Search for "money"

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Quiz

Canadian Currency

Can you pass this quiz without reaching into your wallet? Test your knowledge of the animals and people featured on Canadian money with this quiz brought to you by the Citizenship Challenge. 



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Playing-Card Money

Playing-card money was a type of paper money used periodically in New France from 1685 to the British Conquest in 1763. Playing cards issued by the king — later replaced with white cards cut to various shapes — held values equivalent to French livres.

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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 2021, Scotiabank registered $31.25 billion in revenue and $9.96 billion in profit and held $1.18 trillion in assets. The bank employs more than 90,000 people, who serve more than 25 million customers around the world.

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Toronto-Dominion Bank (TD)

The Toronto-Dominion Bank, commonly known as TD, is the second largest chartered bank in Canada. The Toronto-Dominion Bank is the result of the past mergers of three financial companies: The Bank of Toronto, The Dominion Bank, and Canada Trust. The mergers began in 1955 when The Dominion Bank merged with The Bank of Toronto. This group then acquired Canada Trust in 2000, creating a new entity called TD Canada Trust. Toronto-Dominion Bank is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol TD. In 2021, TD registered $42.69 billion in revenue and $14.30 billion in profit and held $1.73 trillion in assets. The bank employs approximately 90,000 people, who serve more than 26.8 million customers.

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Money in Canada

Money consists of anything that is generally accepted for the settlement of debts or the purchase of goods or services. The evolution of money as a system for regulating society’s economic transactions represented a significant advancement over earlier forms of exchange based on barter, in which goods and services are exchanged for other goods or services. Canadian money has its roots in the Indigenous wampum belts of the East, the early currencies of European settlers and the influence of the United States.

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

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Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce, commonly known as CIBC, is the fifth largest chartered bank in Canada. It was created through the 1961 merger of two Ontario-based banks, the Canadian Bank of Commerce and the Imperial Bank of Canada — the largest merger of two chartered banks in Canada’s history. Today, CIBC operates its business in Canada and abroad through three divisions: retail and business banking, wealth management, and capital markets. CIBC is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol CM. In 2021, CIBC registered $20.02 billion in revenue and $6.45 billion in profit and held $837.68 billion in assets. The bank employs approximately 45,282 people, who serve 11 million clients.

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Bank of Montreal (BMO)

The Bank of Montreal was founded in 1817, making it Canada’s oldest incorporated bank. From its founding to the creation of the Bank of Canada in 1935, the Bank of Montreal served as Canada’s central bank. Today, the various components of the Bank of Montreal are collectively known as BMO Financial Group. BMO is Canada’s fourth largest bank by assets, and the eighth largest in North America. It offers services in three distinct areas — personal and commercial banking, wealth management, and investment banking. BMO is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BMO. In 2021, BMO registered $27.19 billion in revenue and $7.75 billion in profit and held $988.18 billion in assets. BMO employs more than 43,863 people who serve more than 8 million customers across Canada.

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Royal Bank of Canada (RBC)

Royal Bank of Canada (RBC) was founded in 1864. Today, it is the country’s largest chartered bank and financial institution. It has five divisions: Personal and Commercial Banking, consisting of banking operations in 36 countries around the world; RBC Wealth Management, consisting of investment products and services for retail investors; RBC Capital Markets for international investment banking services; RBC Insurance for individual and group clients; and Investor and Treasury Services, providing custody services and fund administration for international clients. Royal Bank is a public company that trades on the Toronto Stock Exchange, New York Stock Exchange and SIX Swiss Exchange under the symbol RY. In 2021, RBC registered $49.7 billion in revenue and $16.05 billion in profit and held $1.7 trillion in assets. Royal Bank employs more than 87,000 people, who serve 17 million customers.

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Pandora Papers Reveal Canada Is “A Hub” of Global Tax Avoidance Scheme, Watchdog Says

Following the release of the Panama Papers and the Paradise Papers, the International Consortium of Investigative Journalists released its findings on the Pandora Papers, a collection of 12 million documents from 14 offshore financial institutions. James Cohen of Transparency International said the papers show that "Canada is a hub" of illicit financial flows and offshore called for the creation of a public registry for corporate beneficial ownership. The governing Liberal Party had announced in its 2021 federal budget that such a registry would be created by 2025.

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Equity in Canada

Equity is the monetary value of a business or property, beyond any liens or related debts. The term generally refers to “shareholders’ equity.” Shareholders’ equity is an ideal figure that stands for the amount of money that shareholders would get if the company liquidated its assets and paid its debts. In informal usage, the term equities has evolved to mean publicly traded stocks.

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Minimum Wage

Minimum wage is the lowest wage rate that an employer is legally permitted to pay to an employee. In Canada, provinces and territories regulate minimum wage (see Provincial Government in Canada; Territorial Government in Canada). The federal government also sets a minimum wage for employees covered by Part III of the Canada Labour Code. Minimum wage policy was originally established to protect vulnerable workers from exploitation, and it continues to be used by governments to safeguard non-unionized workers (see Labour Force; Unions).

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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.