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World War One
The first world war, also known as 'The Great War" originated in Europe and was started in August of 1914, shortly after the public assassination of Archduke Franz Ferdinand (History). The war lasted until November 11th 1918 and saw the debut of many new wartime weapons such as chlorine gas attacks, machine guns and submarines (S.M Rank) -
Establishing Of The Imperial Munitions Board
In November of 1915, the Imperial Munitions Board was established by the British Ministry of Munitions, they had Canadian Government approval. The head of the board was a Toronto buisnessman named J.w Flavelle. The IMC was responsible for the construction of war materials. Many factories, commonly referred to as "national factories" were built to make many important war materials such as explosives, shells, training planes and ships. In 1919 the Imperial Munitions Board was closed. -
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Business Profits War Tax Act
1916 was the start of Canada’s business tax, corporations who had invested capital of more than $50 000 were required to file a tax return to the Canadian Government (Archives Canada).
This business tax was implemented to aid the financial cost of the First Word War. -
Introduction Of Canadian Income Tax
In 1917, the Canadian government introduced income tax, it was introduced as a temporary tax.The tax was based on yearly income. The Canadian income tax did not target Canadians in active service, the Governor General and married Canadians with an income below $2000 or single Canadian with an income under $1000. Tax payers that avoided filing their returns were billed a fine of $100 a day, with a cap of $10,000.The government was very strict with the Income Tax Act, proven by the large fine. -
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Winnipeg General Strike
The Winnipeg General strike, which took place in 1919 was the largest strike in Canadian history. The strike saw over 30,000 workers walk off the job to protest higher wages, better working conditions and the right to collective bargaining. These workers included both private and public sector employees (Reilly). -
Introduction Of Canadian Consumer Credit
After the end of the First World War, many Canadian families found themselves frolicking to large department stores in order to purchase household items and personal goods. The 1920's saw a large increase in the use of consumer credit during purchases (Buschardt). Both Canadians and Americans often used credit and installment plans, meaning some money down followed by a monthly payment, to pay for common things such as radios, vacuums and phonographs. (PHOTO IN ROUGH WORK) -
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"The Roaring Twenties"
The 1920's was a time of great economic growth for Canada, after a recession at the start of the decade and an average of 15% unemployment rate, Canada recovered and prospered in a time where spending and innovation was plentiful (The Roaring Twenties). Demand for Canadian made products like wood, pump and wheat increased, and the stock market saw gradual increases in positive performance. The positivity of the 1920's came to a halt after the Wall St. crash on 1929 which impacted thousands. -
"Black Thursday"
“Black Thursday” is a nickname given to Thursday October 24th 1929, in which the Dow Jones Industrial Average fell by 11% at open. This date marked the notable Wall Street stock market crash of 1929. This series of sell offs lasted until October 29th 1929. The crash left many North American investors in financial ruins due to the large amount of money that was borrowed to invest. These series of events marked the start of "The Great Depression" which occurred during the 1930's (Kenton). -
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The Great Depression
Canadians suffered severely during the Wall Street stock market crash of 1929, resulting in a long financial depression during the 1930’s in which millions of Canadians lost their jobs (Hillmer). Some were left homeless or very hungry. This event was known by many as "The Great Depression", a long span of financial and nutritional hardship for many. On average, 1 in 5 Canadians relied on government assistance for survival (Struthers). -
"Black Tuesday"
Tuesday October 29th 1929, also known as "Black Tuesday" was an extremely large contributor to the stock market crash of 1929. Wall St. saw a sell off of 16.4 million shares(Hillmer). The New York Stock Exchange saw losses of about 14 billion dollars, totaling approximately 206 billion dollars in today's money(Amadeo). The Dow Jones Industrial Average closed "Black Tuesday" with 23% losses, all these events caused massive financial devastation for everyone involved(Amadeo). -
Bank of Canada Act
The Bank of Canada act was created oh the 3rd of July in 1934 (Drummond). The Act a revisions to the Bank Act changed Canada's chartered banks, which were now obligated to maintain a ratio (not less than 5%, usually 10%) The banks lost the right to borrow on demand from the government as had been allowed under the 1914 Finance Act. Instead they could borrow from the Bank of Canada, which would also hold the main accounts of the Dominion. -
Opening of The Bank Of Canada
The first branch of the Bank of Canada opened up in March of 1935 on 140 Wellington Street in the nation's capital of Ottawa
The purpose of the bank was to regulate the nation's credit and currency(Bank's History). The Bank Of Canada's first Governor was 37 year old Graham F. Towers, who led it for 2 decades (Bank's History). In 1938, the Bank of Canada became publicly owned (Drummond).
