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General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was an international trade agreement. It was signed by 23 nations, including Canada, in 1947 and came into effect on 1 January 1948. It was refined over eight rounds of negotiations, which led to the creation of the World Trade Organization (WTO). It replaced the GATT on 1 January 1995. The GATT was focused on trade in goods. It aimed to liberalize trade by reducing tariffs and removing quotas among member countries. Each member of the GATT was expected to open its markets equally to other member nations, removing trade discrimination. The agreements negotiated through GATT reduced average tariffs on industrial goods from 40 per cent (1947) to less than five per cent (1993). It was an early step towards economic globalization.

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Halibut Treaty

The Halibut Treaty of 1923 (formally the Convention for the Preservation of Halibut Fishery of the Northern Pacific Ocean) was an agreement between Canada and the United States on fishing rights in the Pacific Ocean. It was the first environmental treaty aimed at conserving an ocean fish stock. It was also the first treaty independently negotiated and signed by the Canadian government; one of several landmark events that transitioned Canada into an autonomous sovereign state. It also indicated a shift in Canada’s economic focus from Britain to the US during the 1920s, when the US passed Britain as Canada’s largest trading partner. The treaty created the International Pacific Halibut Commission, which continues in its role today.

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Impact of COVID-19 on Remote Work at Canadian Businesses

During the COVID-19 pandemic, many Canadians have worked from home. This shift to remote work has aimed to slow the spread of the coronavirus by reducing contact between people.

To gauge the impact of the pandemic on remote work at Canadian businesses, Statistics Canada conducted a nationwide survey in 2020. The graphs below show some of its findings. The first graph shows the percentage of businesses, in each province and the three territories, that had more than half of their workforce working remotely a) before the pandemic and b) on 29 May 2020, during the pandemic. The second graph shows the percentage of businesses which expected that more than half their workforce would continue to work remotely after COVID-19.

Article

Bank of Nova Scotia (Scotiabank)

The Bank of Nova Scotia, commonly referred to as “Scotiabank,” is Canada’s third largest chartered bank. Incorporated in 1832, the bank has established itself as Canada’s most international bank through extensive operations throughout Latin America, the Caribbean, Central America and parts of Asia. It is also known as “Canada’s gold bank” because of its dominant position in bullion trading. The bank also operates three other business lines: personal banking, commercial banking, and wealth management. Scotiabank is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BNS and on the Trinidad and Tobago Stock Exchange under the symbol SBTT. In 2019, Scotiabank registered $31 billion in revenue and $9.4 billion in profit and held $1.1 trillion in assets. The bank employs more than 100,000 people, who serve more than 25 million customers around the world.

Article

Mercantilism

Mercantilism is an economic theory and policy practised during Canada’s colonial periods. The theory of mercantilism holds that there is a fixed amount of wealth in the world. A nation’s wealth is thus dependent on exporting (selling to other countries) more than it imports (buying from others). European nations — including France and England (later Great Britain) — used this system to their advantage from the 16th century through the mid-19th century. The purpose was to extract as much wealth as possible from the colonies without investing much into them. The Atlantic slave trade is also inextricably linked to mercantilism. (See Black Enslavement in Canada.)

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On to Ottawa Trek and Regina Riot

In April 1935, about 1,500 residents of federal Unemployment Relief Camps in British Columbia went on strike. They travelled by train and truck to Vancouver to protest poor conditions in the Depression-era camps. After their months-long protest proved futile, they decided to take their fight to Ottawa. On 3 June, more than 1,000 strikers began travelling across the country, riding atop railcars. By the time they reached Regina, they were 2,000 strong. But they were stopped in Regina, where the strike leaders were arrested, resulting in the violent Regina Riot on 1 July 1935.

Article

Carbon Pricing in Canada

Carbon pricing refers to a cost that is imposed on the combustion of fossil fuels used by industry and consumers. Pricing can be set either directly through a carbon tax or indirectly through a cap-and-trade market system. A price on carbon is intended to capture the public costs of greenhouse gas (GHG) emissions and shift the burden for damage back to the original emitters, compelling them to reduce emissions. In 2016, Prime Minister Justin Trudeau announced a national climate change policy that includes a system of carbon pricing across Canada. Provinces can either create their own systems to meet federal requirements or have a federal carbon tax imposed on them. Nine provinces and territories have their own carbon pricing plans that meet federal requirements. Ottawa has imposed its own carbon tax in Alberta, Saskatchewan, Manitoba and Ontario.

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Taxation in Canada

Taxes are mandatory payments by individuals and corporations to government. They are levied to finance government services, redistribute income, and influence the behaviour of consumers and investors. The Constitution Act, 1867 gave Parliament unlimited taxing powers and restricted those of the provinces to mainly direct taxation (taxes on income and property, rather than on activities such as trade). Personal income tax and corporate taxes were introduced in 1917 to help finance the First World War. The Canadian tax structure changed profoundly during the Second World War. By 1946, direct taxes accounted for more than 56 per cent of federal revenue. The federal government introduced a series of tax reforms between 1987 and 1991; this included the introduction of the Goods and Services Tax (GST). In 2009, the federal, provincial and municipal governments collected $585.8 billion in total tax revenues.

Article

Compagnie des Indes occidentales

The Compagnie des Indes occidentales was a trading company that drove France’s colonial economy from 1664 to 1674. Its name translates to West Indies Company. King Louis XIV gave the company exclusive rights to trade and govern in all French colonies. Its territory extended from the Americas to the Caribbean and Western Africa. In addition to natural resources such as furs and sugar, the Compagnie traded enslaved people.

This company is not to be confused with the French trading company founded by John Law and renamed Compagnie des Indes in 1719.

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Canadian Foreign Relations

Throughout its history, Canada has taken a series of steps to develop from a British colony into an independent nation. Both the First and Second World War were turning points; Canada’s military sacrifices gave it the strength and confidence to demand its own voice on the world stage. In the postwar era, Canada maintained its role in both Western and global alliances. (See NATO; NORAD; GATT.) However, economics have shaped Canadian diplomacy to a remarkable extent. Because of the United States’ singular importance to Canadian security and trade, relations with the US have dominated Canada’s foreign policy since Confederation.

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International Trade

International trade is the buying and selling of goods and services between members of different countries. This exchange has been a key part of the Canadian economy since the first settlers came. Canadian settlers depended on exports of resources such as timber and grain (see Timber Trade History; Wheat). In the 20th century, Canada’s exports shifted to services, manufactured goods and commodities such as oil and metals.

Since the 1980s, Canada has signed free trade agreements with dozens of countries to increase global trade and investment.

Canada’s three biggest trading partners are the United States, the European Union and China. The United States is Canada largest trading partner by far. However, trade with China grew quickly in the 2010s, and this trend will likely continue.

Click here for definitions of key terms used in this article.

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Law of Fiduciary Obligation

In Canadian law, fiduciary obligation refers to a relationship in which one party (the fiduciary) is responsible for looking after the best interests of another party (the beneficiary). The courts have determined that a fiduciary obligation exists where the fiduciary can exercise some discretion or power, and they do so in a way that affects the interests of the beneficiary. In these relationships, the beneficiary is in a position of vulnerability at the hands of the fiduciary.

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Crown Corporation

Crown corporations are wholly owned federal or provincial organizations that are structured like private or independent companies. They include enterprises such as the Canadian Broadcasting Corporation (CBC), VIA Rail, Canada Post and the Bank of Canada; as well as various provincial electric utilities. Crown corporations have greater freedom from direct political control than government departments. As long as crown corporations have existed, there has been debate about their structure, accountability and role in the economy.

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Canada West

In 1841, Britain united the colonies of Upper and Lower Canada into the Province of Canada. This was in response to the violent rebellions of 1837–38. The Durham Report (1839) laid out the guidelines to create the new colony with the Act of Union in 1840. The Province of Canada was made up of Canada West (formerly Upper Canada) and Canada East (formerly Lower Canada). The two regions were governed jointly until Confederation in 1867. Canada West then became Ontario and Canada East became Quebec.

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Automotive Industry

The automotive industry includes the production of cars and car parts (see automobile). Since the early 20th century, it has been one of Canada’s most significant manufacturing industries, as well as a key driver of Canada’s manufactured imports and exports, employment and overall industrial production. (See also Manufacturing in Canada; Industry in Canada.) Though dominated by foreign firms (largely American), Canada boasts a strong domestic parts manufacturing sector that emerged in the last part of the 20th century. Concentrated in Southern Ontario, Canada’s auto sector evolved as a consequence of industrial policies such as protectionism and free trade.

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Exports from Canada

Exports are goods or services that residents of one country sell to residents of another country. Since its earliest days, Canada’s economic prosperity has relied on exports to larger markets; first through its colonial ties to Britain and later due to its geographic proximity to the United States. Billions of dollars of goods and services cross Canada’s border each year. (See International Trade.) Exports make up about a third of Canada’s gross domestic product (GDP). In 2019, Canadians exported $729 billion worth of goods and services. Almost 75 per cent of Canada’s total exports go to the United States. (See Canada-US Economic Relations.) Other major markets include the European Union, China and Japan.

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Print Industry

Prior to the printing process of putting impressions on paper, foil, plastic or cloth, there are pre-press procedures such as design, artwork, layout, creation of type or graphics, film and platemaking, and press makeready. In the past all these processes were done by hand or camera.

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Peasant Farm Policy

From 1889 to 1897, the Canadian government’s Peasant Farm Policy set limits on Indigenous agriculture on the Prairies. The policy included rules about the types of tools First Nations farmers could use on reserve lands. It also restricted how much they grew and what they could sell. The Peasant Farm Policy was built on the belief that Indigenous farmers had to gradually evolve into modern farmers. It also reduced these farmers’ ability to compete with settlers on the open market. The policy ultimately impeded the growth and development of First Nations farms. As a result, First Nations never realized their agricultural potential.

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Edmonton Elks

The Edmonton Elks (formerly the Edmonton Football Team, or EE Football Team, and the Edmonton Eskimos) is a community-owned football team that plays in the West Division of the Canadian Football League (CFL). In the CFL’s modern era (post-Second World War), the team (as won the second-most Grey Cup championships (14). This included three victories in a row from 1954 to 1956 and an unprecedented five straight championships from 1978 to 1982. The club also holds the North American professional sports record for reaching the playoffs in 34 consecutive seasons (1972–2005). Notable alumni include former Alberta premiers Peter Lougheed and Don Getty, former lieutenant-governor of Alberta Norman Kwong, former Edmonton mayor Bill Smith, and former NFL star Warren Moon.