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Editorial

Women on Canadian Banknotes

Though Queen Elizabeth II has appeared on the $20 bill since she was eight years old, identifiable Canadian women have only appeared on a Canadian banknote once. In 2004, the statue of the Famous Five from Parliament Hill and Olympic Plaza in Calgary, and the medal for the Thérèse Casgrain Volunteer Award were featured on the back of the $50 note. They were the first Canadian women to appear on our currency. However, in 2011, they were replaced by an icebreaker named for a man (see Roald Amundsen). The new bill was part of a series of notes meant to highlight technical innovation and achievement, but the change sparked controversy. Other than the image of a nameless female scientist on the $100 note issued in 2011, and two female Canadian Forces officers and a young girl on the $10 bill issued in 2001, Canadian women were absent from Canadian bills.

On 8 March 2016, International Women’s Day, the Bank of Canada launched a public consultation to choose an iconic Canadian woman who would be featured on a banknote, released in the next series of bills in 2018. More than 26,000 submissions poured in. Of those, 461 names met the qualifying criteria, and the list was pared down to a long list of 12 and finally a short list of five. The final selection will be announced on 8 December 2016.

But how did we get here?

timeline event

Canadian Economist Mark Carney Accepts UN Position

Mark Carney, governor of the Bank of England and former governor of the Bank of Canada, accepted a position with the United Nations as the special envoy on climate action and climate finance. He will begin serving in the role sometime in 2020. UN Secretary-General Antonio Guterres called Carney “a remarkable pioneer in pushing the financial sector to act on climate.” (See also Climate Change.)

Article

Bank of Canada

The Bank of Canada (BoC) is the country’s central bank, a financial institution that provides banking services on behalf of the federal government. Its operations include four principal functions: to manage the country’s money supply; to act as the federal government’s agent in issuing its bonds and managing its holdings of foreign currencies; to manage various monetary policies that can influence the performance of the economy, such as interest rates; and to manage the overall financial industry in Canada and economic relations with other countries and international organizations. The Bank of Canada’s headquarters are in Ottawa.

Article

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.

Article

R.B. Bennett

Richard Bedford Bennett, 1st Viscount Bennett of Mickleham, Calgary and Hopewell, businessman, lawyer, politician, philanthropist, prime minister of Canada 7 August 1930 to 23 October 1935 (born 3 July 1870 in Hopewell Hill, NB; died 26 June 1947 in Mickleham, England). R.B. Bennett is perhaps best remembered for his highly criticized response to the Great Depression, as well as the subsequent unemployment relief camps and the On to Ottawa Trek and Regina Riot. However, he also created the Bank of Canada, the Canadian Wheat Board and the Canadian Radio Broadcasting Commission, which became the Canadian Broadcasting Corporation. He also oversaw Canada’s signing of the Statute of Westminster. For his service during the Second World War, he was appointed to Britain’s House of Lords and became Viscount Bennett of Mickleham, Calgary and Hopewell.

Article

The Great Depression in Canada

The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling drought in the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy.

(This is the full-length entry about the Great Depression in Canada. For a plain-language summary, please see Great Depression in Canada (Plain-Language Summary).)