The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.
Did you know that we own the Bank of Canada?
What does the Bank of Canada do?
What is a Commercial Bank?
Canada’s commercial banking system consists of privately owned banks that have been chartered by Parliament or have received letters patent by order-in-council as provided for in the 1991 Bank Act. The 1980 Bank Act first provided for Canadian financial institutions affiliated with foreign banks to become incorporated as Canadian banks and allowed the establishment of new foreign-owned banks in Canada. Beginning February 2000, foreign banks were also permitted to operate branches in Canada. To see which banks (domestic banks, foreign subsidiaries and branches) are currently operating in Canada, please visit http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=568 for more details. The banks operate under the terms and provisions of the Bank Act, which defines their range of activities and regulates certain internal aspects of their operations as well as their relationship with the government and the Bank of Canada.
Banking Reform by Positive Money
The numbers for the estimates in the following video come from the Bank of Canada Banking and Financial Statistics and Statistics Canada.
How Much Money is There in Canada?
Canada's National Debt
Canada's national debt and how to manage it. One way is to change our monetary system and the way banks work. This video does not address the government spending that creates deficits.