February 20, 2018
December 12, 2009
Too bad they dont have another sub like Home trust & bank
For the purposes of cdic you cant hold Peeps thru a broker and direct to get double the coverage
They do, actually. As noted, the Minister of Finance has granted a Letters Patent of Incorporation to Peoples Bank of Canada, which will be a direct wholly-owned subsidiary of Peoples Trust Company. Once the Superintendent of Financial Institutions Canada has issued an Order to Carry On Business and Commence Operations, which is expected later this month or next month, Peoples Bank of Canada will become a CDIC member and be able to accept deposits, arrange mortgages, and other banking activities as it desires. It has registered "peoplesbank.ca," but I expect Peoples Trust to operate solely at "peoplestrust.com" with the ability to select "Peoples Bank of Canada" as a dual issuer of your HISA or GICs.
Interestingly, Peter didn't mention the Peoples Bank of Canada incorporation in his August 2019 monthly update, but perhaps he'll mention that in the September update. 😉