Td bank grants canada -
Who Decides to Print Money in Canada?
Money in Canada typically comes from two sources. Canada's central bank, called the Bank of Canada (BOC), can expand monetary supply by engaging in asset purchases, such as government and corporate bonds. Money is also created by financial institutions through lending to businesses and consumers.
Both measures increase the amount of money available to spend by companies and citizens designed to stimulate economic growth measured by gross domestic product (GDP), which is a metric that measures the goods and services produced in an economy.
However, too much money can lead to excessive spending, increased demand for goods, and inflation, which is the pace of rising prices in an economy.
- The Bank of Canada creates new money through asset purchases of corporate and government bonds or securities.
- The Bank of Canada also creates new money by issuing notes and currency.
- The Bank of Canada can influence monetary conditions by changing the capital requirements banks need to hold as reserves.
- The Bank of Canada also sets interest rate policy, which controls the amount of money lent throughout the economy.
- Private and commercial banks also create new money by issuing new loans to consumers and businesses.
The Bank of Canada
The Bank of Canada (BOC) was chartered under the Bank of Canada Act of 1935, initially as a privately owned corporation. It was legally deemed a federal Crown corporation in 1938, and its shares are owned by the Canadian government.
The central role of the BOC is to maintain the financial and economic health and stability of Canada. Specifically, it is responsible for formulating monetary policy and managing funds and banking services for the federal government. It is the sole authorized issuer of Canadian currency, among other things.
The Bank of Canada helps the government expand the economy by purchasing newly issued federal securities, such as Treasury bills. When the BOC creates money through asset purchases, the federal government can utilize the funds for various programs, including education, health, and defense. The funds can also be spent on the reduction of debt.
When the economy is underperforming or in a recession, the BOC may purchase additional government assets, or bonds, through a stimulative process called quantitative easing (QE). The Bank of Canada's QE program also includes buying corporate bonds.
If a corporation issues a bond, the central bank essentially becomes the customer by buying a bond and, in exchange, gives cash to the corporation to spend as needed. The corporation might spend the money by purchasing equipment, expanding its operations, or paying down debt to increase its financial stability. As a result, asset purchases lead to an increased amount of money in the economy, designed to be spent by consumers and businesses as a stimulus to improve economic conditions.
Setting Interest Rates
The Bank of Canada also manages interest rate policy by lowering or increasing the key policy rate, which is the rate banks use to lend to each other and is used as a benchmark for establishing loan rates to customers. If the key policy rate is lowered, it ultimately reduces lending rates in the financial markets, leading to an increased demand for credit and more bank lending to satisfy that demand.
Capital Requirements for Banks
Another way that the Bank of Canada can influence monetary conditions is by changing the capital requirements that banks need to hold as reserves. Although it can vary depending on the size of the bank, typically, the minimum capital requirement is approximately 8% of the total assets held by the bank.
It's important to remember that for a bank, a loan is an asset. When a bank issues a loan to a company, it gets paid back the interest and principal. The interest received is income, and the loan is considered an asset on a bank's balance sheet. A specific percentage of a bank's total assets, including loans, is held as a cash reserve.
The assets are weighted based on a risk assessment (called risk-weighted assets) of how likely the loans might default or go into nonpayment. The capital reserves required for banks help reduce the risk of economic and financial shocks during a financial crisis or recession.
Domestic Stability Buffer (DSB)
In addition, a capital conservation buffer of 2.5%—also called the Domestic Stability Buffer (DSB)—is required of Canadian banks. The DSB helps to ensure the stability of the financial system by allowing some wiggle room so that there are funds held (in addition to the capital reserves) by banks in case of a crisis.
The Office of the Superintendent of Financial Institutions (OSFI ) manages the buffer. The OSFI is an independent agency of the government of Canada, which helps protect depositors and creditors by supervising financial institutions, their level of risk, and monitor their financial condition.
During the early days of the coronavirus pandemic in March of 2020, the OSFI lowered the DSB to 1% from 2.25%. This provided an additional C$300 billion into the economy for which banks could use to lend to businesses and consumers. Some of these loans included commercial loans and home mortgage loans.
In June of 2021, the OSFI increased the Domestic Stability Buffer to 2.5% from the 1% level set in March of 2020 since the Canadian economy had rebounded from the coronavirus pandemic and the resulting recession.
Domestic Systemically Important Banks
The largest financial institutions, called domestic systemically important banks, must also maintain an additional 1% of assets held as capital reserves. Examples of domestically systemically important banks include the Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, National Bank of Canada, and the Toronto Dominion Bank of Canada.
By implementing these monetary measures, including asset purchases by the Bank of Canada and lowering the capital buffer by the OSFI, the amount of money was increased, helping the Canadian economy weather the financial difficulties due to the pandemic.
Private banks create new money by issuing new loans to consumers and businesses. For example, when a bank grants a new mortgage loan to a homebuyer, the seller of the home receives the cash from the sale of the home at the mortgage closing. The money is deposited into the seller's bank account, which increases the amount of money in the economy.
Similarly, if a commercial bank extends a loan to a corporation and the newly created money is used to expand its manufacturing facility, it stimulates economic activity due to the construction of the facility and the hiring of new workers. As a result, private bank lending has a multiplier effect on the economy since it can lead to lower unemployment, higher wages for workers, and increased business spending.
However, the amount of money a bank can lend is limited since it must have enough deposits to make the loans and cannot violate the previously-mentioned capital reserve requirements. Also, loans from private banks are issued based on a borrower's creditworthiness, meaning there is a limit as to how much money a bank is willing to lend each borrower.
New Money and Inflation
The creation of money can be inflationary, meaning it can lead to rising prices in an economy. A certain amount of inflation is considered necessary to allow for an expanded economy to function.
A steady or gradual rate of inflation can be helpful since it allows businesses the ability to charge prices above the cost of manufacturing their goods and services, ensuring a profit. However, a significant rise in prices can damage an economy because it reduces the purchasing power of consumers and businesses.
The Bank of Canada adjusts its key policy interest rate if inflation is above the bank’s inflation target of 2%, which is the midpoint of its target range of 1% to 3%. In other words, the bank will increase interest rates if prices rise too quickly. Higher interest rates discourage borrowing and spending, which cools down the economy, reducing inflationary pressures.
Conversely, if inflation is below the Bank of Canada’s inflation target, the central bank may lower its key policy rate. The lower rate encourages financial institutions to reduce their loan rates and increase the number of new loans, stimulating economic activity. The additional spending by consumers and businesses will increase the demand for goods, raising prices in the economy. The Bank of Canada actively monitors inflation to ensure that prices don’t rise too quickly and that prices don’t decrease by too much, called deflation.
The Bottom Line
The Bank of Canada creates new money by issuing notes and currency but also through asset purchases of corporate and government securities. The Bank of Canada also sets interest rate policy to manage the amount of money being lent throughout the economy to help promote stable economic growth while simultaneously ensuring price stability.
Commercial and private banks also create new money by issuing new loans. With the Bank of Canada and the banking sector working together to create new money, stable monetary policy and favorable economic conditions can be achieved.
TD Bank Mortgage Review 2021
The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.
TD Bank at a glance
If you live on the East Coast, TD Bank can provide ample mortgage loan products and a digital application experience, backed by personal service. Mortgage rates and fees are some of the most competitive, according to NerdWallet analysis, though TD Bank doesn’t publish sample mortgage rates.
Here's a breakdown of TD Bank's overall score:
Variety of loan types: 5 out of 5 stars
Variety of loan products: 5 out of 5 stars
Online convenience: 5 out of 5 stars
Rates and fees: 4 out of 5 stars
Rate transparency: 3 out of 5 stars
» MORE: Compare TD Bank Mortgage to other lenders
TD Bank Mortgage loan types and products
Canadian-born TD Bank Mortgage also serves home buyers in a portion of its southern neighbor nation, choosing to focus on the American East Coast. Nevertheless, TD Bank Mortgage offers a full range of home loan products — basically everything but reverse mortgages.
TD Bank Mortgage distinguishes itself when it comes to specialty products like construction loans, according to Ray Rodriguez, a regional mortgage sales manager.
"In a lot of areas, we see the need for construction lending,” Rodriguez says. “Whether that's somebody who buys a raw piece of land and wants to build a house on it, or buys an older home and wants to purchase it and renovate it at the same time."
A construction-to-permanent loan from TD Bank Mortgage allows you to lock your interest rate and finance the construction costs and your mortgage with a single loan closing. And you make interest-only payments during the building phase. After that, you'll make regular mortgage payments.
Construction loans can also be used if you buy a home that needs a little remodeling, allowing you to roll the costs of improvements into your permanent mortgage.
TD Bank Mortgage participates in the HomeReady loan program backed by Fannie Mae, which allows income-eligible borrowers to qualify for a home loan with as little as a 3% down payment.
In addition, TD Bank Mortgage launched its own low- to moderate-income loan program, the Right Step Mortgage, which also allows a down payment as low as 3% but doesn't require borrower-paid mortgage insurance, as the HomeReady and FHA programs do.
Wealthy customers will also find loan programs tailored to their needs. With so many customers living in the hypercompetitive real estate markets in the urban areas of the East Coast, TD Bank Mortgage has not shied away from jumbo mortgages, higher-value loans that are not sold to investors like Fannie Mae and Freddie Mac but rather held on the bank's books.
TD Bank Mortgage online convenience
TD Bank offers an all-digital loan process, supplemented with human guidance. Prospective borrowers can check the status of their loan application, review and upload documents and maintain contact with their loan team.
Rodriguez says the loan process is driven by customer preferences. He gives an example of a Wall Street trader who may prefer to handle loan details primarily by email and phone. That contrasts with the "touch and feel" customer who might rather deal with such a large transaction face-to-face in a TD Bank branch.
There are no minimum or maximum mortgage limits, Rodriguez adds.
TD Bank fees and mortgage rates
Lender fees vary by geography and loan product, Rodriguez says.
One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:
A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. TD Bank Mortgage earns 3 out of 5 stars on this factor.
A lender's offered mortgage rates compared with the best available on comparable loans. TD Bank Mortgage earns 5 out of 5 stars on this factor.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
You can decide to buy discount points, a fee paid with your closing costs, to reduce your mortgage rate.
Deciding whether or not you want to pay higher upfront fees is a matter of considering how long you plan to live in a home and how much cash you have to apply to closing costs when you sign the loan paperwork.
» MORE: ‘Should I buy points?’ calculator
TD Bank Mortgage rate transparency
TD Bank Mortgage rates are not easy to find — in fact, we were only able to locate sample loan rates for Canadian customers. Clicking on a green 'Calculate my rate' button on the bank’s main mortgage page shows a short questionnaire, so a rate-shopping borrower, in a ZIP code TD Bank serves, can get an idea of a mortgage rate they'll earn and request additional information.
More from NerdWalletCompare ratesGet a mortgage preapprovalHow much house can you afford?
Camp Menesetung receives generous donation from TD Bank
TD Bank ‘Friends of the Environment Foundation (TD FEF) is a national charity dedicated to funding grassroots environmental projects in communities across Canada.
TD FEF is proud to help build legacies of healthy, vibrant, green spaces that people can enjoy for generations by assisting programs in the community.
For over 25 years TD FEF has helped make local environmental projects a reality, providing over $99 million to more than 27,000 environmental projects.
Recently, TD branch in Goderich made a generous donation of $5,195 to Camp Menesetung for the camp’s ‘Outdoor Living Skills Specialty’ (OLS) program.
Working with groups like Camp Menesetung, TD helps elevate the quality of the environment so people and economies can thrive, while creating more opportunities for communities to come together and enjoy the outdoors.
“They are local, that’s important because we always want to give back to our community. The other thing is that it’s all about the kids,” TD Branch Manager of Goderich, Teresa Doney said.
“If it can go over a five year period, it makes for a lasting impact.”
Camp Menesetung, which is associated with the United Church of Canada, is open to those of Christian faith, those of no faith and those of all faith backgrounds. The camp does not aim to persuade young people towards any faith decision.
As a non-profit, donors and organizations support the programs they do at the camp. In the past few years, Camp Menesetung has been steering their programs toward making sure that there is environmental education available for all of their campers.
The OLS program at Camp Menesetung introduces campers, regardless of financial or physical ability, to opportunities to learn about the environment while camping.
In the past few years the camp started programs where they take campers on hiking trips throughout the Maitland Valley. These types of programs require equipment to ensure the safety of those participating.
This is taught through direct contact with the natural world and campers receive education on local plant life, ecosystems and conservation, especially coastal conservation as the camp is situated on a bluff of Lake Huron.
In addition, the OLS program aims to teach campers to see, experience, appreciate and protect the world around them, rather than only consuming.
“This year, we are expanding that program to have a lot of campers be able to learn all these out door skills and be able to appreciate the environment,” said Clayton Peters of Camp Menesetung.
“We are thrilled that we can have this support of this organization to make sure campers get this experience.”
This spring the camp has over 1,000 kids coming for programs. Not all have chosen to go into environmental, but a lot of them have.
In the summer, the camp typically has 350 campers who stay for a week at a time. All of these kids would be impacted by this donation.
This is an investment that isn’t a one-year investment, but rather goes into the camp’s programs, for campers to enjoy for years to come.
TD Charitable Foundation Awards $3.75 Million in Grants to Non-Profits Helping to Create Affordable Rental Housing
CHERRY HILL, N.J., March 5, 2020 /PRNewswire/ --TD Charitable Foundation, the charitable giving arm of TD Bank, America's Most Convenient Bank®, today awarded 30 affordable housing development organizations from Maine to Florida a total of $3.75 million through its Housing for Everyone grant competition.
This year's competition focused on organizations working to refurbish existing housing properties to create affordable rental units. The 30 grants of $125,000 each will fund programs from winning organizations providing safe, clean, physically accessible affordable rental units for families, individuals, the elderly, new Americans, Veterans, the disabled, women and youth.
"Across the U.S., renters are 25 to 45% more financially burdened than homeowners, according to the State of the Nation's 2019 Housing Report," said Paige Carlson-Heim, Director of TD Charitable Foundation and Office of Charitable and Community Giving. "This year's Housing for Everyone grant recipients are committed to finding ways to ease that burden by increasing the availability of safe, affordable rental housing. I am excited about the incredible work being done by each of these organizations and look forward to watching them create a pathway to financial stability for individuals and families."
Grants made through TD Charitable Foundation's 14th annual Housing for Everyone program support local non-profits in creating affordable rental housing for individuals and families, ultimately leading to improvements in their ability to plan for the future and participate more fully in educational and economic opportunities. The program, which has awarded more than $28 million in grants since 2006, directly aligns with the bank's commitment to financial security initiatives which seek to increase access to the opportunities people need to help improve their financial wellness, ranging from affordable housing and financial literacy to early learning and income stability.
This year's Housing for Everyone grants winners are:
- Ability Housing (Jacksonville, FL)
- Asian Americans for Equality (New York, NY)
- Avesta Housing (Portland, ME)
- Bergen County United Way (Paramus, NJ)
- Camillus House (Miami, FL)
- Cathedral Square Corporation (South Burlington, VT)
- Columbus House (New Haven, CT)
- Community Access Unlimited (Elizabeth, NJ)
- Community Builders (Boston, MA)
- Community Loan Fund of New Jersey (New Brunswick, NJ)
- Family Promise of Gainesville & Rebuilding Together North Central Florida (Gainesville, FL)
- Homeless Solutions (Cedar Knolls, NJ)
- Homes of Hope (Greenville, SC)
- Housing Development Corporation Midatlantic (Norristown, PA)
- Housing Up (Washington, DC)
- Metropolitan Ministries (Tampa, FL)
- Mission First Housing Group (Philadelphia, PA)
- Mountain Housing Opportunities (Asheville, NC)
- Mutual Housing Association of Southwestern CT (Bridgeport, CT)
- Neighborworks Southern New Hampshire (Manchester, NH)
- Olneyville Housing Corporation (Providence, RI)
- Riseboro Community Partnership (Brooklyn, NY)
- RUPCO, Inc. (Kingston, NY)
- Saint Joseph's Carpenter Society (Camden, NJ)
- Saint Matthew's House (Naples, FL)
- The Neighborhood Developers (Chelsea, MA)
- Victory Housing (Rockville, MD)
- Wesley Housing Development Corporation of Northern Virginia (Alexandria, VA)
- Worcester Common Ground (Worcester, MA)
- 72 Lewis Avenue Apartments Housing Development Fund Corporation (Brooklyn, NY)
The Housing for Everyone grant competition is aligned with the TD Ready Commitment, the bank's corporate citizenship program to help individuals and communities prosper. As part of the TD Ready Commitment, TD targets CDN $1 billion (US $775 million) in total by 2030 towards community giving in four areas critical to building an inclusive tomorrow – Financial Security, a more Vibrant Planet, Connected Communities and Better Health. For more, visit: https://www.tdbank.com/corporate-responsibility/the-ready-commitment/.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America's Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed over $230 million through more than 21,330 grants through donations to local nonprofits from Maine to Florida. More information on the TD Charitable Foundation is available at https://www.tdbank.com/corporate-responsibility/the-ready-commitment/funding-opportunities/
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
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SOURCE TD Charitable Foundation
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2021 TD Green Space Grant Recipients to Build Resilience in Underserved Communities
LINCOLN, Neb. and TORONTO, April 20, 2021 /3BL Media/ – TD Bank Group (TD) and the Arbor Day Foundation today announced the 2021 grant recipients of the TD Green Space Grants program. The program will provide a total of US $400,000 to support green infrastructure in communities that have been disproportionately impacted by the COVID-19 pandemic. The pandemic has exacerbated existing inequities, including the limited access to green spaces in urban neighbourhoods and the corresponding lack of tree canopies in these areas. As the pandemic has prompted people to spend more time outdoors, members of these communities have been more restricted in their ability to seek out green spaces safely.
"Green spaces form the backbone of our communities and play an essential role in supporting our physical and mental health," said Andrea Barrack, Global Head, Sustainability and Corporate Citizenship, TD Bank Group. "In collaboration with Arbor Day Foundation, we're working to increase equal access to green spaces and build resiliency in some of the communities most affected by the pandemic. By making green spaces more accessible to all, we're helping create healthier, more inclusive and sustainable urban cities."
“The COVID-19 pandemic has exposed the depth of existing environmental inequities and injustice,” said Dan Lambe, president of the Arbor Day Foundation. “More than ever before, it is critical to ensure that all people, regardless of age, race, ability, or income level, can access trees and green space as a crucial resource for health, recreation, and climate resiliency.”
The following twenty cities in the United States and Canada will each receive a TD Green Space Grant of $20,000 USD:
- Burlington, Vermont
- East Providence, Rhode Island
- Greenville, South Carolina
- Hartford, Connecticut
- Jacksonville, Florida
- Newburgh, New York
- New Castle, Delaware
- Orlando, Florida
- Philadelphia, Pennsylvania
- Queens, New York
- Conception Bay South, Newfoundland and Labrador
- Milton, Ontario
- Mississauga, Ontario
- Montreal, Quebec
- Montreal North, Quebec
- Mahone Bay, Nova Scotia
- New Westminster, British Columbia
- Regina, Saskatchewan
- Surrey, British Columbia
- Toronto, Ontario
TD provides funding for these grants, which are awarded annually, and the Arbor Day Foundation administers the program. TD Green Space Grants are part of the TD Ready Commitment, TD's global corporate citizenship platform. Established in 2019, the program has served 38 communities through 40 planting projects. These projects have collectively planted or distributed over 11,000 trees or shrubs and engaged nearly 4,000 community members.
In 2021, funding will be granted to 20 municipalities that are driving programs aligned to the theme Building Resilience: Green infrastructure solutions for communities disproportionally impacted by Covid-19. To be eligible for a grant, qualified municipalities had to be located within TD's operating footprint in the United States and Canada. Priority was given to projects occurring in underserved areas of local communities. For communities applying within the United States, preference was given to currently recognized Tree City USA® communities or those who expressed interest in becoming a Tree City USA community over the next calendar year.
For more information, visit arborday.org/programs/tdgreenspacegrants.
About the Arbor Day Foundation
Founded in 1972, the Arbor Day Foundation has grown to become the largest nonprofit membership organization dedicated to planting trees, with more than one million members, supporters, and valued partners. Their vision is to help others understand and use trees as a solution to many of the global issues we face today, including air quality, water quality, climate change, deforestation, poverty and hunger.
As one of the world's largest operating conservation foundations, the Arbor Day Foundation educates and engages stakeholders and communities across the globe to involve themselves in its mission of planting, nurturing and celebrating trees. More information is available at arborday.org.
About TD Global Corporate Citizenship
TD has a long-standing commitment to enriching the lives of its customers, colleagues and communities. As part of its corporate citizenship platform, the TD Ready Commitment, TD is targeting CDN $1 billion (US $750 million*) in total by 2030 towards community giving in four areas critical to opening doors for a more inclusive and sustainable tomorrow – Financial Security, Vibrant Planet, Connected Communities and Better Health. Through the TD Ready Commitment, the bank aspires to link its business, philanthropy and human capital to help people feel more confident - not just about their finances, but also in their ability to achieve their personal goals in a changing world. For further information, visit www.td.com/tdreadycommitment.
For more information please contact -
Arbor Day Foundation:
TD Bank Group:
Heather Reinsborough (Canada)
Manager, Corporate and Public Affairs
Miranda Garrison (U.S)
Senior Corporate Communications Manager, Coprorate and Public Affairs
Spotlight: How TD Bank supports LGBTQ2+ communities at home, across North America and globally
Anyone who has been to a Pride festival anywhere in Canada in recent years is likely already familiar with the presence of TD Bank at these celebrations. As a long-standing supporter of Pride celebrations in North America — TD was the first bank to sponsor a major Pride festival in 2005 — including 2014 and 2019’s World Prides, their commitment to the LGBTQ2+ community goes far beyond helping put on fabulous parties. Though we certainly love those at Pride In Business!
For more than 25 years, TD has been on a journey of support for the LGBTQ2+ community, taking principled and, at times, unpopular stands. They stood behind their employees by introducing same-sex spousal benefits in 1994, more than a decade before same-sex marriage was legally recognized across Canada. In 2005, they began a global commitment they maintain today which included a donation of $100,000 in 2014 to help support the development and growth of Rainbow Railroad, an organization that helps LGBTQ2+ individuals escape from countries where they are open targets of violence. Today, TD remains Rainbow Railroad's largest corporate partner And, at home in Canada, they’ve gone above and beyond to support the specific needs of their LGBTQ2+ customers through the creation of roles unique to the financial industry that allow for direct support of the community.
Employees like Al Ramsay, associate vice president of sales and strategy and head of LGBTQ2+ business development for TD Wealth, and Tyler Brown, regional manager for LGBTQ2+ business development for the prairie region, are the heart and soul of TD’s commitments to the community. They’re also both familiar faces at many of Pride In Businesses’ events and if you’ve had the opportunity to hear Ramsay speak, you’ve likely heard about why he considers his job to be the best one in the world:
“In my speeches I usually joke that my day job is my gay job and my gay job is my day job,” says Ramsay. When he started at TD, he said he decided to rebrand himself. “For the first time in my life, I showed up as a proud, open, gay man.” Then the manager of community relations, Ramsay formed partnerships with grassroots organizations that were meaningful to the South Asian, Black, Chinese, Korean, and LGBTQ2+ across Canada . “Living authentically empowered me and I brought my whole self to work.”
Nowadays, he operates on a much larger scale as the lead of TD’s LGBTQ2+ business development team, which has allowed him to spearhead the launch of several employee resource groups including its LGBTQ2+ and Black Employee Networks while also serving on numerous committees and boards championing diversity and inclusion including of the Canadian Gay and Lesbian Chamber of Commerce, ExeQutive, and The Rainbow Railroad.
“[TD’s] community support and partnership are at the heart of my role – this is where we live, work, and play,” says Ramsay. “If we didn't have an excellent community strategy, we wouldn’t be successful in our jobs.”
It’s this same sentiment, Ramsay says, that permeates TD’s approach to the values of inclusion and diversity across the company. He points to the latest in a series of continuing injustices against the Black community and TD’s reinforced commitments to representation and combating systemic racism and its impacts. In July, 2020, TD’s CEO, Bharat Masrani, announced a number of commitments including, but not limited to, doubling the representation of Black executives by the end of 2022, increasing minority representation with a specific focus on Black and Indigenous talent across the Bank by 50% by 2025, and investing $16.5 million in 2020 alone on initiatives related to fighting systemic racism and bias in society.
When it comes to TD’s commitment to inclusion and diversity, Ramsay says Masrani puts it best:
“At TD, diversity is not a program or a policy. It's part of our DNA. We care just as much about being a supportive place for our employees to work and a comfortable place for customers to bank. We are committed to being active members of the communities we serve.
We believe that TD's commitment to diversity is not only the right thing – it's critical to achieving our mission to be a leading North American bank. Our success depends on reflecting the communities and cultures where we do business.”
It’s this DNA that allows TD to work so closely with members of the LGBTQ2+ community at a very local level. As the regional manager for LGBTQ2+ business development for the prairies, Brown has the opportunity to work with the community in Alberta, Saskatchewan, and Manitoba to ensure TD provides the absolute best service possible 365 days a year.
Brown says his role is an expansion of TD’s already robust support for the community. “We have a long history of supporting community programs and initiatives across North America and have extended that to a role that supports our LGBTQ2+ clients and community in the local market. I have the chance to speak with our colleagues, community partners and customers about their unique challenges, and ensure we can find the right solution and support.”
A born-and-raised Albertan, Brown says that over the past few years this support has been reflected in significant changes in the community. “Now, more than ever, I think it’s important to be visible and I'm thrilled to see inclusion and diversity becoming more of a mainstream conversation, even here in Calgary,” says Brown. “Having the chance to work within my community, to learn and grow from folks with different unique experiences has been remarkable.”
Through TD’s Ready Commitment, Brown says the bank has been able to provide funding and support to organizations that make meaningful impacts in their communities every day. “Whether that’s through supporting gender diverse youth through organizations like Skipping Stone, vulnerable communities through the SHARP Foundation, or providing the opportunity to network with likeminded professionals at a Pride In Business event, we are very proud of our support of the LGBTQ2+ community in Calgary and Alberta.”
Launched in 2018, The Ready Commitment is TD's global citizenship platform which, among other initiatives, has the goal of creating a more sustainable and inclusive tomorrow. The four areas of impact TD considers for funding through the Ready Commitment are: Financial Security, Connected Communities, Vibrant Planet, and Better Health.
“If an organization is making a significant impact in their community in relation to any one or more of these areas, I would encourage them to take a look through The Ready Commitment website for additional information,” says Brown. And, with the recent impacts of Covid-19, he notes that TD has also launched its Community Resilience initiative to provide additional support to non-profit organizations in the form of additional funding, matching grants and community initiatives.
As a partner committed to the success of Pride In Business, TD has been an instrumental force in connecting our local business community and its allies, to the point that Ramsay and Brown are almost more recognizable than our own organizing team at events. During these challenging times, we are proud to partner with this fantastic institution to continue to bring you virtual and socially distanced live events.
Pride In Business Community Spotlight, in partnership with TD.
By Fraser Tripp
PRIDE IN BUSINESS PARTNERS
Business, CultureFernando VargasSpotlight, Sponsored, Calgary, Toronto, Interview