronic banking services (the ability to doing a few transactions through the Internet), so this should be taken into account.
Farmers insurance, Progressive insurance, Health insurance, Car insurance...
A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
An insurance broker (also insurance agent) sells, solicits, or negotiates insurance for compensation.
When shopping around for an insurance policy, look for the best priced package that is right for you - prices can vary from one insurance company to the next. And make sure you know what you want. Some individuals, for example, prefer 24-hour claims service or face-to-face contact with an insurance representative. Also consider the claims settlement process, the amount of the deductible and the extent of the replacement coverage. Insurance companies and the policies they offer are not all the same, so think about more than just the price.
Insurance involves pooling funds from many insured entities to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk, the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
Methods of insurance:
Co-insurance – risks shared between insurers
Dual insurance – risks having two or more policies with same coverage
Self-insurance – situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves
Reinsurance – situations when Insurer passes some part of or all risks to another Insurer called Reinsurer
Types of insurance:
Auto insurance, Vehicle insurance, Gap insurance, Health insurance, Dental insurance, Accident, sickness, and unemployment insurance, Casualty insurance, Crime insurance, Life insurance, Burial insurance, Property insurance, fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance, Liability insurance, Payment protection insurance, Travel insurance, Insurance companies...
Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.
The mission of the Tax Services Department is: to ensure accurate tax reporting and withholding; to prepare exempt organization tax returns and University Unrelated Business Income Tax Returns; to provide advice and guidance on tax issues; and to review reports on payment of sales, real estate and payroll taxes.
Tax returns in the United States are reports filed with the Internal Revenue Service or with the state or local tax collection agency containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.
Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services. Tax preparation may also be done by a licensed professional such as an attorney, certified public accountant or enrolled agent, or by an unlicensed tax preparation business.
Businesses that specialize in preparing tax returns. Such services may range from national tax preparation chains to local tax preparers, enrolled agents, CPA accountants, and tax lawyers. Services normally charge based on the complexity of the tax return and the amount of time needed to fill it out correctly. Many services can arrange to file a tax return with Service electronically, which can result in a faster tax refund.
Our tax preparations services include:
Individual returns, including small business and rentals
Certain trust returns
Financial Planning advice and Tax Planning Strategies
Filing of payroll tax returns, we do not do payroll preparation
We are LGBT friendly and do returns for Married/RDPs
Corporate Tax Returns
Corporate Tax Planning and Advisory
Tax Compliance Services – GST and Ontario Sales Tax
Personal Tax Returns
Real Estate Tax
Financial Statement Preparation
Financial Statement Audits
Financial Statement Reviews
Notice to Readers
Special Purpose Audits
Accounting and Management Software Implementation
Mergers and Acquisitions
Payroll and Bookkeeping Services
HST and WSIB Remittance
Financial Projections and Budgets