Research the different types of banks working within the country and across the globe. There are many banks that not only cater to people in Canada, but they have an international reach as well. So, it is wise to assess the strength of bank and the risks it takes while operating in a highly volatile international market. You will need to take into account different factors like global economic environment, market volatility, political conditions, and the banks’ financial figures presented in its financial statements.
Decide on the market
Decide on market where you will buy the Canadian bank stocks. You can buy Canadian stocks in two ways: either by an international brokerage (there are several firms working within the country), or by an American market. Both options are good, but you must know the complications involved in each method before you decide.
Decide what stocks you want to buy
Stocks vary in nature and characteristics, but as a regular investor, common stock will suit you best. You should ask your brokerage firm or a financial expert whether the stock you are going to buy in a common one or an ADR (American Depository Receipt). Determining the type of stock may be a bit of an issue for you as their seemingly similar nature can confuse you. You should always consult experts before jumping in and spending money.
Make a list of banks you want to buy stocks of
This is probably the most daunting task if you want to invest all by yourself. You should be able to gauge the financial strength of the banks you wish to invest in. Get your hands on financial publications available in sources like Investors Business Daily and Wall Street Journal. There are several online sources through which you can gain insight into which banks are better for your investment options. Yahoo! Finance, CNN Money are among the reliable sources devoted to providing to financial strength of banks and other organizations.