What Are 10 Interesting Facts about Canadian Financial System?
The French and British colonized Canada during the 15th century, and today the nation has one of the strongest economies in the world. It is home to a growing seafood industry and is considered one of the largest manufacturing centers in the world. Naturally, it is more interesting to study the country’s financial system more closely. Here are 10 facts that support this statement:
1. Canada Has $33.2 Trillion In Natural Resources.
Canada is the third richest country in the world in natural resources. It is one of the largest oil producers in the world and rich in minerals such as rock salt, coal and uranium, which are in high demand in the international markets.
2. Canadians pay more for retail goods than their neighbors in the United States.
According to records, nearly 89% of Canadians owned at least one credit card in 2016! Perhaps it has to do with the fact that some of the best credit cards in Canada offer some very attractive benefits. However, what many people don’t realize is that many products like gas, tires, books, etc. are more expensive in the US. Even more surprising is the reasoning behind it, as HuffPost reports that Canadians always think things are expensive back home, even if there is no reason behind it, no logical explanation.
3. The richest Canadian families reside in British Columbia.
British Columbia is home to some of the wealthiest families in the country, followed by Ontario. In 2016, a study found that Vancouver has the highest number of millionaires in the country with an average household net worth of $1,036,202.
4. Being bilingual costs Canada $2.4 billion a year.
You probably already know about bilingualism in Canada as people here speak two languages – English and French. However, did you know that this same thing costs the state $2.4 billion annually? This is because the government must provide its services in two languages, which means bilingual forms, advertisements, banners, and so on.
5. There is a strange tradition of the Minister of Finance.
It is a tradition in Canada that on the day the budget is presented, the Minister of Finance must buy and wear a new pair of shoes. Although the exact reason behind this tradition is unknown, it was first mentioned in a newspaper article that appeared around 1960.
6. Canadian business owners are not legally required to accept banknotes or coins of any particular denomination
Retailers in Canada are under no legal obligation to accept notes or coins of any specified denomination. In fact, many people use this rule to their advantage and often refuse to accept payment in $100 or $50 bills to avoid the risk of fraud. However, nothing prevents them from rejecting Canadian dollar coins.
7. Canada has an exceptionally strong banking system.
The Canadian banking sector is much stronger and more resilient than the US sector. For example, while 9,000 US banks failed during the Great Depression alone, in Canada every bank survived hard times. In fact, only two banks have failed in Canada since 1923. On the other hand, 17,000 banks have failed in America since then!
8. Canadian banks have more than a million business relationships with small and medium businesses in the country
As of the end of December 2017, Canadian banks have disbursed $225 billion in loans to small and medium-sized businesses in the country. This represents a 22% increase in the amount of credit compared to 2012.
9. 91% of Canadians believe that new technologies have made banking a lot easier
Technology has completely revolutionized the banking sector in Canada. Today, nearly 76% of Canadians use online banking and mobile applications. Moreover, more than half, 53%, say online banking is the most popular banking method.
10. The largest number of counterfeit banknotes circulated in Canada in 2004.
In 2004, the practice of imitation reached new heights. In fact, this was the year when the number of counterfeit banknotes in circulation in the economy was the highest – for every 1 million genuine banknotes passed 500 counterfeit notes. In total, there were 553,000 counterfeit banknotes in the economy during this period.