History Timeline - Unit 1 - Cheuk-lun Cheung - Economic change in Canada from 1914 to 1929
By captainccl
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Canada’s debt raises to $2.4 Billion
Throughout 1914 and especially after WW1 emergence, Canada’s debt skyrocketed to $2.4 Billion on top of the $94 Million due beforehand (Smart). This is due to the constant high demands needed in war whether that would be nourishments, ammunition, artillery. Many of the following events have been caused by this. -
War Bonds/Victory Loans - November 1915
Victory loans, known as war bonds were offered/given by the Canadian Government in order to help the war plus reduce debt. Appeals to patriotic citizens enabled them to claim even more money than they had just financed in roughly 10 years (Hillmer). It was much like a modern savings account. -
Imperial Munitions Board - November 1915
The Imperial Munitions Board sole purpose was to produce war materials for the British under prime minister Robert Borden’s approval. This had benefited Canada’s economy significantly as unemployment diminished with 289,000+ new workers, $2 Million were earned everyday, plus ended the war faster for a more stable economy later on (Bercuson). -
Income War Tax Act
The Canadian government found various ways to create revenue to write off their oversized debt. Everything was into consideration namely food rationing, gasoline, and lots of taxes. There were business taxes, product taxes, and individuals with an income under $1,000. 3% of their annual income had to be given (Burns). -
Regulation of foods and inflation
As the war began and debt continues to rise, Canada asked citizens to lessen food consumption. Nevertheless, in 1917, “regulators” were hired in order to control food rations, reduce waste, and much more (Food, Fuel, and Inflation). Soon, prices of bread and meat rose forcing fewer buyers and more products to ship to war. -
Changes in Cost of Living in Canada After World War 1
As Canadain Soldiers returned to Canada, the prices of services and products increased tremendously. Citizens already inhabiting in Canada had their ways of living affected significantly. However, the soldiers were the ones struggling. Injured and jobless, many went homeless and demanded a $2,000 bonus, it was not given (Civilian Reintegration). -
Canadian National Railways officially gets incorporated
This date marks the beginning of the longest railroad system in North America (Tucker). The routes cover over 50,000 km of land connecting both Canada and America together (Canadian National Railways). The railway had benefited the economy as it had multiple purposes including transporting goods, individuals, and information at a very quick rate. -
Winnipeg General Strike - May 1, 1919 to June 26, 1919
As the war ended, inflation got higher and ways of living costed more. Hence, on the first of May, the metal and building workers of Winnipeg went on strike demanding higher wages. Many were veterans, one had mentioned that they would rather be back in Germany than here (The Winnipeg General Strike). -
Technological Advancements After WW1
As life returns to normality ways, this means that more individuals will be able to invent technology in order to make life easier. Products would include, the radios, refrigerators, commercial airplanes, and much more (Granatstein). With such constant, rapid changes in items, the economy, needs, and wants will change with it. -
Canada’s Stock Market Crashes - The Great Crash
On this date, countless Canadians and their businesses lost billions of dollars as the North American Stock Market crashed (History.com Editors). Within a weeks span, the market had worsened. 16 Million+ shares were traded in a day killing almost all of the market’s value (Hillmer). This event lead on to The Great Depression.
