With so many great reasons to move to Canada, I will stress the economic advantages of working and living in Canada. Over the next few blog entries, I will also explain why the world regards the Canadian economy as one of the strongest, even in these volatile years.
Being part of the vast British colonial empire, it comes to no surprise that Canada’s early banking system was entirely regulated by the colonial government. Not only that, but Britain demanded that royalties from “New France” and other colonies are paid solely in gold and silver. This drained of wealth of early Canada made it difficult for early Canadians to settle payments. Hence, Between the 17th and 19th century, Canadian started primitive forms of banking in the colonial period.
In 1817 the British government granted a charter to Montreal bankers to establish the first formal bank in Canada:“Bank of Montreal”. Bank of Montreal had the monopoly to issue army bills and acted as the first central bank of Canada.
The official Canadian dollar was introduced later in 1871. However, banking in Canada remained relatively decentralized until 1935, when the central Bank of Canada was founded in a response to economic instability of the Great Depression in Canada. The central bank system was modeled after the English Central bank, like many other central banks in the world.
To learn more, check our more recent articles on Toronto Real Estate trends in 2019, How Montreal became the Artificial Intelligence capital of North America, and How to move to Canada as an entrepreneur or skilled worker.
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