Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

Question: 1 / 400

Which type of banks in Canada are branches or subsidiaries of foreign banks?

Schedule 2 banks

Schedule 2 banks are the correct choice because they are defined as branches or subsidiaries of foreign banks. Schedule 1 banks are completely owned by Canadian shareholders, so they would not fit the criteria. Schedule 3 banks are domestic banks that are not subsidiaries or branches of foreign banks, so they would also not be the correct answer. Credit unions are member-owned financial cooperatives and do not fit the definition of branches or subsidiaries of foreign banks.

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Schedule 1 banks

Schedule 3 banks

Credit unions

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