The economy of Canada is a highly developed mixed economy with 10th largest GDP by nominal and 16th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry, which employs about three quarters of Canadians. Canada has the fourth highest total estimated value of natural resources, valued at US$33.2 trillion in 2016. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources and small population.
Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada's most important. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With the world's longest coastline, Canada has the 8th largest commercial fishing and seafood industry in the world. Canada is one of the global leaders of the entertainment software industry. It is a member of the APEC, NAFTA, G7, G20, OECD and WTO.
|Economy of Canada|
|Currency||Canadian dollar (CAD) = 0.750 USD|
|1 April – 29 March|
|NAFTA, OECD, WTO and others|
|GDP|| $1.820 trillion (nominal; 2019)|
$1.931 trillion (PPP; 2019)
|0.1% (March 2019)|
GDP per capita
|$48,601 (nominal; 2019)|
$51,546 (PPP; 2019)
GDP per capita rank
GDP by sector
|agriculture: 1.6%, industry: 27.7%, services: 70.7% (2016 est.)|
|2.4% (October 2018)|
Population below poverty line
|31.5 (2011) |
|20 million (2017)|
Labour force by occupation
|agriculture: 2%, manufacturing: 13%, construction: 6%, services: 76%, other: 3% (2006 est.)|
Average gross salary
|C$1,004 weekly (September 2018)|
|Exports||$390.1 billion (2016)|
|motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum|
Main export partners
|Imports||$416.6 billion (2016)|
|machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods|
Main import partners
|Inward: $956.0 billion|
Outward: $1.219 trillion (2016)
|C$-10.3 billion (Q3 2018)|
Gross external debt
|$1.791 trillion (31 March 2017)|
|89.7% of GDP (2017)|
|Revenues||$623.7 billion (2017 est.)|
|Expenses||$657.3 billion (2017 est.)|
|Economic aid||donor: ODA, $3.96 billion (2016)|
|$83.1 billion (November 2016)|
With the exception of a few island nations in the Caribbean, Canada is the only major Parliamentary system in the Western Hemisphere. 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 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.
Canada has a private to public (Crown) property ratio of 60:40 and 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 2017, Canada has 58 companies in the Forbes Global 2000 list, ranking seventh behind France and ahead of India.
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 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 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 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 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 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 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.
Data about the major economic indicators for Canada, including GDP, GDP per capita, GDP growth, Inflation rate, Unemployment and government Government debt are published by the IMF. 
Productivity measures are key indicators of economic performance and a key source of economic growth and competitiveness. The Organisation for Economic Co-operation and Development (OECD)'s[notes 1] Compendium of Productivity Indicators, published annually, presents 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" (OECD 2008,11). Measures of productivity include Gross Domestic Product (GDP)(OECD 2008,11) and multifactor productivity.
Another productivity measure, used by the 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 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. (OECD 2008,11)
According to the 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 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".
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 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 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 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 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 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 Financial crisis of 2007–08 the narrow focus of inflation-targeting as a means of providing stable growth in the Canadian economy 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 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 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 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 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 12 July 2017, the bank issued a statement that the benchmark rate would be increased to 0.75%. "The economy can handle very well this move we have today and of course you need to preface that with an acknowledgment that of course interest rates are still very low", Governor Stephen Poloz subsequently said. In its press release, the bank had confirmed that the rate would continue to be evaluated at least partly on the basis of inflation. "Future adjustments to the target for the overnight rate will be guided by incoming data as they inform the bank's inflation outlook, keeping in mind continued uncertainty and financial system vulnerabilities." Poloz refused to speculate on the future of the economy but said, "I don't doubt that interest rates will move higher, but there's no predetermined path in mind at this stage".
In 2017, the Canadian economy had the following relative weighting by industry, as percentage value of GDP:
|Industry||Share of GDP|
|Real estate and rental and leasing||13.01%|
|Mining, quarrying, and oil and gas extraction||8.21%|
|Finance and insurance||7.07%|
|Health care and social assistance||6.63%|
|Professional, scientific and technical services||5.54%|
|Transportation and warehousing||4.60%|
|Information and cultural industries||3.00%|
|Administrative and support, waste management and remediation services||2.46%|
|Accommodation and food services||2.15%|
|Other services (except public administration)||1.89%|
|Agriculture, forestry, fishing and hunting||1.53%|
|Arts, entertainment and recreation||0.77%|
|Management of companies and enterprises||0.62%|
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 the number of big-box stores, such as Wal-Mart (of the United States), Real Canadian Superstore, and Best Buy (of the United States). This has led to fewer workers in this sector and a migration of retail jobs to the suburbs.
The second largest portion of the service sector is the business service and hire only a slightly smaller percentage of the population. This includes the financial services, real estate, and communications industries. This portion of 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 largely 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 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 was a transition from a primary industry based economy to a manufacturing based one, 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 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 was especially hit hard by the financial crisis of 2007–08. As of 2017, manufacturing accounts for 10% of Canada's GDP, a relative decline of more than 5% of GDP since 2005.
Canada is one of the few developed nations that is a net exporter of energy—in 2009 net exports of energy products amounted to 2.9% of GDP. Most important are the large oil and gas resources centred in Alberta and the Northern Territories, but also present in neighbouring 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. In British Columbia and Quebec, as well as Ontario, Saskatchewan, Manitoba and the Labrador region, hydroelectric power is an inexpensive and relatively environmentally friendly source of abundant energy. In part because of this, Canada is also one of the world's highest per capita consumers of energy. Cheap energy has enabled the creation of several important industries, such as the large aluminum industries in British Columbia and Quebec.
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 the decline of the manufacturing sector in the Netherlands. Also, Ontario has relatively fewer native sources of power. However, it is cheaper for Alberta to ship its oil to the western United States than to eastern Canada. The eastern Canadian ports thus import significant quantities of oil from overseas, and Ontario makes significant use of nuclear power.
The National Energy Policy of the early 1980s attempted to force Alberta to sell low-priced oil to eastern Canada. This policy proved deeply divisive, and quickly lost its importance as oil prices collapsed in the mid-1980s. 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 also one of the world's largest suppliers of agricultural products, particularly of wheat and other grains. Canada 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.
As with other developed nations, the Canadian agriculture industry receives significant government subsidies and supports. However, Canada has been a strong supporter of reducing market influencing subsidies through the World Trade Organization. In 2000, Canada spent approximately CDN$4.6 billion on supports for the industry. Of this, $2.32 billion was classified under the WTO designation of "green box" support, 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.
Canada is negotiating bilateral FTAs with the following countries respectively trade blocs:
Canada has been involved in negotiations to create the following regional trade blocks:
Canada and the United States share a common trading relationship. Canada's job market continues to perform well along with the US, reaching a 30-year low in the unemployment rate in December 2006, following 14 consecutive years of employment growth.
The United States is by far Canada's largest trading partner, with more than $1.7 billion CAD in trade per day in 2005. In 2009, 73% of Canada's exports went to the United States, and 63% of Canada's imports were from the United States. Trade with Canada makes up 23% of the United States' exports and 17% of its imports. By comparison, in 2005 this was more than U.S. trade with all countries in the European Union combined, and well over twice U.S. trade with all the countries of Latin America combined. Just the two-way trade that crosses the Ambassador Bridge between Michigan and Ontario equals all U.S. exports to Japan. Canada's importance to the United States is not just a border-state phenomenon: Canada is the leading export market for 35 of 50 U.S. states, and is the United States' largest foreign supplier of energy.
Bilateral trade increased by 52% between 1989, when the U.S.–Canada Free Trade Agreement (FTA) went into effect, and 1994, when the North American Free Trade Agreement (NAFTA) superseded it. Trade has since increased by 40%. NAFTA continues the FTA's moves toward reducing trade barriers and establishing agreed-upon trade rules. It also resolves some long-standing bilateral irritants and liberalizes rules in several areas, including agriculture, services, energy, financial services, investment, and government procurement. NAFTA forms the largest trading area in the world, embracing the 405 million people of the three North American countries.
The largest component of U.S.–Canada trade is in the commodity sector.
The U.S. is Canada's largest agricultural export market, taking well over half of all Canadian food exports. Nearly two-thirds of Canada's forest products, including pulp and paper, are exported to the United States; 72% of Canada's total newsprint production also is exported to the U.S.
At $73.6 billion in 2004, U.S.-Canada trade in energy is the largest U.S. energy trading relationship, with the overwhelming majority ($66.7 billion) being exports from Canada. The primary components of U.S. energy trade with Canada are petroleum, natural gas, and electricity. Canada is the United States' largest oil supplier and the fifth-largest energy producing country in the world. Canada provides about 16% of U.S. oil imports and 14% of total U.S. consumption of natural gas. The United States and Canada's national electricity grids are linked, and both countries share hydropower facilities on the western borders.
While most of U.S.-Canada trade flows smoothly, there are occasionally bilateral trade disputes, particularly in the agricultural and cultural fields. Usually these issues are resolved through bilateral consultative forums or referral to World Trade Organization (WTO) or NAFTA dispute resolution. In May 1999, the U.S. and Canadian governments negotiated an agreement on magazines that provides increased access for the U.S. publishing industry to the Canadian market. The United States and Canada also have resolved several major issues involving fisheries. By common agreement, the two countries submitted a Gulf of Maine boundary dispute to the International Court of Justice in 1981; both accepted the court's 12 October 1984 ruling which demarcated the territorial sea boundary. A current issue between the United States and Canada is the ongoing softwood lumber dispute, as the U.S. alleges that Canada unfairly subsidizes its forestry industry.
In 1990, the United States and Canada signed a bilateral Fisheries Enforcement Agreement, which has served to deter illegal fishing activity and reduce the risk of injury during fisheries enforcement incidents. The U.S. and Canada signed a Pacific Salmon Agreement in June 1999 that settled differences over implementation of the 1985 Pacific Salmon Treaty for the next decade.
Canada and the United States signed an aviation agreement during Bill Clinton's visit to Canada in February 1995, and air traffic between the two countries has increased dramatically as a result. The two countries also share in operation of the St. Lawrence Seaway, connecting the Great Lakes to the Atlantic Ocean.
The U.S. is Canada's largest foreign investor and the most popular destination for Canadian foreign investments; at the end of 2007, the stock of U.S. direct investment in Canada was estimated at $293 billion, while Canadian direct investment (stock) in the United States was valued at $213 billion. U.S. FDI accounts for 59.5% of total foreign direct investment in Canada while Canadian FDI in the U.S. accounts for 10% (5th largest foreign investor). US investments are primarily directed at Canada's mining and smelting industries, petroleum, chemicals, the manufacture of machinery and transportation equipment, and finance, while Canadian investment in the United States is concentrated in manufacturing, wholesale trade, real estate, petroleum, finance, and insurance and other services.
The OECD reports the Central Government Debt as percentage of the GDP. In 2000 Canada's was 40.9 percent, in 2007 it was 25.2 percent, in 2008 it was 28.6 percent and by 2010 it was 36.1 percent. The OECD reports net financial liabilities measure used by the OECD, reports the net number at 25.2%, as of 2008, making Canada's total government debt burden as the lowest in the G8. The gross number was 68% in 2011.
The CIA World Factbook, updated weekly, measures financial liabilities by using gross general government debt, as opposed to net federal debt used by the OECD and the Canadian federal government. Gross general government debt includes both "intragovernmental debt and the debt of public entities at the sub-national level". For example, the CIA measured Canada's public debt as 84.1% of GDP in 2012 and 87.4% of GDP in 2011 making it 22nd in the world.
Household debt, the amount of money that all adults in the household owe financial institutions, includes consumer debt and mortgage loans. In March 2015 the International Monetary Fund reported that Canada's high household debt was one of two vulnerable domestic areas in Canada's economy; the second is its overheated housing market.
According to a July 2015 report by Laura Cooper, an economist with the RBC—the largest financial institution in Canada—"outstanding household credit balances" had reached $1.83 trillion. According to Philip Cross of the Fraser Institute, in May 2015, while the Canadian household debt-to-income ratio is similar to that in the US, however lending standards in Canada are tighter than those in the United States to protect against high-risk borrowers taking out unsustainable debt.
Since 1985 63,755 deals in- and outbound Canada have been announced. This cummulates to an overall value of 3700.5 bil. USD. Almost 50% of the targets of Canadian companies (outbound deals) have a parent company in the US. Inbound deals are 82% percent from the US.
Here is a list of the biggest deals in Canadian history:
|Rank||Date announced||Acquiror name||Acquiror nation||Target name||Target nation||Value (in bil. USD)|
|1||01.26.2000||Spin-off||Canada||Nortel Networks Corp||Canada||59.97|
|2||06.20.2000||Vivendi SA||France||Seagram Co Ltd||Canada||40.43|
|3||07.12.2007||Rio Tinto Canada Holdings Inc||Canada||Alcan Inc||Canada||37.63|
|4||09.06.2016||Enbridge Inc||Canada||Spectra Energy Corp||United States||28.29|
|5||12.03.2014||Enbridge Income Fund||Canada||Enbridge Inc-Liquids||Canada||24.79|
|6||05.11.2008||Shareholders||Canada||Cenovus Energy Inc||Canada||20.26|
|7||07.23.2012||CNOOC Canada Holding Ltd||Canada||Nexen Inc||Canada||19.12|
|8||05.15.2006||Xstrata PLC||Switzerland||Falconbridge Ltd||Canada||17.40|
|9||08.11.2006||Cia Vale do Rio Doce SA||Brazil||Inco Ltd||Canada||17.15|
|10||03.23.2009||Suncor Energy Inc||Canada||Petro-Canada||Canada||15.58|
|11||07.29.2008||Teck Cominco Ltd||Canada||Fording Canadian Coal Trust||Canada||13.60|
U.S. companies account for the most members of the list, 565, followed by China and Hong Kong, which is home to 263 Global 2000 companies.
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The 3rd Summit of the Americas was a summit held in Quebec City, Quebec, Canada, on April 20–22, 2001.This international meeting was a round of negotiations regarding a proposed Free Trade Area of the Americas. The talks are perhaps better known for the security preparations and demonstrations (known as the Quebec City protest) that surrounded them than for the progress of the negotiations.Agreement on Internal Trade
The Agreement on Internal Trade (AIT) entered into force on July 1, 1995, and includes government departments, agencies, commissions and Crown corporations of the 10 Canadian provinces, the three territories and the federal government.
The Agreement on Internal Trade is an intergovernmental agreement between the federal government and the provinces and territories to reduce and eliminate barriers to free movement of people, goods, services and investments within Canada. Under the Agreement, these governments have agreed to apply the principles of non-discrimination, transparency, openness and accessibility with respect to their procurement opportunities and those of their municipalities and municipal organizations, school boards and publicly funded academic, health and social services entities. The Agreement covers only those tenders where the procurement value exceeds a specified amount.
Currently, the thresholds require that all institutions in the MASH sector (Municipal/Academic/Social Services/Healthcare) tender for public bidding contracts worth $100,000 or more, or in the case of construction, $250,000 or more. The agreement mandates the "equal" treatment of people, goods and services anywhere in Canada. That means businesses in any province or territory are to be considered for procurement bids, eliminating "buy local" policies. There are some exceptions in the deal. Provinces or municipalities can still designate sole-source suppliers in particular circumstances. Its ultimate goal is to eliminate barriers to trade, investments and product mobility.Bay Street
Bay Street is a major thoroughfare in Downtown Toronto, Ontario, Canada. It is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial services industry since succeeding Montreal's St. James Street in that role in the 1970s.
Bay Street begins at Queens Quay (Toronto Harbour) in the south and ends at Davenport Road in the north. The original section of Bay Street ran only as far north as Queen Street West. Sections north of Queen Street were renamed Bay Street as several other streets were consolidated and several gaps filled in to create a new thoroughfare in the 1920s. The largest of these streets, Terauley Street, ran from Queen Street West to Grenville Street. At these two points, there is a curve in Bay Street.
"Bay Street" is frequently used as a metonym to refer to Toronto's Financial District and the Canadian financial sector as a whole, similar to Wall Street in the United States. "Bay Street banker", as in the phrase "cold as a Bay Street banker's heart", was a term of opprobrium especially among Prairie farmers who feared that Toronto-based financial interests were hurting them. Within the legal profession, the term Bay Street is also used colloquially to refer to the large, full-service business law firms of Toronto.Branch plant economy
It is not entirely evident who first used the branch plant economy concept; however, it has been extensively used in Canadian and UK literature since the 1970s. This concept broadly describes the negative consequences on the growth of the regions whose economies are primarily composed of branch plants that belong to multi-plant firms. Since the position of branch plants within the command chain is low, the regions that host these branch plants tended to be remotely controlled by the plant headquarters, which are usually located distantly. Authors at that time thought that branch plants might create a short-term boom in the regional economies when initial investments were deployed, or when they performed well owing to external factors such as the sector's expansion (e.g., the oil industry boom led to an economic boom in Aberdeen). That boom, however, did not sustain itself over the long term.In Scotland, it was mainly Scottish journalists and political readers who warned of the danger of Scotland's dependence on English firms' branches in Scotland.
In Canada, an upsurge of Canadian nationalism in the 1960s and early 1970s led the Liberal governments of Lester Pearson and Pierre Trudeau to implement policies aimed at regulating foreign investment. The views of Walter L. Gordon were especially influential in the 1960s. Further left, the Waffle emerged in the New Democratic Party on a program based on Canadian economic nationalism and independence. These developments led to measures such as the creation of Petro-Canada, a government-owned oil and gas company, implemented by the Trudeau government in the mid-1970s to increase Canadian control over the oil industry. The crown corporation was created as one of the demands of the NDP in exchange for their support of Trudeau's minority government. Trudeau also established the Foreign Investment Review Agency to regulate foreign investment in the economy and limit the takeover of Canadian-owned companies by foreign multinational corporations.
The election of Brian Mulroney's Progressive Conservative government in the 1984 election brought this period of economic nationalism to an end. Mulroney's government dismantled Foreign Investment Review Agency and moved to privatize Petro-Canada. The Mulroney government's negotiation and implementation of the Canada-US Free Trade Agreement resulted in increased economic integration between the US and Canada, and was opposed by economic nationalists in the 1988 election.
The Canada-US FTA, the North American Free Trade Agreement and the World Trade Organization may bring branch plants to an end as the elimination of many tariffs and trade controls makes it much easier for a foreign supplier to sell in the Canadian market without having a branch plant in the country. Numerous plants, particularly in the textile and manufacturing sector, have shut down and moved to Mexico or other countries with lower wages and costs of production.CHRP (human resources)
Certified Human Resources Professional or CHRP is a designation achieved by human resources professionals in Ontario.As of October 2016, the CHRP designation outside of Ontario has been rebranded as the CPHR (Chartered Professional in Human Resources). The rebrand occurred after Ontario's provincial HR association, the HRPA (Human Resources Professional Association), left the national body, and unilaterally created a three-tiered designation for their province. They also relegated the formerly single tier CHRP designation, to the entry-level tier of their system. This meant that the rest of Canada's HR associations had to either accept the HRPA's three-tiered model themselves, or retain the nationally recognised CHRP designation under a different name. Established in 1994, the Chartered Professionals in Human Resources Canada (CPHR Canada) is a collaborative effort of human resources associations in nationally, formerly known as Canadian Council of Human Resources Associations (CCHRA). In 2016, the CCHRA and the member associations agreed to change the national HR designation to CPHR™, and the new entity CPHR Canada was created.Canadian Index of Consumer Confidence
The Canadian Index of Consumer Confidence (ICC) is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. In Canada consumer confidence is issued monthly by The Conference Board of Canada, an independent research organization, and is based telephone survey of 2,000 households.Canadian labour law
Canadian labour law is that body of law which regulates the rights, restrictions, and obligations of trade unions, workers, and employers in Canada. Canadian employment law is that body of law which regulates the rights, restrictions, and obligations of non-unioned workers and employers in Canada.Canadian public debt
The Canadian government debt, commonly called the "public debt" or the "national debt", is the amount of money owed by the Government of Canada to holders of Canadian Treasury security. In 2014, this number stood at CAD$1.4 trillion across federal and provincial governments. With the total GDP somewhere around CAD$1.8 trillion, Canada's overall debt/GDP ratio is around 77%. "Gross debt" is the national debt plus intragovernmental debt obligations or debt held by trust funds. Types of securities sold by the government include treasury bills, notes, bonds, Real Return Bonds, Canada Savings Bonds, and provincial government securities.
The annual government "deficit" is the difference between government receipts and spending.Canadian transfer payments
Transfer payments are a collection of payments made by the Government of Canada to Canadian Provinces and Territories under the Federal-Provincial Arrangements Act. Chief among these are the Canada Social Transfer, the Canada Health Transfer and equalization payments. The last of these can be spent however the receiving provinces see fit, while the first two are intended to support social and health services respectively.
The health transfer is the largest of the three, with a combined cash and tax point value of $36.1 billion in the 2017-2018 budget. The social transfer has a cash and tax point value of $13.3 billion while the general equalization payments distributed $17.6 billion to six "have-not" provinces.While the territories do not participate in the equalization payment program (the Territorial Formula Financing program taking its place), they do participate in the health and social transfers.Credit Institute of Canada
The Credit Institute of Canada (CIC) is a not-for-profit organization created by a special Act of Parliament on June 11, 1928. The CIC provides credit management resources, education and certification to its members and is the only organization that grants official designations to professionals in the Canadian credit management field.Crow Rate
The Crow Rate, or Crowsnest Freight Rate, was a rail transportation subsidy benefiting farmers on the Canadian Prairies and manufacturers in Central Canada by rate requirements imposed on the Canadian Pacific Railway (CPR) by the Government of Canada in exchange for financing and other benefits.Economy of Atlantic Canada
The Economy of Atlantic Canada relates to the economies of the Canadian provinces of New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island. The Canadian government Atlantic Canada Opportunities Agency is responsible for this sector.Federal Contractors' Program
In Canada, the Federal Contractors' Program (FCP) is administered by Employment and Social Development Canada, an agency of the Canadian federal government. The FCP requires provincially regulated employers with 100 or more employees bidding on federal contracts of $1,000,000 (originally $200,000) or more to certify that they will implement employment equity measures. The FCP was created by a 1986 decision of the federal cabinet, not through legislation.Because the FCP is occasionally confused with the provisions of the Canadian Employment Equity Act, the latter is often referred to as Legislated Employment Equity to distinguish it from the FCP. The FCP is limited to provincially regulated suppliers to the federal government (with the above-described limits). In contrast, the Canadian Employment Equity Act covers only federally regulated organizations such as railways, airlines, telecommunication firms, banks, etc., regardless of whether they are suppliers to the federal government.
However, there are parallels between the two programs. Both FCP and Legislated Employment Equity mandate proactive treatment by employers to increase the representation of four specified groups in the workforce: Women, visible minorities, aboriginal peoples, and people with disabilities. For both FCP and Legislated Employment Equity, the programs' roots can be traced back to the 1984 Abella Commission, chaired by Judge Rosalie Abella.National Round Table on the Environment and the Economy
The National Round Table on the Environment and the Economy was a Canadian advisory agency founded in response to the 1987 United Nations document Our Common Future by the Progressive Conservative Party of Canada. The NRTEE focused on sustaining Canada’s prosperity without borrowing resources from future generations or compromising their ability to live securely. The Conservative government of Stephen Harper ended funding to NRTEE, which ceased to exist on March 31, 2013.Security and Prosperity Partnership of North America
The Security and Prosperity Partnership of North America (SPP) was a region-level dialogue with the stated purpose of providing greater cooperation on security and economic issues. The Partnership was founded in Waco, Texas, on March 23, 2005, by Prime Minister of Canada Paul Martin, President of Mexico Vicente Fox, and U.S. President George W. Bush. It was the second of such regional-level agreements involving the United States following the 1997 Partnership for Prosperity and Security in the Caribbean (PPS).
Since August 2009 it is no longer an active initiative of any of the original dialogue partners. It has been largely superseded by the annual North American Leaders' Summit, an event that was established as part of SPP.Social Union Framework Agreement
The Social Union Framework Agreement, or SUFA, was an agreement made in Canada in 1999 between Prime Minister Jean Chrétien and the premiers of the provinces and territories of Canada, except Quebec Premier Lucien Bouchard. It concerns equality of opportunity, social programs, mobility rights and other rights.Social programs in Canada
Social programs in Canada include all government programs designed to give assistance to citizens outside what the market provides. The Canadian social safety net covers a broad spectrum of programs, and because Canada is a federation, many are run by the provinces. Canada has a wide range of government transfer payments to individuals, which totaled $176.6 billion in 2009. Only social programs that direct funds to individuals are included in that cost; programs such as medicare and public education are additional costs.Student Connections
Student Connections (SC) is a federally sponsored, Canada-wide initiative that provides E-business and Internet training services to small- and medium-sized businesses as well as senior citizens.
Founded in 1996, the program is funded by Industry Canada and the Canadian government's Youth Employment Strategy and operates out of colleges and universities across the country, giving post-secondary students practical experience working with private-sector businesses to develop effective E-commerce strategies.
There are currently 17 centres in operation across Canada.System for Electronic Document Analysis and Retrieval
The System for Electronic Document Analysis and Retrieval (SEDAR) is a mandatory document filing and retrieval system for Canadian public companies. It is similar to EDGAR, the filing system operated by the Securities and Exchange Commission for United States public companies. SEDAR is administered by the Canadian Securities Administrators, a coordinating body comprising the 13 Canadian provincial and territorial securities commissions, and operated on their behalf since 2014 by the Alberta Securities Commission.
SEDAR search results are rendered in PDF format. Searches of the database can be made by company name, industry group, document type or date filed.
Through registered filing agents, public companies file documents such as prospectuses, financial statements and material change reports. In the interest of transparency and full disclosure these documents are accessible to the public. Documents filed with regulators prior to the implementation of SEDAR in 1997 may be available from the individual securities commissions but in the case of the British Columbia Securities Commission historical filings are unretrievable and may have been destroyed.
Economy of Canada