The French and British colonized Canada during the 15th century, and today the nation is one of the strongest economies in the world. It’s home to a growing seafood industry and is also considered one of the biggest manufacturing hubs in the world. Naturally, the financial system of the country is interesting to study closely. The following are 10 facts to support this statement:
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Canada Has $33.2 Trillion in Natural Resources
Canada is the world’s third-richest country in natural resources. It’s also one of the world’s largest oil-producing countries and is rich in minerals like rock salt, coal, and uranium which have a huge demand in the international markets.
Canadians Pay More for Retail Goods Than Their United States Neighbors
Canadians love to shop just like people in other parts of the world. In fact, as per the records, around 89% Canadians owned at least one credit card in 2016! Maybe that has to do with the fact that some of the best credit cards in Canada offer some very enticing perks. However, what a lot of people don’t realize is that several products like gas, tires, books, etc. cost more in the US. What’s even more surprising is the reason behind the same which a HuffPost report says is that Canadians always believe that things are more expensive in their country even when there is no logical explanation behind it.
The Richest Households in Canada are Based in British Columbia
British Columbia has the country’s some of the richest families followed by Ontario. In 2016, a study found that Vancouver has the highest number of millionaires in the country with the average household having the net worth around $1,036,202.
The Highest Number of Fake Currency Notes Were Circulated in Canada in 2004
In 2004, the practice of counterfeiting reached new heights. In fact, it was the year when the number of fake currency notes that circulated in the economy were the highest- for every million real currency notes that were passed, there were 500 fake ones. In total, there were 553,000 fake currency notes in the economy during the period.
Being Bilingual Costs Canada $2.4 Billion USD a Year
You may already know about bilingualism in Canada as the people here speak two languages- English and French. However, do you know that the very same thing costs the country around $2.4 billion a year? This is because the government has to offer its services in two languages which means there are bilingual forms, advertisements, signage, etc.
There is a Bizarre Tradition for Finance Ministers
In Canada, it’s a tradition that the finance ministers must buy and wear a new pair of shoes on the day when the budget is delivered. Although the exact reason behind this tradition is unknown, its first mention is given in a newspaper article that was published around the 1960s.
Canadian Business Owners Aren’t Legally Obliged to Accept Currency Notes or Coins of a Particular Denomination
Retailers in Canada aren’t under any kind of legal obligation to accept banknotes or coins in a select denomination. In fact, many use this rule to their advantage and often refuse to accept payments in $100 or $50 bills to avoid the risk of counterfeiting. That said, nothing’s stopping them from even refusing coins of Canadian dollars.
Canada has an Exceptionally Robust Banking System
Canada’s banking sector is a lot stronger and resilient than of the US. For instance, during the Great Depression even as 9,000 US banks simply failed, in Canada, every single bank survived the tough period. In fact, so far, only two banks in Canada have failed since 1923. On the other hand, a whopping 17,000 banks in the US have failed since then!
Canadian Banks have Over 1 Million Business Relationships with the SMEs in the Country
By the end of December 2017, the banks in Canada had disbursed over $225 billion worth of credit for the SMEs in the country. That was a 22% increase in credit amount compared to 2012.
91% of Canadians Believes That New Technologies have Made Banking a lot More Convenient
Technology has totally revamped the banking sector in Canada. Today, around 76% of Canadians use banking services through the Internet and mobile applications. What’s more, more than half i.e. 53% say that online banking is their most common banking method.
The Canadian economy is strong and the facts above are surely interesting and amusing. Which one surprised you the most? Let us know in the comments section below.