Misplaced Pages

#906093

81-515: In 2023, Payments Canada systems cleared and settled $ 112 trillion or $ 450 billion every business day. Payments Canada is a corporation that: Clearing and settlement systems are essential to the smooth functioning of the Canadian economy . These systems allow financial institutions to calculate how much is owed to each other as a result of their customer's transactions and to transfer those funds to settle those balances. Payments Canada operates

162-783: A public company . In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002; this resulted in the creation of a parent to the TSX, the TSX Group . This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&;P/TSX Composite , the main index of the Toronto Stock Exchange, traded above

243-462: A 22 percent decrease from 1.79 million metric tons in YTD 2018. Based on available data, Canada's exports represented about 1.5 percent of all steel exported globally in 2017. By volume, Canada's 2018 steel exports represented just over one-tenth the volume of the world's largest exporter, China. In value terms, steel represented 1.4 percent of the total goods Canada exported in 2018. The growth in exports in

324-615: A 5-year corporate strategic plan, the core purpose of which was to underpin the Canadian financial system and economy by providing safe, efficient, and effective clearing and settlement of payments. Payments Canada identified three long-term desired outcomes that would lead the organization to attaining their vision, addressing payment trends, and managing risks. These desired outcomes are as follows: Payments Canada holds Canada's largest payments conference , The Summit, on an annual basis. Economy of Canada The economy of Canada

405-477: A broad overview of productivity levels and growth in member nations, highlighting key measurement issues. It analyses the role of "productivity as the main driver of economic growth and convergence" and the "contributions of labour, capital and MFP in driving economic growth". According to the definition above "MFP is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation". Measures of productivity include

486-634: A burgeoning film, television, and entertainment industry creating content for local and international consumption (see Media in Canada ). Tourism is of ever increasing importance, with the vast majority of international visitors coming from the United States. Casino gaming is currently the fastest-growing component of the Canadian tourism industry, contributing $ 5 billion in profits for Canadian governments and employing 41,000 Canadians as of 2001. The general pattern of development for wealthy nations

567-451: A consultative and engagement forum for Payment Canada's members. Payments Canada is responsible for ensuring that significant rule changes follow an established public consultation process to seek input from key user groups. In 2010, it facilitated industry-wide development with frameworks for contactless debit payments . Payments Canada is also tasked with leading the Canadian effort to adopt ISO 20022 . In 2015, Payments Canada released

648-625: A fast-growing portion of the total, at 7% in 2016. Canada possesses extensive oil and gas resources centered in Alberta, and the Northern Territories but is also present in neighboring British Columbia and Saskatchewan . The vast Athabasca oil sands give Canada the world's third-largest reserves of oil after Saudi Arabia and Venezuela, according to USGS . The oil and gas industry represents 27% of Canada's total greenhouse gas emissions , an increase of 84% since 1990, mostly due to

729-719: A group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange . Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868. Initially

810-971: A leading producer, there is little risk of depletion. Large discoveries continue to be made, such as the massive nickel find at Voisey's Bay . Moreover, the far north remains largely undeveloped as producers await higher prices or new technologies as many operations in this region are not yet cost effective. In recent decades Canadians have become less willing to accept the environmental destruction associated with exploiting natural resources. High wages and Aboriginal land claims have also curbed expansion. Instead, many Canadian companies have focused their exploration, exploitation and expansion activities overseas where prices are lower and governments more amenable. Canadian companies are increasingly playing important roles in Latin America, Southeast Asia, and Africa. The depletion of renewable resources has raised concerns in recent years. After decades of escalating overutilization

891-467: A majority of provinces, large government-owned integrated public utilities play a leading role in the generation , transmission and distribution of electricity. Ontario and Alberta have created electricity markets in the last decade in order to increase investment and competition in this sector of the economy. In 2017, the electricity sector accounted for 10% of total national greenhouse gas emissions. Canada has substantial electricity trade with

SECTION 10

#1732798809907

972-655: A new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities. In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into

1053-628: A record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% (in Montreal, 525,000 shares and 25% loss). Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky. The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs,

1134-450: A relative decline of more than 5% of GDP since 2005. Central Canada is home to branch plants to all the major American and Japanese automobile makers and many parts factories owned by Canadian firms such as Magna International and Linamar Corporation . Canada was the world's nineteenth-largest steel exporter in 2018. In year-to-date 2019 (through March), further referred to as YTD 2019, Canada exported 1.39 million metric tons of steel,

1215-474: A relatively low level of income disparity . The country's average household disposable income per capita is "well above" the OECD average. Canada ranks among the lowest of the most developed countries for housing affordability and foreign direct investment . Among OECD members, Canada has a highly efficient and strong social security system ; social expenditure stood at roughly 23.1% of GDP . Since

1296-808: A rival and hostile bid from the Canadian-based Maple Group took place. The bid was for up to CAD$ 3.7 billion in cash and shares, in the hope of preventing a takeover of TMX by the LSEG Group. The group included leading Canadian banks and financial institutions. In March 2015, a competing exchange, Aequitas Neo, opened for trading, listing 45 issues that were only listed on the TSX. The new exchange aimed to focus on fairness, particularly in relation to what it referred to as "predatory high-frequency trading practices". The exchange planned to list additional TSX-listed securities. On May 27, 2014, TMX Group officially opened financial operations in Canada,

1377-630: A three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I . The day of the Wall Street Crash of 1929 , Toronto's exchange was better connected to New York's and received the bad news before Montreal's (prior to 1931, exchanges communicated via telephone or by brokers' private wires, as they were not yet interconnected by ticker ). By the afternoon, its three most popular stocks were down by at least 8%: International Nickel , Hiram Walker & Sons and Brazilian Light & Power . The following day,

1458-535: Is CEO of the LSE Group , would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq . Eight of the 15 board members of the combined entity were to be appointed by LSE, 7/15 by TMX. The provisional name for

1539-502: Is a highly developed mixed economy , with the world's ninth-largest economy as of 2024 , and a nominal GDP of approximately US$ 2.117 trillion . Canada is one of the world's largest trading nations , with a highly globalized economy. In 2021, Canadian trade in goods and services reached $ 2.016 trillion. Canada's exports totalled over $ 637 billion, while its imported goods were worth over $ 631 billion, of which approximately $ 391 billion originated from

1620-637: Is a stock exchange located in Toronto , Ontario , Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization . Based in the EY Tower in Toronto's Financial District , the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. The Toronto Stock Exchange likely descended from the Association of Brokers,

1701-401: Is a leading exporter of zinc, uranium, gold, nickel, platinoids , aluminum, steel, iron ore , coking coal , lead, copper, molybdenum, cobalt, and cadmium. Canada has a sizeable manufacturing sector centred in southern Ontario and Quebec, with automobiles and aeronautics representing particularly important industries. The fishing industry is also a key contributor to the economy. With

SECTION 20

#1732798809907

1782-634: Is a major exporter of agricultural products, to the United States and Asia. As with all other developed nations, the proportion of the population and GDP devoted to agriculture fell dramatically over the 20th century. The agriculture and agri-food manufacturing sector created $ 49.0 billion to Canada's GDP in 2015, accounting for 2.6% of total GDP. This sector also accounts for 8.4% of Canada's Greenhouse gas emissions. The Canadian agriculture industry receives significant government subsidies and support as with other developed nations. However, Canada has strongly supported reducing market influencing subsidies through

1863-410: Is by far its largest trading partner, accounting for about 73% of exports and 63% of imports as of 2009. Canada's combined exports and imports ranked 8th among all nations in 2006. About 4% of Canadians are directly employed in primary resource fields, and they account for 6.2% of GDP. They are still paramount in many parts of the country. Many, if not most, towns in northern Canada, where agriculture

1944-562: Is difficult, exist because of a nearby mine or source of timber. Canada is a world leader in the production of many natural resources such as gold , nickel , uranium , diamonds , lead , and in recent years, crude petroleum , which, with the world's second-largest oil reserves, is taking an increasingly prominent position in natural resources extraction. Several of Canada's largest companies are based in natural resource industries, such as Encana , Cameco , Goldcorp , and Barrick Gold . The vast majority of these products are exported, mainly to

2025-474: Is home to all of Canada's Big Five commercial banks— Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Royal Bank of Canada (RBC), and the Toronto-Dominion Bank (TD)—making the exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank with Bank of Montreal, and CIBC with

2106-501: Is not stabilizing as quickly as anticipated. During the period that John Crow was Governor of the Bank of Canada—1987 to 1994—there was a worldwide recession and the bank rate rose to around 14% and unemployment topped 11%. Although since that time inflation-targeting has been adopted by "most advanced-world central banks", in 1991 it was innovative and Canada was an early adopter when the then-Finance Minister Michael Wilson approved

2187-627: The Exchange Tower . The old TSE building later became the Design Exchange , a museum and education centre. On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities . The Bourse de Montréal /Montreal Exchange assumed responsibility for

2268-568: The Forbes Global 2000 list, ranking ninth just behind South Korea and ahead of Saudi Arabia. International trade makes up a large part of the Canadian economy, particularly of its natural resources. In 2009, agriculture, energy, forestry and mining exports accounted for about 58% of Canada's total exports. Machinery, equipment, automotive products and other manufactures accounted for a further 38% of exports in 2009. In 2009, exports accounted for about 30% of Canada's GDP. The United States

2349-627: The World Trade Organization . In 2000, Canada spent approximately CDN$ 4.6 billion on support for the industry. $ 2.32 billion was classified under the WTO designation of "green box" license, meaning it did not directly influence the market, such as money for research or disaster relief. All but $ 848.2 million were subsidies worth less than 5% of the value of the crops they were provided for. Toronto Stock Exchange The Toronto Stock Exchange ( TSX ; French : Bourse de Toronto )

2430-494: The cod fishery all but collapsed in the 1990s, and the Pacific salmon industry also suffered greatly. The logging industry, after many years of activism, has in recent years moved to a more sustainable model, or to other countries. Productivity measures are key indicators of economic performance and a key source of economic growth and competitiveness. OECD's Compendium of Productivity Indicators , published annually, presents

2511-443: The commodities markets , which in turn negatively impacted resource-producing countries like Canada. The Bank's main priority has been to keep inflation at a moderate level. As part of that strategy, interest rates were kept at a low level for almost seven years. Since September 2010, the key interest rate (overnight rate) was 0.5%. In mid 2017, inflation remained below the Bank's 2% target, (at 1.6%) mostly because of reductions in

Payments Canada - Misplaced Pages Continue

2592-471: The decline of the manufacturing sector in the Netherlands . The National Energy Policy of the early 1980s attempted to make Canada oil-sufficient and to ensure equal supply and price of oil in all parts of Canada, especially for the eastern manufacturing base. This policy proved deeply divisive as it forced Alberta to sell low-priced oil to eastern Canada. The policy was eliminated 5 years after it

2673-500: The forestry and petroleum industries are the most prominent components. Many towns in northern Canada, where agriculture is difficult, are sustained by nearby mines or sources of timber. Canada spends around 1.70% of GDP on advance research and development across various sectors of the economy. Canada's economic integration with the United States has increased significantly since World War II . The Automotive Products Trade Agreement of 1965 opened Canada's borders to trade in

2754-424: The gross domestic product (GDP) and total factor productivity . Another productivity measure, used by OECD, is the long-term trend in multifactor productivity (MFP) also known as total factor productivity (TFP). This indicator assesses an economy's "underlying productive capacity ('potential output'), itself an important measure of the growth possibilities of economies and of inflationary pressures". MFP measures

2835-418: The inflation-targeting monetary policy that has been the cornerstone of Canada's monetary and fiscal policy since the early 1990s, the Bank of Canada sets an inflation target The inflation target was set at 2 per cent, which is the midpoint of an inflation range of 1 to 3 per cent. They established a set of inflation-reduction targets to keep inflation "low, stable and predictable" and to foster "confidence in

2916-518: The 14,000 point level for the first time ever. On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group , Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $ 5.9 trillion (£3.7 trillion). Xavier Rolet , who

2997-475: The 1960s. A 2009 study by Statistics Canada also found that, while manufacturing declined as a relative percentage of GDP from 24.3% in the 1960s to 15.6% in 2005, manufacturing volumes between 1961 and 2005 kept pace with the overall growth in the volume index of GDP. Manufacturing in Canada declined significantly during the Great Recession . As of 2017, manufacturing accounts for 10% of Canada's GDP,

3078-623: The Bank of Canada has oversight responsibility for the LVTS and ACSS under the Payment Clearing and Settlement Act . The 13-member Board of Directors consists of the organization's president; three directors who are directors, officers or employees of members that, in the normal course of business, maintain a settlement account at the Bank of Canada; two directors who are directors, officers or employees of members other than those described previously); and seven directors who are independent of

3159-499: The Bank of Canada's July 15, 2015 rate adjustment, Prime Minister Stephen Harper explained that the economy was "being dragged down by forces beyond Canadian borders such as global oil prices, the European debt crisis, and China's economic slowdown" which has made the global economy "fragile". The Chinese stock market had lost about US$ 3 trillion of wealth by July 2015 when panicked investors sold stocks, which created declines in

3240-484: The Bank of Canada's first inflation-targeting in the 1991 federal budget. The inflation target was set at 2 per cent. Inflation is measured by the total consumer price index (CPI). In 2011 the Government of Canada and the Bank of Canada extended Canada's inflation-control target to December 31, 2016. The Bank of Canada uses three unconventional instruments to achieve the inflation target: "a conditional statement on

3321-482: The Canadian economy had the following relative weighting by the industry as a percentage value of GDP: The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and accounting for 70% of GDP. The largest employer is the retail sector, employing almost 12% of Canadians. The retail industry is concentrated mainly in a small number of chain stores clustered together in shopping malls . In recent years, there has been an increase in

Payments Canada - Misplaced Pages Continue

3402-544: The OECD's latest Canadian economic survey. The mandate of the central bank—the Bank of Canada is to conduct monetary policy that "preserves the value of money by keeping inflation low and stable". The Bank of Canada issues its bank rate announcement through its Monetary Policy Report which is released eight times a year. The Bank of Canada , a federal crown corporation, has the responsibility of Canada's monetary system. Under

3483-578: The TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE. The exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878. The TSE grew continuously in size and in shares traded, save for

3564-420: The Toronto Stock Exchange had 1,811 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $ 4.16 trillion. Up from 1,798 listed issuers and a combined market capitalization of CAD $ 4.0 trillion as of March 2023. By the end of January 2024, the total market capitalization of companies listed on TSX & TSXV reached CAD $ 4.23 trillion. The exchange

3645-484: The Toronto-Dominion Bank in 1998. Then-Finance Minister Paul Martin blocked the mergers to preserve competition. The exchange is the primary listing for a number of energy companies including; Enbridge , Suncor , TC Energy , Canadian Natural Resources , Imperial Oil , Pembina and Cenovus all within the S&P/TSX 60 index. Many of the large companies listed on the TSX, especially those on

3726-436: The United States in YTD 2019. The gap between domestic demand and domestic production increased to −2.4 million metric tons, up from −0.2 million metric tons in YTD 2018. In YTD 2019, exports as a share of production decreased to 41.6 percent from 53 percent in YTD 2018. In 2017, heavy industry accounted for 10.2% of Canada's greenhouse gas emissions. Canada is one of the largest producers of metals (as of 2019): In 2019,

3807-618: The United States, the United Kingdom and Australia under the name TSX Financial.. The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 4:15pm to 5:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. 0–9 - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z As of January 2024,

3888-404: The United States. In 2018, Canada had a trade deficit in goods of $ 22 billion and a trade deficit in services of $ 25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization , listing over 1,500 companies with a combined market capitalization of over US$ 3 trillion . Canada has a strong cooperative banking sector, with

3969-603: The United States. There are also many secondary and service industries that are directly linked to primary ones. For instance one of Canada's largest manufacturing industries is the pulp and paper sector, which is directly linked to the logging business. The reliance on natural resources has several effects on the Canadian economy and Canadian society. While manufacturing and service industries are easy to standardize, natural resources vary greatly by region. This ensures that differing economic structures developed in each region of Canada, contributing to Canada's strong regionalism. At

4050-886: The association and of its members. A 20-person "Stakeholder Advisory Council" (SAC) provides advice and input to represent the interests of users of the payments system. The SAC was established in 1996 on a voluntary basis and was formalized in the Canadian Payments Act in 2001. The SAC provides advice to the Payments Canada Board of Directors on payment, clearing, and settlement matters, and contributes input on proposed initiatives, including by-laws, policy statements, and rules that affect third parties. It also identifies issues that might concern payment system users and third-party service providers, and suggests how they could be addressed. Payments Canada's "Member Advisory Council" (MAC), created in 2015, serves as

4131-710: The automobile manufacturing industry. In the 1970s, concerns over energy self-sufficiency and foreign ownership in the manufacturing sectors prompted the federal government to enact the National Energy Program (NEP) and the Foreign Investment Review Agency (FIRA). The government abolished the NEP in the 1980s and changed the name of FIRA to Investment Canada to encourage foreign investment. The Canada – United States Free Trade Agreement (FTA) of 1988 eliminated tariffs between

SECTION 50

#1732798809907

4212-491: The combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group. The rejection came amidst new concerns raised by Bank of Canada governor Mark Carney regarding foreign control of clearing systems and opposition to the deal by Ontario's finance minister. On June 13, 2011,

4293-578: The cost of energy, food and automobiles; as well, the economy was in a continuing spurt with a predicted GDP growth of 2.8 percent by year end. Early on July 12, 2017, the bank issued a statement that the benchmark rate would be increased to 0.75%. Following the COVID-19 pandemic, critics have pointed out that the Bank of Canada's inflation-targeting has had unintended consequences, such as fuelling an increase in home prices and contributing to wealth inequalities by supporting higher equity values. In 2020,

4374-427: The country was also the 4th largest world producer of sulfur ; the 13th largest world producer of gypsum ; the 14th worldwide producer of antimony ; the world's 10th largest producer of graphite ; in addition to being the 6th largest world producer of salt . It was the 2nd largest producer in the world of uranium in 2018. Canada has access to cheap sources of energy because of its geography. This has enabled

4455-559: The country's generation capacity. The second-largest single source of power (15% of the total) is nuclear power, with several plants in Ontario generating more than half of that province's electricity and one generator in New Brunswick . This makes Canada the world's sixth-largest electricity producer generated by nuclear power, producing 95 TWh in 2017. Fossil fuels provide 19% of Canadian electric power, about half as coal (9% of

4536-529: The creation of several important industries, such as the large aluminum industries in British Columbia and Quebec. Canada is also one of the world's highest per capita consumers of energy. The electricity sector in Canada has played a significant role in the economic and political life of the country since the late 19th century. The sector is organized along provincial and territorial lines. In

4617-404: The decade since 2009 has been 29%. The largest producers in 2018 were ArcelorMittal , Essar Steel Algoma , and the first of those alone accounted for roughly half of Canadian steel production through its two subsidiaries. The top two markets for Canada's exports were its NAFTA partners, and by themselves accounted for 92 percent of exports by volume. Canada sent 83 percent of its steel exports to

4698-427: The development of an extensive social welfare system to redress social and economic inequities, were adopted after the end of World War II in 1945. Approximately 89% of Canada's land is Crown land . Canada has one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.S. in its market-oriented economic system and pattern of production. As of 2019, Canada has 56 companies in

4779-525: The development of the oil sands. Historically, an important issue in Canadian politics is the interplay between the oil and energy industry in Western Canada and the industrial heartland of Southern Ontario. Foreign investment in Western oil projects has fueled Canada 's rising dollar. This has raised the price of Ontario's manufacturing exports and made them less competitive, a problem similar to

4860-429: The early 20th century, the growth of Canada's manufacturing, mining, and service sectors has transformed the nation from a largely rural economy to an urbanized, industrial one. Like many other developed countries, the Canadian economy is dominated by the service industry , which employs about three-quarters of the country's workforce. Among developed countries, Canada has an unusually important primary sector , of which

4941-534: The economy has been rapidly growing in recent years. It is largely concentrated in the major urban centres, especially Toronto , Montreal and Vancouver (see Banking in Canada ). The education and health sectors are two of Canada's largest, but both are primarily under the influence of the government. The health care industry has been quickly growing and is the third-largest in Canada. Its rapid growth has led to problems for governments who must find money to fund it. Canada has an important high tech industry, and

SECTION 60

#1732798809907

5022-668: The exception of a few island nations in the Caribbean , Canada is the only North American country to use the parliamentary system of government. As a result, Canada has developed its own social and political institutions, distinct from most other countries in the world. Though the Canadian economy is closely integrated with the American economy , it has developed unique economic institutions. The Canadian economic system generally combines elements of private enterprise and public enterprise . Many aspects of public enterprise, most notably

5103-599: The following clearing and settlement systems. The Canadian Payments Association carries business under the brand name Payments Canada, which it adopted in 2016. Payments Canada is headquartered in Ottawa , with an office in Toronto . The organization has 115 members including the Bank of Canada , chartered banks , trust and loan companies, credit union centrals , federations of caisses populaires , and other financial institutions. The Minister of Finance has oversight responsibilities for Payments Canada. The Governor of

5184-483: The fourth-largest oil reserves in the world. The vast Athabasca oil sands and other oil reserves give Canada 13 percent of global oil reserves, constituting the world's third or fourth-largest . Canada is additionally one of the world's largest suppliers of agricultural products ; the Canadian Prairies are one of the most important global producers of wheat, canola , and other grains. The country

5265-415: The future path of the policy rate", quantitative easing , and credit easing . As a result, interest rates and inflation eventually came down along with the value of the Canadian dollar. From 1991 to 2011 the inflation-targeting regime kept "price gains fairly reliable". Following the Great Recession , the narrow focus of inflation-targeting as a means of providing stable growth in the Canadian economy

5346-470: The neighbouring United States amounting to 72 TWh exports and 10 TWh imports in 2017. Hydroelectricity accounted for 59% of all electric generation in Canada in 2016, making Canada the world's second-largest producer of hydroelectricity after China. Since 1960, large hydroelectric projects, especially in Quebec , British Columbia , Manitoba and Newfoundland and Labrador , have significantly increased

5427-545: The number of big-box stores , such as Walmart (of the United States), Real Canadian Superstore , and Best Buy (of the United States). This has led to fewer workers in this sector and the migration of retail jobs to the suburbs. The second-largest portion of the service sector is the business service, and it employs only a slightly smaller percentage of the population. This includes the financial services , real estate , and communications industries. This portion of

5508-445: The oil shock woes that dragged it into decline in the first quarter". According to the Bank of Canada announcement, in the first quarter of 2015, the total Consumer price index (CPI) inflation was about 1 per cent. This reflects "year-over-year price declines for consumer energy products". Core inflation in the first quarter of 2015 was about 2 per cent with an underlying trend in inflation at about 1.5 to 1.7 per cent. In response to

5589-496: The residual growth that cannot be explained by the rate of change in the services of labour, capital and intermediate outputs, and is often interpreted as the contribution to economic growth made by factors such as technical and organisational innovation. According to OECD's annual economic survey of Canada in June 2012, Canada has experienced weak growth of multi-factor productivity (MFP) and has been declining further since 2002. One of

5670-417: The same time the vast majority of these resources are exported, integrating Canada closely into the international economy. Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes. Natural resource industries also raise important questions of sustainability. Despite many decades as

5751-714: The total), and the remainder a mix of natural gas and oil. Only five provinces use coal for electricity generation. Alberta, Saskatchewan, and Nova Scotia rely on coal for nearly half of their generation, while other provinces and territories use little or none. Alberta and Saskatchewan also use a substantial amount of natural gas. Remote communities, including all of Nunavut and much of the Northwest Territories, produce most of their electricity from diesel generators at high economic and environmental costs. The federal government has set up initiatives to reduce dependence on diesel-fired electricity. Non-hydro renewables are

5832-652: The trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange , and equities portion of the Montreal Exchange later merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became

5913-616: The two countries, while the North American Free Trade Agreement (NAFTA) expanded the free-trade zone to include Mexico in 1994 (later replaced by the Canada–United States–Mexico Agreement ). As of 2023, Canada is a signatory to 15 free trade agreements with 51 countries. Canada is one of the few developed nations that are net exporters of energy. Atlantic Canada possess vast offshore deposits of natural gas , and Alberta hosts

5994-411: The upper half of OECD countries such as the United States. Canada's productivity is now around the median OECD productivity, close to that of Australia. More can be done to increase productivity, such as increasing the productivity of capital through improving the capital stock to output ratio and capital quality. This could be achieved through the liberalization of internal trade barriers, as suggested in

6075-820: The value of money", contribute to Canada's sustained growth, employment gains and improved standard of living. In a January 9, 2019 statement on the release of the Monetary Policy Report, Bank of Canada Governor Stephen S. Poloz summarized major events since the October report, such as "negative economic consequences" of the US-led trade war with China . In response to the ongoing trade war "bond yields have fallen, yield curves have flattened even more and stock markets have repriced significantly" in "global financial markets". In Canada, low oil prices will impact Canada's "macroeconomic outlook". Canada's housing sector

6156-424: The ways MFP growth is raised is by boosting innovation and Canada's innovation indicators such as business R&D and patenting rates were poor. Raising MFP growth is "needed to sustain rising living standards, especially as the population ages". Since 2010 productivity growth has picked up, almost entirely driven by above average multifactor productivity growth. However, productivity on the whole still lags behind

6237-617: The world's highest per-capita membership in credit unions . It ranks low in the Corruption Perceptions Index (14th in 2023) and "is widely regarded as among the least corrupt countries of the world". It ranks high in the Global Competitiveness Report (14th in 2019) and Global Innovation Indexes (15th in 2022). Canada's economy ranks above most Western nations on The Heritage Foundation 's Index of Economic Freedom and experiences

6318-410: Was a transition from a raw material production-based economy to a manufacturing-based economy and then to a service-based economy. At its World War II peak in 1944, Canada's manufacturing sector accounted for 29% of GDP, declining to 10.37% in 2017. Canada has not suffered as greatly as most other rich, industrialized nations from the pains of the relative decline in the importance of manufacturing since

6399-510: Was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto (either securities ) or other publicly listed assets, in Montreal the volume of the equity -centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's. The TSE moved on Bay Street in 1913 and in 1937 opened

6480-577: Was first announced amid a collapse of oil prices in 1985. The new Prime Minister Brian Mulroney had campaigned against the policy in the 1984 Canadian federal election . One of the most controversial sections of the Canada–United States Free Trade Agreement of 1988 was a promise that Canada would never charge the United States more for energy than fellow Canadians. Canada is one of the world's largest suppliers of agricultural products, particularly wheat and other grains. Canada

6561-553: Was questioned. By 2011, the then-Bank of Canada Governor Mark Carney argued that the central bank's mandate would allow for a more flexible inflation-targeting in specific situations where he would consider taking longer "than the typical six to eight quarters to return inflation to 2 per cent". On July 15, 2015, the Bank of Canada announced that it was lowering its target for the overnight rate by another one-quarter percentage point, to 0.5 per cent "to try to stimulate an economy that appears to have failed to rebound meaningfully from

#906093