Canada is the fourth largest sender of remittance around the world after the USA, UK and UAE. In 2016, an estimate of $23.3 billion was sent from Canada to other countries. With a growing immigrant population in Canada, there has been an increase in the remittance outflow from Canada. According to a 2016 census report, the immigrant population is over 7.5 million accounting to nearly 20% of Canada’s total population. The immigrant population consists of high-income individuals who send money to low- and middle-income countries. (Source: Pew Research Center)
The top three countries that receive remittances from Canada are China ($3.9 billion), India ($2.6 billion) and the Philippines ($2.2 billion). After China, India and the Philippines, the countries receiving the most Canadian remittances are Britain, France, Lebanon, Vietnam, Germany, Italy, and South Korea.
In Canada, the stability of the financial system is a shared responsibility by the Department of Finance along with other federal regulatory authorities like the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Deposit Insurance Corporation (CDIC), Financial Consumer Agency of Canada (FCAC) and the Bank of Canada. The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government that supervises and regulates the financial institutions like the banks, credit unions, securities firms, debt collectors, lenders, and other financial companies. The Financial Consumer Agency of Canada (FCAC) is responsible for ensuring the financial entities follow the rules and regulations to protect the consumer.The Canada Deposit Insurance Corporation (CDIC) is a regulatory authority that offers deposit insurance for all the financial institutions in Canada. The other independent agency that reports to the Department of Finance is Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), FINTRAC aids in detection, prevention and deterrence of money laundering and the financing of terrorist activities.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
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