Which Schedule of banks in Canada includes domestic banks authorized to accept deposits?

In Canada, Schedule I Banks are the category specifically designated for domestic banks that are authorized to accept retail deposits from the public. These banks are incorporated under the Bank Act and are institutions that primarily serve Canadian residents. They are subject to detailed regulations and supervision by the Office of the Superintendent of Financial Institutions (OSFI), ensuring that they uphold consumer protection and sound banking practices.

Schedule II Banks, in contrast, consist of foreign banks operating in Canada, allowing them to accept deposits from Canadians but under different regulatory conditions. They usually have restrictions on the scope of their operations compared to domestic banks.

Schedule III Banks are branches of foreign banks that do not accept deposits from the public but can carry out banking operations with the support of their parent institutions based outside Canada.

Schedule IV Banks are more specialized, often providing services that focus on specific areas such as lending and investment but again without the framework for accepting deposits from the general public.

Thus, identifying Schedule I Banks is crucial for understanding the landscape of Canadian banking and the entities that consumers can turn to for deposit-related services.