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The Act contains a "sunset" clause providing that it and the bank charters provided by it will expire unless the statutory review is conducted every five years. In 2016 the Federal Government proposed a two-year extension [3] to the review deadline. The most recent statutory review of the Act took place in 2019 with the next review scheduled ...
Unemployment and Farm Relief Act, 1931; Bank of Canada Act, 1934; Public Works Construction Act, 1934; Succession to the Throne Act, 1937; National Housing Act, 1938; National Resources Mobilization Act, 1940; Family Allowance Act, 1945; Canadian Citizenship Act, 1946; Canadian Overseas Telecommunication Corporation Act, 1948
The bank continues in the current Act to be the sole institution to issue notes. The bank must provide an adequate supply as required for circulation in Canada. [8] The Act requires all banknotes of the Canadian dollar to be approved by the Minister of Finance for "form and material". [9]
Canada's federal government has sole jurisdiction for banks according to the Canadian Constitution, specifically Section 91(15) of The Constitution Act, 1867 (30 & 31 Victoria, c.3 (UK)), formerly known as the British North America Act, 1867. [19]
The Bank of Canada (BoC; French: Banque du Canada) is a Crown corporation and Canada's central bank. [4] Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, [5] and for the promotion of a safe and sound financial system within Canada. [6]
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Canadian Tire Bank (CTB), a Schedule 1 (domestic, deposit-taking) bank under the Bank Act, was founded in 2003 and took over financial services that had been provided by CTFS. [3] In addition to MasterCard credit card services, Canadian Tire Bank also launched high interest savings accounts, tax-free savings accounts, and GIC products. [4] [5]