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:
1. 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.
2. 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.
3, 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.
4. 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.
5. 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.