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Bank of Canada Governors
During the 21st century, the bank of Canada has had five different governors.
1. Gordon Thiessen 1994-2001
2. David Dodge 2001‒2008
3. Mark Carney 2008‒2013
4. Stephen S. Poloz 2013‒2020
5. Tiff Macklem 2020-present -
Period: to
2000s
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De-circulation of The 1000 Dollar Note
At the turn of the century, the bank of Canada decided to stop using 1000-dollar bills at the recommendation of the RCMP. They were no longer needed for large purchases with the rise of electronic payment systems. Also at this point, criminals were using 1000 dollar bills to move large amounts of money.
The 1000-dollar note was purple and green/gray. On its front was the queen’s face and the words 1000 Canada. On the other side were two birds on a branch. -
Canada Journey Series
From 2001-2006 the bank of Canada printed a new series of bills entitled the Canadian Journey Series. This series came with 6 new security features: a metallic stripe, a ghost image, some dashes, a puzzle number, some raised ink and a UV feature. This series also featured some new images on the back side of the bills that “celebrates our culture, history and achievements”. -
Interac e-Transfer is founded
One of the biggest banking changes, if not the biggest was the creation of Interac. This electronic system offered Canadian a new of sending and receiving money. No longer did they have to go to banks and withdraw cash or write checks, now they could just electronically send money from their account to someone else. -
Value of the Canadian Dollar goes up
In 2007 for the first time in its history, the Canadian dollar was worth more than the United States dollar. This surge in the dollar was a result of foreign investors looking to invest in Canadian oil and they were converting their money to CAD and putting more money into the Canadian economy -
Frontier Series
From 2011-2013 the bank of Canada created a new frontier series of bills. These are the series of bills that we are familiar with and are in circulation today. Like the previous series, these new bills were created with new security measures such as raised ink on the numbers and the words “Bank Of Canada”, a frosted maple leaf window and more. With this new series also came the introduction of new polymer bills that were not only more durable but also better for the environment. -
Death of the Penny
In 2012 production of the penny ceased and it was withdrawn from circulation. The Canadian government did this for two reasons. One, it was very useful, not many people were using the penny and electronic payments practically go rid of its functionality. Two it cost more to make a penny than 1 cent. The copper used to make the penny cost more than 1 cent so the government of Canada was losing money by minting pennies. -
Loblaws buys Shoppers Drug Mart
In 2013 Loblaws finalized a blockbuster deal to acquire Shoppers Drug Mart for 12.4 billion dollars. This added Shoppers to the list of stores owned by Loblaw Companies Limited and help to promote the usage of PC’s Mastercard as you could earn points to save money on purchases. -
Canada 150 Note
To commemorate Canada’s 150th anniversary the bank of Canada created a special $10 note. On one side it featured the faces of Sir John A. Macdonald, Sir George-Étienne Cartier, Agnes Macphail and James Gladstone. Alongside these prominent figures were the names of all of Canada’s provinces and territories and the dates when they entered Confederation. The rear side of this bill showcased the Canadian landscapes from B.C. to the Atlantic coast. -
Viola Desmond $10 Note
In 2017 the bank of Canada held a contest to decide who would be the new face of the ten-dollar bill. After it was narrowed down to 5 famous Canadians the governor of the bank at that time Stephen S. Poloz decided to pick Mrs. Viola Desmond. This bill was first unveiled in 2018 and something that makes it stand out from other Canadian bills is that it’s vertical and not horizontal.