Hello fellows and friends!
How are you? It's been long since I talked to any of you. Hm, even I was busy with busy life in Canada.
Now, I have some time to share things with you again....
I have created this thread for people/ friends who are planning/ wanting/ dreaming to immigrate to Canada and subsequently intending to live in Toronto.
In this thread I will share with you news, facts and gossips about Canada (and also about our great city Toronto) that will help those who know very little about our great country.
Once again, Good Luck with your journey towards Canada and I can assure you (based on my experience in Canada) that Canada is one big happy place to be in!
1. Slurpee , pack of gum and... jet fuel?
With its purchase of Statoil Fuel and Retail, Laval, Que.-based Alimentation Couche Tard doesn't only become one of the world's largest corner store operators (it's the largest in Canada and second-largest in North America), it also inherits an aircraft fuel business.
2. 342 years young!
The Hudson's Bay Co. remains the oldest continuously incorporated company in the world, having been founded in 1670. The owner and operator of The Bay stores across Canada was also once the world's largest landowner, holding vast swathes of Canada's north.
3. A lulu of a name
Yoga gear maker Lululemon's name has a slightly unusual provenance — founder Dennis “Chip” Wilson came up with the monicker with an eye to the Japanese market. Based on the (mistaken) belief that Japanese speakers have difficulty pronouncing the letter “l”, Mr. Wilson came up with the name in an attempt to pack as many of the consonants in as possible in the hope Japanese consumers “would find the name innately North American and authentic.”
4. No. 2 in nuke fuel
Canada was the world's largest uranium producer for many years, accounting for about 22% of world output, but in 2009 was overtaken by Kazakhstan.
5. The Great Recession? Not!
Canada's last economic downturn is often referred to as the worst since the Great Depression of 1929-32. Nice try, but not even close: in 2008-09 the GDP contracted 3.9% over three quarters and peak unemployment hit 8.5%. Compare that with 1990-91 when GDP shrank 3.4% over four quarters and unemployment hit 10.4%. Between 1981 and 1982 GDP shrank 4.9% over six quarters and unemployment rose to 13%.
6. Prices at the till
Statistics Canada's Consumer Price Index tracks the percentage rise or fall — on a monthly and 12-month period — of a fixed basket of goods and services purchased by Canadians. But the federal agency also reports a “core” inflation rate, which strips out many volatile items such some food and energy products.
7. At inflation's core
It's a misconception the Bank of Canada exclusively monitors the core inflation — an indicator of underlying price trends — to set its monetary policy. In fact, it watches both core and CPI, adjusting its key lending rate with the aim of keeping inflation close to 2%, the midpoint of its 1%-to-3% target range.
8. Rating the rates
How does the Bank of Canada implement its monetary policy? By raising or lowering the overnight rate for loans between financial institutions. This influences other interest rates at commercial banks, such as those for consumer loans and mortgages. The Bank of Canada's key rate has been at 1% since September 2010.
9. Like money in the bank
The Bank of Canada has been a Crown corporation since 1938. It designs and issues bank notes, and MAKES money — with financial institutions paying to withdraw those bank notes. The central bank invests this money in government bonds and treasury bills. Its profit — $1.7-billion annually — goes to the Finance Department.
10. Gas: better out than in? Maybe not...
Canadian natural gas exports to the U.S. have steadily declined over the past decade, but Canadian gas imports from the U.S. has risen more than tenfold. The trend is primarily driven by rising shale gas developments in the United States which have made our southern neighbour less dependent on our exports. Meanwhile, rising consumption in Ontario and Quebec has driven gas imports from the U.S.
11. How cheap is too cheap for oil producers?
It takes US$88.30 to produce a barrel from the oil sands, via the steam-assisted gravity drainage method (including upgrading costs), according to IHS Inc. U.S. tight oil requires Brent to be at $58.70 to produce a barrel, while a price point of $61.56 will make it economically feasible to extract a barrelful of crude from the Gulf of Mexico.
12. The West is best when it comes to black gold
Eastern Canadian envy of the oil sands can be summed up in this statistic: the eastern side of the country produced a mere 9% of the country's total crude production last year. Western Canada rake in all the petrodollars, leaving the east to deal with the so-called Dutch disease.
13. Now those are impressive pipes!
2.5 is the number of times Canada's natural gas and liquid transmission pipelines would circle the earth if laid end-to-end — that's 825,000 kilometres of underground natural gas and liquids pipeline network.
14. Oil's well
Canada was the world's sixth-biggest oil producer last year, with 3.5 million barrels per day, after Saudi Arabia, Russia, United States, Iran and China, according to BP. Early data for this year suggests Canada may become the fifth largest as Iranian output is hamstrung by crippling sanctions. The country also has the world's third largest crude reserves – virtually all in oil sands – after Venezuela and Saudi Arabia.
15. Gas giant
Canada is the third-largest producer of natural gas after the United States and Russia, producing 160 billion cubic metres last year.
16. It's easy being green
The Federal Government's claim that Canada is an energy superpower rings truer every day. Apart from being a hydrocarbon superstar, Canada has emerged as a renewable giant after being ranked sixth globally in new installed wind energy capacity, according to statistics released by the Global Wind Energy Council (GWEC).
17. It takes a lot of water to get that oil
It takes 3.1 barrels of fresh water to produce one barrel of oil from oil sands mining projects, according to CAPP. Oil sands in situ projects are more economical in their water-use, requiring 0.4 barrels to produce a barrel of black gold.
18. Cheap as borscht
Canadian natural gas prices recently hit a decade low earlier this year wallowing at $1.47 per British thermal units in March. Since then, prices have shot up over $2 but are nowhere near the peak of $12.92 reaching in December of 2000.
19. There's gold in them thar hills — just not a lot
The gold industry is microscopic — less than 100 million ounces are produced globally a year, and all the gold ever mined would fit in a cube of about 68 feet per side (according to Warren Buffett). In 2011, the world's largest gold produce, Toronto-based Barrick produced 7.7 million ounces.
20. When is a miner not a miner?
Canada's sixth-biggest “mining” company doesn't do any actual mining. It's Silver Wheaton, a royalty company with about 20 employees. It still has a market cap of $10-billion.
21. Size really doesn't matter, at least on the markets
Size means nothing anymore, when it comes to market value. Barrick produces more than three times as much gold as Goldcorp, but its market cap is less than 20% higher. Yamana is worth much more than Kinross even though it produces less than half as much gold.
22. Minor in mining
Only two of the 10 biggest mining companies in the world are Canadian and both are gold producers: Barrick (sixth) and Goldcorp (eighth).
23. Help wanted
The Canadian mining industry is about to run out of employees because of retirements and a shortage of younger workers. An estimated one out of two industry workers must be replaced in the next decade.
24. Dangerous industry still claims lives despite modern safety measures
There have been 11 deaths in the past five years at mines in Ontario. On the other hand, about 5,000 people are lost in Chinese coal mines every year.
25. Banking on the banks
When it comes to investments, it's hard to beat the Canadian banks. More than half the mortgage loans they hold are guaranteed by the federal government, thanks to Canada Mortgage and Housing Corp. insurance, while a big slice of their customer deposits are also backstopped by Ottawa. No wonder their shares have been rising at close to 10% a year on average for the past two decades.
26. Canada, where Monopoly is played for real
Banking is dominated by just five big players who, critics claim, march in lockstep on everything from mortgage rates to foreign currency fees. The fast-growing mobile phone market is similarly controlled by Telus, Rogers and Bell. The airline industry has somewhat more competition but it's still heavily dominated by Air Canada, especially when it comes to more regional domestic destinations. The list goes on.
27. Playing the innovation game, but not for keeps
The Canadian tech sector boasts a remarkable track record of innovation. Here's a partial list: the BlackBerry, the blockbuster AIDS drug 3TC, the multibillion-dollar blindness treatment Visudyne and the massively popular video game Assassin's Creed. But here's the thing. Of the owners of those products, only one, Assassin's Creed developer Ubisoft Montreal (owned by France's Ubisoft), has successfully evolved into a fully fledged player with a bright future. Are we better at coming up with bright ideas than running big companies?
28. Playing in the gene-altering pool
Genetically engineered crops are considered either an unprecedented threat to the environment or a major step forward in the battle to increase farm productivity around the world. As the latter view continues to gain acceptance, it is interesting to note that one of the world's first GMO crops was a version of the flax plant developed at the University of Saskatchewan by Dr. Alan McHughen, a leading geneticist. Dr. McHughen's invention, named “Triffid”, includes new DNA that enables it to thrive in contaminated soil.
29. The TSX ain't as big as we might think
It's Canada's market, so it makes sense we follow it in the news. But when it comes to the rest of the world, the Toronto Stock Exchange is actually small potatoes. The total value of the companies listed on the TSX exchange at the end of 2011 was $2-trillion. Compare that with the New York Stock Exchange, where the total value of the companies listed was $14.23-trillion. That doesn't mean Canada lacks moments where it shines. The TSX and its junior partner, the TSX Venture Exchange, dominate the world market for mining financings.
30. Housing affordability
Canadians always look for ways to determine whether housing prices have peaked. Economists have a trick — they track housing affordability, which measures the bite that home ownership costs take out of household income. According to economists at RBC, the average affordability cost for a two-storey home in Canada is about 49% of income. That's slightly higher than the average over the past two decades, but it's below the almost 60% that Canadians were paying in the early 1990s. Local housing markets vary greatly. In Vancouver, for example, two-story homes cost families a whopping 73% of income.
31. Law of the (urban) jungle
Bay and King is the epicentre of Canada's financial industry. It's also a beehive of legal activity. There are about 105,000 lawyers in Canada, but if you count only those actively practising law, the number is about 85,000. About 10,000 or 12% of those practicing lawyers work across Canada at one of Canada's 30 largest law firms. If you count only those lawyers the Big 30 have in downtown Toronto, the tally comes in at just under 4,000. So 5% of the total number of practising lawyers in the country are within a five minute walk of Bay and King.
32. The banks are Bay Street's bruisers
The five biggest companies on the Toronto Stock Exchange are Royal Bank of Canada ($75.49-billion), TD Bank ($72.09-billion) and Bank of Nova Scotia ($60.19-billion). Two resource companies follow: Suncor Energy ($45.56-billion) and Potash Corp. of Saskatchewan ($39.56-billion). Just a decade ago, only two banks were in the top five: RBC ($35.76-billion), Thomson-Reuters ($29.82-billion), Scotiabank ($25.76B), BCE ($22.44-billion) and Encana ($22.24-billion).
33. Know your commodities, know your TSX
It takes us several pages of the Financial Post to bring you the business news, yet the guys on the radio do it in a few seconds. How do they do that? The make-up of the Canadian stock market makes it easy. Banks and resource companies account for three quarters of the S&P/TSX Composite Index, which is Canada's benchmark stock market index. So, if you know the daily swings in the price of oil, gold or shares of the big five banks, you probably know the basic reasons why the TSX rose or fell that day.
34. The banking boom.
Canada has 23 Schedule I banks. These are domestically owned financial institutions that are legally entitled to take deposits. They include the big names you see everywhere, such as RBC or TD, which have been around since the 1800s. Yet a surprising trend is underway. Two thirds of the banks on the Schedule I list have been created over the past decade. These new banks, which include names like Bridgewater Bank and HomEquity Bank, are relatively tiny outfits that service niche markets. If the trend continues, expect to see about one new bank added to the list each year.
35. When a poison pill is the best medicine
A “poison pill” is the nickname for what companies officially call Shareholder Rights' Plans. They're designed to allow a company to flood the market with cheaply priced shares so it can thwart a hostile takeovers — at least in theory. What they actually do is, well, nothing, other than delay the timeline of the takeover. Securities commissions will almost always prevent companies from invoking the plan, though they might give a target company a few weeks to line up a “white knight” bid to counter the hostile offer.
36. Coast-to-coast rails: $60M. Land surveys: $35M. Connecting the country? Priceless
We recently saw the proxy battle over control of CP Rail. That led us to wonder how much it cost to build Canada's storied cross-country rail link. About $60-million in federal government funds went into the project before its completion in 1885. Some $35-million of that was spent on surveys and land between 1871-1881, while another $25-million was spent during the actual construction between 1881-1885. Canada's gross national product of was about $550-million at the time. That means the annual outlay during construction was about 1% of GNP, and while total price tag was something around 11% of GNP.
37. How much gold did those miners find in the Klondike gold rush?
At the peak year of the rush in 1900, the Yukon produced about $22-million worth of gold, which is worth about $600-million today. You can track the impact of the gold rush in historic trade data. Prior to 1897, Canada was a net importer of gold coin and bullion. Then things switched. Canada exported $2.9-million in gold in 1897, $12.9-million in 1898, $22.1-million in 1899 and $24.8-million in 1900. Then the boom went bust. Exports declined to $21.5-million in 1901 and $13.7-million in 1902.
38. What was Canada's biggest company ever?
There would be several ways to measure this. One way is to look at market value. Picking up on that, the easy winner would be Nortel Corp. At its peak in September 2002, the company was worth $380-billion (about $465-billion in 2012 dollars) — an astounding amount, considering the company now languishes in bankruptcy proceedings. The collapse of RIM's stock has shocked a more recent generation of tech investors, but that plummet pales in comparison to the Nortel disaster. At its peak, RIM was worth about $78-billion. It's now worth less than $4-billion.
39. Dief the diversifier
In the late 1950s and early 1960s John Diefenbaker's Conservatives had promised several protectionist measures, including encouraging the insurance companies to mutualize as a means to duck foreign takeovers. Perhaps most absurd was a failed promise to divert 15% of Canada's trade from the U.S. To Great Britain. “A practical impossibly,” wrote Michael Bliss in his business history book Northern Enterprise.
40. Hollowed out or filled up?
According to Northern Enterprise, by the late 1950s 60% of Canada's oil and gas industry was controlled by interests outside of Canada. Most of this investment came from the United States. While there is even greater concern of foreign ownership of Canada's energy assets today, only three of the top 10 oil and gas companies are not widely held by investors. Broadly speaking, foreign investment build the Canadian energy industry, but foreign ownership has largely been a century-long decline.
41. 125 years of fast food
CARA, the operator of Harvey's, Swiss Chalet, Montana's and other restaurants, turns 130 years old next year and is Canada's oldest food service company. It was founded by T.P Phelan as the Canadian Railway News Company and sold newspapers and sandwiches for railways and steamships. In the 1940s it reorganized under the CARA banner and expanded into restaurants.
42. Income Tax: 95 years young
Canadians paid no income tax until 1917. Nothing. Not the rich. Not the poor. Not the corporations. Temporary tax measures brought in near the end of the war were largely seen as a way to nab a few war profiteers were made permanent and increased as the government increased spending on industrial initiatives and veterans benefits.
43. The pre-loonie loonie
In 1910, the Liberal government of Sir Wilfrid Laurier decided that it was time for Canada to issue a silver dollar. Designs were developed and a special press was purchased, as well as cases for the new coin. But a new government elected in 1911 decided to cancel the minting and only two were ever produced. One of them can be seen at the Bank of Canada's Currency Museum in Ottawa.
44. The loonie's quarter century
Canada's $1 coin, known affectionately as the “loonie” for the eponymous waterfowl engraved on its front, went into circulation in 1987, marking the demise of the 1$ bill. Since its introduction, 1.5-billion have been produced.
45. Canadian corporate law in less than 100 words
Canadian corporate law in four sentences: A corporation is a person, just like you and me. Corporate liability stays with the company; investors' personal risk is limited to the amount they've invested in the company. The board — and not necessarily the executives or the owners — must answer for the corporation's actions. Majority control rules, but minority owners might have statutory protections. Legal strategy: Incorporate; don't lie; negotiate before you litigate; get everything in writing; keep your papers organized; plan for succession the day you open shop; and never, never piss off the Canada Revenue Agency.
46. Don't overlook the potential for aboriginal business
There are a lot of successful aboriginal businesses, but their stories are overshadowed by the poverty on aboriginal reserves. While aboriginals lag other Canadians in terms of employment, income and education, that might change. The aboriginal population is young and growing rapidly. The Canadian government estimates that between 2001 to 2026, the cumulative effect on GDP of increased Aboriginal education and labour market outcomes is $401-billion. What's more, First Nations and Inuit own or control over 60 million hectares of land, and there are more than $300-million worth of mining and energy projects on or near these territories.
47. Gimme my tax credit
Quebec's video game development industry is often praised for being a pillar of strength and a bastion of new economy jobs in a region desperate for new employment. But ever wonder how it got this way? Government largesse. Quebec offers tax credits covering up to 37.5% of production employee salaries, a significant benefit available to all gaming and multimedia firms. Ubisoft loves it. So does Electronic Arts. The taxpayer? Not so much.
48. Slurpee drought
Lovers of 7-Eleven Slurpees and Mac's Frosters are out of luck in Quebec. Finding the delicious summer drinks are almost impossible and there's a reason: Most corner stores don't stock them because most Quebecers won't buy them. Couche-Tard says Quebecers don't have a taste for carbonated frozen drinks like Slurpees, preferring non-carbonated and fruity ones instead.
49. Sweet strategic reserves
Oil is not the only commodity to be held in strategic reserve against a shortfall. According to the Federation of Quebec Maple Syrup Producers, there is an estimated 37.5 million pounds of maple syrup in strategic reserve in Quebec — close to the amount thought to be required to ensure an adequate supply to buyers when it is needed, particularly if there is a below average crop of maple syrup experienced in the future.
50. Worldwide dominance in pancake topping
Canada is far and away the world's largest producer of maple syrup. According to Statistics Canada, farmers produced 8.6 million gallons of syrup and syrup products in 2011, a very good year and up 17.6% from 2010 with an actual value of $349.5-million. About 90% of Canada's maple syrup is produced in Quebec. By comparison, U.S. farmers produced 2.3 million gallons in 2011.
51.Your papers please
If you're aspiring to the senior ranks of a Canadian corporation, you should think about getting a graduate business degree. A search of the 29,000 listings in the FP Director of Directors shows that 2,208 of the individuals in the book have received an M.B.A. That compares with 1,888 who hold a C.A. designation, and 1,558 who hold a law degree. A PhD doesn't hurt ¬¬— there are 460 of those. But there's one advanced degree that doesn't seem to lead a business career. Our search revealed only 63 medical doctors who serve on company boards.
52. We've come a long way, baby – at least when it comes to spending
According to the Department of Finance, Canada's first budget was tabled on Dec. 7, 1867, with $7.4-million in receipts and $5.3-million in expenditures. Since then, there have been 142 Budgets, as well as 22 related mini-budgets, interim budgets, economic and fiscal updates and financial statements. For the 2011-12 fiscal year, Ottawa is projecting a $23.5-billion deficit, following a $33.4-billion shortfall in 2010-11 and a $55.6-billion hole the previous year.
53. What happened to the fractions?
In 1996, the Toronto Stock Exchange was the first in North America to embrace decimalization. Prior to this, stocks moved in increments of eighths or 12.5 cents. You'd say that a particular closed at $10 3/8, up 1/8 from $10 1/4. Translation: the stock closed at $10.375, up 12.5 cents from $10.25. Why did we do this? It comes from the adoption of the Spanish dollar in the 18th century. The Spanish dollar was divided into eighths. The early North American stock markets picked up on this and the tradition stuck until the end of the 20th Century.
54. That's a lot of pocket money
According to the Finance Department, total Canadian tax revenues amounted to $191.5 billion in 2010-11.
55. No revenue? No problem! Welcome to the index!
The Toronto Stock Exchange is one of the world's biggest sources of financing for mining exploration and development. And you can see this in the makeup of the S&P/TSX Composite Index. There are currently 246 companies included in the index. If you rank them by revenue, you find that there are 11 companies in there with no revenue at all. Most are mining exploration companies, which generally have no expectation of generating any revenue until they develop their properties into mines.
56. The TSX is a mining exchange
We've said that mining dominates the Toronto Stock Exchange and the TSX Venture Exchange. Here are the numbers to back that up. As of Dec. 31, 2011, there were 3,837 issuers listed on both exchanges combined. Mining accounted for 1,646 or 42% of those listings. Oil and Gas was a distant second, with 488 or 13%. The TSX and TSX-V are global leaders in mining, too. They're home 58% of the world's public traded mining companies.
57. Halt! Who goes there? And do you have any pending news?
When a company's stock is halted — trading is temporarily suspended — by the Investment Industry Regulatory Industry Organization of Canada it doesn't necessarily mean something bad is happening to the company. IIROC halts a stock due to the pending release of material news that may affect the price of a stock. A trading halt allows the market to digest this information and also creates a level playing field among investors. Halts are issued by IIROC for regulatory reasons or at the request of the involved company. Halts can also be issued to restore fair and orderly trading.
58. Where are the women?
A search of the 29,000 listings in the FP Directory of Directors reveals that 622 individuals have the title of “chief executive officer.” Of those, only 36 are women. Of the 1,940 individuals with the position of “chair” or “lead director” at their companies, only 66 are women.
59. ETF explosion
In 1990, the first exchange-traded fund appeared in Canada when the Toronto Index Participation Shares started trading on the Toronto Stock Exchange. They tracked the now-delisted TSE 35 and later the TSE 100. There are now more than 250 in Canada tracking indexes in everything from silver to high-yield bonds to “Black Swan” funds designed to protect against sharp market drops.
60. The myth of hollowing out
Despite fears of the “hollowing out” of corporate Canada, only 11 of the Top 50 companies by sales (including foreign subsidiaries and crown corporations) are controlled by interests outside of Canada. Only one of those foreign-controlled companies (Imperial Oil) is in the top 10. All of the 11 foreign subsidiaries in the Top 50 were created and funded through outside investment and organic expansion of foreign companies — not through the takeover of a pre-existing Canadian company.
61. One hula hoop, two hula hoops...
Most large retailers across the country count their merchandise at store level using a scanner at the shelf and at the cash register, sending inventory information back to a larger computer database to align sales and inventory data. In large chains, it's an industry essential to guard against stock-outs and make operations more efficient through the merchandise supply chain. But somehow, Dollarama created a powerhouse retail operation in Canada with dominant market share in its niche doing it the old-fashioned way, with employees regularly counting an average of 4,000 in-store items manually and then recording the information on paper. Only over the last two years has the retailer shifted slowly to a more modern point-of-sale inventory tracking system.
62. $77,000 for a beer? D'oh!
It costs $77,000 to list one beer across Ontario's 438-store Beer Store chain.
63. Tax the rich, tax the poor, but must you tax my brews?
Canada, with an average tax rate of 50% on beer, is the second-highest taxed suds-drinking country in the world. The combination of municipal, provincial/territorial and federal taxes draw $4.3-billion annually.
64. Red, White and Blue Light?
Canadian beer is the same strength as American beer. The misconception occurs because we measure alcohol by volume and the U.S. used to do it by weight.
65. Penny for your thoughts? Not if there's 26 of ‘em
Legally, you can only use up to a maximum of 25 pennies when paying for products and services.
66. Only in Canada, you say? Not quite
Toronto-Dominion Bank has more bank branches in the U.S. than in Canada.
67. Bienvenido al Scotiabank – No hablo Inglese
Bank of Nova Scotia has more employees who speak Spanish as their mother tongue than English.
68. Deadbeats
Between 2005 and 2011, the Ontario Securities Commission collected slightly more than 70% of the $155.5-million in monetary sanctions and cost recovery from settlements. But, during the same period, the regulator collected less than 1% of the $73.4-million in financial sanctions imposed at the conclusion of contested hearings. In total, less than 50% of the sanctions from that period had been collected by the end of 2011.
69. What's in a name?
Bank Street in Ottawa was named after the Bank of Canada, right? Wrong. Although the central bank is at the corner of where Bank and Wellington streets meet, the Bank Street was there before the Bank. The street was so named because it originally started at the “bank” of the Ottawa River. You can take that to the Bank!
70. What goes up also comes down
The Bank of Canada's overnight target rate has seen a lot of peaks and troughs in its day. In August 1981, it hit a high of 20.78% (wow, you say?). It sank to its lowest level, of 0.25% (that's more like it), in April 2009. Today's rate: 1%.
71. Lessons on the fly
You probably think golf is the sport of choice for most high-end executives. But many in Canada's business elite have a lesser known passion: fly-fishing. The sport involves casting with a weightless lure, something that requires a defter touch that traditional angling. It may not dethrone golf as the sport of choice for executives, but fishing instructors have heard from younger executives interested in learning how to do it so they can fish with their bosses. At one time, it was even possible to take lessons in downtown Toronto were even taking lessons in a large but abandoned ballroom at the King Edward hotel.
72. Ramping up the pressure on bad traders
In 2011, the OSC secured 14.5 years of jail time against 9 defendants. That was up from 2010, when a total of 195 days of jail time was meted out involving 2 defendants. Canada's largest capital markets regulator had five cases in litigation before the provincial courts at the start of this year.
73. Where the wild things are... or at least were, in Bay Street's case
Bay Street, which is the centre of Canada's financial district, was originally called Bear Street, after “a noted chase given to a bear out of the adjoining wood on the north,” according to historian Henry Scadding. The name was changed in 1797 when the street connected Queen Street to a bay in the harbour. Maybe it's just us, but given how poorly the markets have performed lately, the original name seems a lot more fitting.
74. What's in a name?
It's Canada's largest real estate investment trust with a market capitalization of close to $8-billion but have you ever wondered where RioCan got its name? Backed in 1993, the REIT started out as Retail, Industrial Office in Canada. A year later it switched to focusing solely on retail properties and three years ago RioCan expanded into the United States.
75. What's in a name? Part 2
Brookfield Asset Management began life as Brazilian Traction, Light and Power Co. Ltd. Founded in the 1890s, it was a power and transportation provider in Brazil. When it moved to Toronto two decades later, it was known as “Brascan,” a portmanteau of Brazil and Canada. It changed names again to BAM in 2005.
76. Render unto Cesium
Canada is the world's largest source of the rare element Cesium, which is used in ultra-precise atomic clocks. Accrding to CanadaFacts.org, more than two-thirds of the world's reserves, about 110,000 tonnes, are found at Bernic Lake, Man.
77. Hollywood Northwest
British Columbia is the third-largest film and television production centre in North America after New York and Los Angeles, according to the B.C. government. The province's film industry is now worth about $1.2-billion and directly employs about 35,000 people.
78. Canada's first stock exchange
The Toronto Stock Exchange may be the country's premier stock-trading venue, but it wasn't the first. The first informal stock transactions in Canada took place in 1832 in Montréal at the Exchange Coffee House. The Montreal Stock Exchange was chartered more than 40 years later in 1874. The Toronto Stock Exchange was formally incorporated in 1878.
79. Canada's first bank
The New Bank of Montreal was Canada's first bank. It opened on Nov. 3, 1817 in a rented house at 32 St. Paul Street. Now BMO Bank of Montreal, it carries the official institution number 001.
80. C'est la guerre
The Toronto Stock Exchange closed for three months beginning July 28, 1914 to guard against financial panic after the declaration of the First World War.
81. Home, James, and don't spare the coal
The first automobile made in Canada was a steam buggy hand built by jeweller and clockmaker Henry Seth Taylor of Stanstead, Que. According to artandtheautomobile.com, it was unveiled at the Stanstead Fall Fair in 1867, where a hose burst, releasing steam and bringing the vehicle to a halt. Taylor pushed it off the field amid jeers of ridicule from onlookers.
82. That's a lot of shingles...
There were 2,428,270 businesses in Canada in 2010. Of those, 1,116,423 had fewer than 100 employees, 19,630 had between that and 500 and 2,708 had more than 500 workers.
83. Three pounds of chocolate a day?
Ganong Bros. Ltd. is Canada's oldest candy company. Founded in 1873, it's still based in St. Stephen, N.B. and employs employs about 400 people. According to company lore, president Arthur Ganong (who served from 1917 to 1957) ate three pounds of chocolate every day.
84. A golden view
Royal Bank Plaza in Toronto's financial district looks like a pillar of gold ¬¬— and with good reason. During its construction, 2,500 ounces of gold went into the building's 14,000 windows as a coloring agent.
100 years ago, according to Michael Bliss's book Northern Enterprise....
85...a three-year “merger movement” was wrapping up with 275 companies combing into just 58.
86...banks banned employees from marriage if they didn't make a “marriage minimum” of $1,000-$1,200.
87...Bank of Nova Scotia had a “policy to eliminate from the staff all who drink in saloons or use intoxicants”.
50 years ago:
88...47% of Canadians' savings dollars were allocated to life insurance.
89...The same Big Five banks dominated the industry and Scotiabank was, even then, the most active internationally.
90...Canada was at the beginning of its biggest-ever economic in expansion, surpassing the “Laurier boom”.
25 years ago:
91...Massey Ferguson, perhaps Canada's most important manufacturer, lost $413-million on its way to being broken up a sold off. The tractors are now made in India and Minnesota.
92...Canada was in the middle of one of its deepest-ever economic contractions.
How are you? It's been long since I talked to any of you. Hm, even I was busy with busy life in Canada.
Now, I have some time to share things with you again....
I have created this thread for people/ friends who are planning/ wanting/ dreaming to immigrate to Canada and subsequently intending to live in Toronto.
In this thread I will share with you news, facts and gossips about Canada (and also about our great city Toronto) that will help those who know very little about our great country.
Once again, Good Luck with your journey towards Canada and I can assure you (based on my experience in Canada) that Canada is one big happy place to be in!
1. Slurpee , pack of gum and... jet fuel?
With its purchase of Statoil Fuel and Retail, Laval, Que.-based Alimentation Couche Tard doesn't only become one of the world's largest corner store operators (it's the largest in Canada and second-largest in North America), it also inherits an aircraft fuel business.
2. 342 years young!
The Hudson's Bay Co. remains the oldest continuously incorporated company in the world, having been founded in 1670. The owner and operator of The Bay stores across Canada was also once the world's largest landowner, holding vast swathes of Canada's north.
3. A lulu of a name
Yoga gear maker Lululemon's name has a slightly unusual provenance — founder Dennis “Chip” Wilson came up with the monicker with an eye to the Japanese market. Based on the (mistaken) belief that Japanese speakers have difficulty pronouncing the letter “l”, Mr. Wilson came up with the name in an attempt to pack as many of the consonants in as possible in the hope Japanese consumers “would find the name innately North American and authentic.”
4. No. 2 in nuke fuel
Canada was the world's largest uranium producer for many years, accounting for about 22% of world output, but in 2009 was overtaken by Kazakhstan.
5. The Great Recession? Not!
Canada's last economic downturn is often referred to as the worst since the Great Depression of 1929-32. Nice try, but not even close: in 2008-09 the GDP contracted 3.9% over three quarters and peak unemployment hit 8.5%. Compare that with 1990-91 when GDP shrank 3.4% over four quarters and unemployment hit 10.4%. Between 1981 and 1982 GDP shrank 4.9% over six quarters and unemployment rose to 13%.
6. Prices at the till
Statistics Canada's Consumer Price Index tracks the percentage rise or fall — on a monthly and 12-month period — of a fixed basket of goods and services purchased by Canadians. But the federal agency also reports a “core” inflation rate, which strips out many volatile items such some food and energy products.
7. At inflation's core
It's a misconception the Bank of Canada exclusively monitors the core inflation — an indicator of underlying price trends — to set its monetary policy. In fact, it watches both core and CPI, adjusting its key lending rate with the aim of keeping inflation close to 2%, the midpoint of its 1%-to-3% target range.
8. Rating the rates
How does the Bank of Canada implement its monetary policy? By raising or lowering the overnight rate for loans between financial institutions. This influences other interest rates at commercial banks, such as those for consumer loans and mortgages. The Bank of Canada's key rate has been at 1% since September 2010.
9. Like money in the bank
The Bank of Canada has been a Crown corporation since 1938. It designs and issues bank notes, and MAKES money — with financial institutions paying to withdraw those bank notes. The central bank invests this money in government bonds and treasury bills. Its profit — $1.7-billion annually — goes to the Finance Department.
10. Gas: better out than in? Maybe not...
Canadian natural gas exports to the U.S. have steadily declined over the past decade, but Canadian gas imports from the U.S. has risen more than tenfold. The trend is primarily driven by rising shale gas developments in the United States which have made our southern neighbour less dependent on our exports. Meanwhile, rising consumption in Ontario and Quebec has driven gas imports from the U.S.
11. How cheap is too cheap for oil producers?
It takes US$88.30 to produce a barrel from the oil sands, via the steam-assisted gravity drainage method (including upgrading costs), according to IHS Inc. U.S. tight oil requires Brent to be at $58.70 to produce a barrel, while a price point of $61.56 will make it economically feasible to extract a barrelful of crude from the Gulf of Mexico.
12. The West is best when it comes to black gold
Eastern Canadian envy of the oil sands can be summed up in this statistic: the eastern side of the country produced a mere 9% of the country's total crude production last year. Western Canada rake in all the petrodollars, leaving the east to deal with the so-called Dutch disease.
13. Now those are impressive pipes!
2.5 is the number of times Canada's natural gas and liquid transmission pipelines would circle the earth if laid end-to-end — that's 825,000 kilometres of underground natural gas and liquids pipeline network.
14. Oil's well
Canada was the world's sixth-biggest oil producer last year, with 3.5 million barrels per day, after Saudi Arabia, Russia, United States, Iran and China, according to BP. Early data for this year suggests Canada may become the fifth largest as Iranian output is hamstrung by crippling sanctions. The country also has the world's third largest crude reserves – virtually all in oil sands – after Venezuela and Saudi Arabia.
15. Gas giant
Canada is the third-largest producer of natural gas after the United States and Russia, producing 160 billion cubic metres last year.
16. It's easy being green
The Federal Government's claim that Canada is an energy superpower rings truer every day. Apart from being a hydrocarbon superstar, Canada has emerged as a renewable giant after being ranked sixth globally in new installed wind energy capacity, according to statistics released by the Global Wind Energy Council (GWEC).
17. It takes a lot of water to get that oil
It takes 3.1 barrels of fresh water to produce one barrel of oil from oil sands mining projects, according to CAPP. Oil sands in situ projects are more economical in their water-use, requiring 0.4 barrels to produce a barrel of black gold.
18. Cheap as borscht
Canadian natural gas prices recently hit a decade low earlier this year wallowing at $1.47 per British thermal units in March. Since then, prices have shot up over $2 but are nowhere near the peak of $12.92 reaching in December of 2000.
19. There's gold in them thar hills — just not a lot
The gold industry is microscopic — less than 100 million ounces are produced globally a year, and all the gold ever mined would fit in a cube of about 68 feet per side (according to Warren Buffett). In 2011, the world's largest gold produce, Toronto-based Barrick produced 7.7 million ounces.
20. When is a miner not a miner?
Canada's sixth-biggest “mining” company doesn't do any actual mining. It's Silver Wheaton, a royalty company with about 20 employees. It still has a market cap of $10-billion.
21. Size really doesn't matter, at least on the markets
Size means nothing anymore, when it comes to market value. Barrick produces more than three times as much gold as Goldcorp, but its market cap is less than 20% higher. Yamana is worth much more than Kinross even though it produces less than half as much gold.
22. Minor in mining
Only two of the 10 biggest mining companies in the world are Canadian and both are gold producers: Barrick (sixth) and Goldcorp (eighth).
23. Help wanted
The Canadian mining industry is about to run out of employees because of retirements and a shortage of younger workers. An estimated one out of two industry workers must be replaced in the next decade.
24. Dangerous industry still claims lives despite modern safety measures
There have been 11 deaths in the past five years at mines in Ontario. On the other hand, about 5,000 people are lost in Chinese coal mines every year.
25. Banking on the banks
When it comes to investments, it's hard to beat the Canadian banks. More than half the mortgage loans they hold are guaranteed by the federal government, thanks to Canada Mortgage and Housing Corp. insurance, while a big slice of their customer deposits are also backstopped by Ottawa. No wonder their shares have been rising at close to 10% a year on average for the past two decades.
26. Canada, where Monopoly is played for real
Banking is dominated by just five big players who, critics claim, march in lockstep on everything from mortgage rates to foreign currency fees. The fast-growing mobile phone market is similarly controlled by Telus, Rogers and Bell. The airline industry has somewhat more competition but it's still heavily dominated by Air Canada, especially when it comes to more regional domestic destinations. The list goes on.
27. Playing the innovation game, but not for keeps
The Canadian tech sector boasts a remarkable track record of innovation. Here's a partial list: the BlackBerry, the blockbuster AIDS drug 3TC, the multibillion-dollar blindness treatment Visudyne and the massively popular video game Assassin's Creed. But here's the thing. Of the owners of those products, only one, Assassin's Creed developer Ubisoft Montreal (owned by France's Ubisoft), has successfully evolved into a fully fledged player with a bright future. Are we better at coming up with bright ideas than running big companies?
28. Playing in the gene-altering pool
Genetically engineered crops are considered either an unprecedented threat to the environment or a major step forward in the battle to increase farm productivity around the world. As the latter view continues to gain acceptance, it is interesting to note that one of the world's first GMO crops was a version of the flax plant developed at the University of Saskatchewan by Dr. Alan McHughen, a leading geneticist. Dr. McHughen's invention, named “Triffid”, includes new DNA that enables it to thrive in contaminated soil.
29. The TSX ain't as big as we might think
It's Canada's market, so it makes sense we follow it in the news. But when it comes to the rest of the world, the Toronto Stock Exchange is actually small potatoes. The total value of the companies listed on the TSX exchange at the end of 2011 was $2-trillion. Compare that with the New York Stock Exchange, where the total value of the companies listed was $14.23-trillion. That doesn't mean Canada lacks moments where it shines. The TSX and its junior partner, the TSX Venture Exchange, dominate the world market for mining financings.
30. Housing affordability
Canadians always look for ways to determine whether housing prices have peaked. Economists have a trick — they track housing affordability, which measures the bite that home ownership costs take out of household income. According to economists at RBC, the average affordability cost for a two-storey home in Canada is about 49% of income. That's slightly higher than the average over the past two decades, but it's below the almost 60% that Canadians were paying in the early 1990s. Local housing markets vary greatly. In Vancouver, for example, two-story homes cost families a whopping 73% of income.
31. Law of the (urban) jungle
Bay and King is the epicentre of Canada's financial industry. It's also a beehive of legal activity. There are about 105,000 lawyers in Canada, but if you count only those actively practising law, the number is about 85,000. About 10,000 or 12% of those practicing lawyers work across Canada at one of Canada's 30 largest law firms. If you count only those lawyers the Big 30 have in downtown Toronto, the tally comes in at just under 4,000. So 5% of the total number of practising lawyers in the country are within a five minute walk of Bay and King.
32. The banks are Bay Street's bruisers
The five biggest companies on the Toronto Stock Exchange are Royal Bank of Canada ($75.49-billion), TD Bank ($72.09-billion) and Bank of Nova Scotia ($60.19-billion). Two resource companies follow: Suncor Energy ($45.56-billion) and Potash Corp. of Saskatchewan ($39.56-billion). Just a decade ago, only two banks were in the top five: RBC ($35.76-billion), Thomson-Reuters ($29.82-billion), Scotiabank ($25.76B), BCE ($22.44-billion) and Encana ($22.24-billion).
33. Know your commodities, know your TSX
It takes us several pages of the Financial Post to bring you the business news, yet the guys on the radio do it in a few seconds. How do they do that? The make-up of the Canadian stock market makes it easy. Banks and resource companies account for three quarters of the S&P/TSX Composite Index, which is Canada's benchmark stock market index. So, if you know the daily swings in the price of oil, gold or shares of the big five banks, you probably know the basic reasons why the TSX rose or fell that day.
34. The banking boom.
Canada has 23 Schedule I banks. These are domestically owned financial institutions that are legally entitled to take deposits. They include the big names you see everywhere, such as RBC or TD, which have been around since the 1800s. Yet a surprising trend is underway. Two thirds of the banks on the Schedule I list have been created over the past decade. These new banks, which include names like Bridgewater Bank and HomEquity Bank, are relatively tiny outfits that service niche markets. If the trend continues, expect to see about one new bank added to the list each year.
35. When a poison pill is the best medicine
A “poison pill” is the nickname for what companies officially call Shareholder Rights' Plans. They're designed to allow a company to flood the market with cheaply priced shares so it can thwart a hostile takeovers — at least in theory. What they actually do is, well, nothing, other than delay the timeline of the takeover. Securities commissions will almost always prevent companies from invoking the plan, though they might give a target company a few weeks to line up a “white knight” bid to counter the hostile offer.
36. Coast-to-coast rails: $60M. Land surveys: $35M. Connecting the country? Priceless
We recently saw the proxy battle over control of CP Rail. That led us to wonder how much it cost to build Canada's storied cross-country rail link. About $60-million in federal government funds went into the project before its completion in 1885. Some $35-million of that was spent on surveys and land between 1871-1881, while another $25-million was spent during the actual construction between 1881-1885. Canada's gross national product of was about $550-million at the time. That means the annual outlay during construction was about 1% of GNP, and while total price tag was something around 11% of GNP.
37. How much gold did those miners find in the Klondike gold rush?
At the peak year of the rush in 1900, the Yukon produced about $22-million worth of gold, which is worth about $600-million today. You can track the impact of the gold rush in historic trade data. Prior to 1897, Canada was a net importer of gold coin and bullion. Then things switched. Canada exported $2.9-million in gold in 1897, $12.9-million in 1898, $22.1-million in 1899 and $24.8-million in 1900. Then the boom went bust. Exports declined to $21.5-million in 1901 and $13.7-million in 1902.
38. What was Canada's biggest company ever?
There would be several ways to measure this. One way is to look at market value. Picking up on that, the easy winner would be Nortel Corp. At its peak in September 2002, the company was worth $380-billion (about $465-billion in 2012 dollars) — an astounding amount, considering the company now languishes in bankruptcy proceedings. The collapse of RIM's stock has shocked a more recent generation of tech investors, but that plummet pales in comparison to the Nortel disaster. At its peak, RIM was worth about $78-billion. It's now worth less than $4-billion.
39. Dief the diversifier
In the late 1950s and early 1960s John Diefenbaker's Conservatives had promised several protectionist measures, including encouraging the insurance companies to mutualize as a means to duck foreign takeovers. Perhaps most absurd was a failed promise to divert 15% of Canada's trade from the U.S. To Great Britain. “A practical impossibly,” wrote Michael Bliss in his business history book Northern Enterprise.
40. Hollowed out or filled up?
According to Northern Enterprise, by the late 1950s 60% of Canada's oil and gas industry was controlled by interests outside of Canada. Most of this investment came from the United States. While there is even greater concern of foreign ownership of Canada's energy assets today, only three of the top 10 oil and gas companies are not widely held by investors. Broadly speaking, foreign investment build the Canadian energy industry, but foreign ownership has largely been a century-long decline.
41. 125 years of fast food
CARA, the operator of Harvey's, Swiss Chalet, Montana's and other restaurants, turns 130 years old next year and is Canada's oldest food service company. It was founded by T.P Phelan as the Canadian Railway News Company and sold newspapers and sandwiches for railways and steamships. In the 1940s it reorganized under the CARA banner and expanded into restaurants.
42. Income Tax: 95 years young
Canadians paid no income tax until 1917. Nothing. Not the rich. Not the poor. Not the corporations. Temporary tax measures brought in near the end of the war were largely seen as a way to nab a few war profiteers were made permanent and increased as the government increased spending on industrial initiatives and veterans benefits.
43. The pre-loonie loonie
In 1910, the Liberal government of Sir Wilfrid Laurier decided that it was time for Canada to issue a silver dollar. Designs were developed and a special press was purchased, as well as cases for the new coin. But a new government elected in 1911 decided to cancel the minting and only two were ever produced. One of them can be seen at the Bank of Canada's Currency Museum in Ottawa.
44. The loonie's quarter century
Canada's $1 coin, known affectionately as the “loonie” for the eponymous waterfowl engraved on its front, went into circulation in 1987, marking the demise of the 1$ bill. Since its introduction, 1.5-billion have been produced.
45. Canadian corporate law in less than 100 words
Canadian corporate law in four sentences: A corporation is a person, just like you and me. Corporate liability stays with the company; investors' personal risk is limited to the amount they've invested in the company. The board — and not necessarily the executives or the owners — must answer for the corporation's actions. Majority control rules, but minority owners might have statutory protections. Legal strategy: Incorporate; don't lie; negotiate before you litigate; get everything in writing; keep your papers organized; plan for succession the day you open shop; and never, never piss off the Canada Revenue Agency.
46. Don't overlook the potential for aboriginal business
There are a lot of successful aboriginal businesses, but their stories are overshadowed by the poverty on aboriginal reserves. While aboriginals lag other Canadians in terms of employment, income and education, that might change. The aboriginal population is young and growing rapidly. The Canadian government estimates that between 2001 to 2026, the cumulative effect on GDP of increased Aboriginal education and labour market outcomes is $401-billion. What's more, First Nations and Inuit own or control over 60 million hectares of land, and there are more than $300-million worth of mining and energy projects on or near these territories.
47. Gimme my tax credit
Quebec's video game development industry is often praised for being a pillar of strength and a bastion of new economy jobs in a region desperate for new employment. But ever wonder how it got this way? Government largesse. Quebec offers tax credits covering up to 37.5% of production employee salaries, a significant benefit available to all gaming and multimedia firms. Ubisoft loves it. So does Electronic Arts. The taxpayer? Not so much.
48. Slurpee drought
Lovers of 7-Eleven Slurpees and Mac's Frosters are out of luck in Quebec. Finding the delicious summer drinks are almost impossible and there's a reason: Most corner stores don't stock them because most Quebecers won't buy them. Couche-Tard says Quebecers don't have a taste for carbonated frozen drinks like Slurpees, preferring non-carbonated and fruity ones instead.
49. Sweet strategic reserves
Oil is not the only commodity to be held in strategic reserve against a shortfall. According to the Federation of Quebec Maple Syrup Producers, there is an estimated 37.5 million pounds of maple syrup in strategic reserve in Quebec — close to the amount thought to be required to ensure an adequate supply to buyers when it is needed, particularly if there is a below average crop of maple syrup experienced in the future.
50. Worldwide dominance in pancake topping
Canada is far and away the world's largest producer of maple syrup. According to Statistics Canada, farmers produced 8.6 million gallons of syrup and syrup products in 2011, a very good year and up 17.6% from 2010 with an actual value of $349.5-million. About 90% of Canada's maple syrup is produced in Quebec. By comparison, U.S. farmers produced 2.3 million gallons in 2011.
51.Your papers please
If you're aspiring to the senior ranks of a Canadian corporation, you should think about getting a graduate business degree. A search of the 29,000 listings in the FP Director of Directors shows that 2,208 of the individuals in the book have received an M.B.A. That compares with 1,888 who hold a C.A. designation, and 1,558 who hold a law degree. A PhD doesn't hurt ¬¬— there are 460 of those. But there's one advanced degree that doesn't seem to lead a business career. Our search revealed only 63 medical doctors who serve on company boards.
52. We've come a long way, baby – at least when it comes to spending
According to the Department of Finance, Canada's first budget was tabled on Dec. 7, 1867, with $7.4-million in receipts and $5.3-million in expenditures. Since then, there have been 142 Budgets, as well as 22 related mini-budgets, interim budgets, economic and fiscal updates and financial statements. For the 2011-12 fiscal year, Ottawa is projecting a $23.5-billion deficit, following a $33.4-billion shortfall in 2010-11 and a $55.6-billion hole the previous year.
53. What happened to the fractions?
In 1996, the Toronto Stock Exchange was the first in North America to embrace decimalization. Prior to this, stocks moved in increments of eighths or 12.5 cents. You'd say that a particular closed at $10 3/8, up 1/8 from $10 1/4. Translation: the stock closed at $10.375, up 12.5 cents from $10.25. Why did we do this? It comes from the adoption of the Spanish dollar in the 18th century. The Spanish dollar was divided into eighths. The early North American stock markets picked up on this and the tradition stuck until the end of the 20th Century.
54. That's a lot of pocket money
According to the Finance Department, total Canadian tax revenues amounted to $191.5 billion in 2010-11.
55. No revenue? No problem! Welcome to the index!
The Toronto Stock Exchange is one of the world's biggest sources of financing for mining exploration and development. And you can see this in the makeup of the S&P/TSX Composite Index. There are currently 246 companies included in the index. If you rank them by revenue, you find that there are 11 companies in there with no revenue at all. Most are mining exploration companies, which generally have no expectation of generating any revenue until they develop their properties into mines.
56. The TSX is a mining exchange
We've said that mining dominates the Toronto Stock Exchange and the TSX Venture Exchange. Here are the numbers to back that up. As of Dec. 31, 2011, there were 3,837 issuers listed on both exchanges combined. Mining accounted for 1,646 or 42% of those listings. Oil and Gas was a distant second, with 488 or 13%. The TSX and TSX-V are global leaders in mining, too. They're home 58% of the world's public traded mining companies.
57. Halt! Who goes there? And do you have any pending news?
When a company's stock is halted — trading is temporarily suspended — by the Investment Industry Regulatory Industry Organization of Canada it doesn't necessarily mean something bad is happening to the company. IIROC halts a stock due to the pending release of material news that may affect the price of a stock. A trading halt allows the market to digest this information and also creates a level playing field among investors. Halts are issued by IIROC for regulatory reasons or at the request of the involved company. Halts can also be issued to restore fair and orderly trading.
58. Where are the women?
A search of the 29,000 listings in the FP Directory of Directors reveals that 622 individuals have the title of “chief executive officer.” Of those, only 36 are women. Of the 1,940 individuals with the position of “chair” or “lead director” at their companies, only 66 are women.
59. ETF explosion
In 1990, the first exchange-traded fund appeared in Canada when the Toronto Index Participation Shares started trading on the Toronto Stock Exchange. They tracked the now-delisted TSE 35 and later the TSE 100. There are now more than 250 in Canada tracking indexes in everything from silver to high-yield bonds to “Black Swan” funds designed to protect against sharp market drops.
60. The myth of hollowing out
Despite fears of the “hollowing out” of corporate Canada, only 11 of the Top 50 companies by sales (including foreign subsidiaries and crown corporations) are controlled by interests outside of Canada. Only one of those foreign-controlled companies (Imperial Oil) is in the top 10. All of the 11 foreign subsidiaries in the Top 50 were created and funded through outside investment and organic expansion of foreign companies — not through the takeover of a pre-existing Canadian company.
61. One hula hoop, two hula hoops...
Most large retailers across the country count their merchandise at store level using a scanner at the shelf and at the cash register, sending inventory information back to a larger computer database to align sales and inventory data. In large chains, it's an industry essential to guard against stock-outs and make operations more efficient through the merchandise supply chain. But somehow, Dollarama created a powerhouse retail operation in Canada with dominant market share in its niche doing it the old-fashioned way, with employees regularly counting an average of 4,000 in-store items manually and then recording the information on paper. Only over the last two years has the retailer shifted slowly to a more modern point-of-sale inventory tracking system.
62. $77,000 for a beer? D'oh!
It costs $77,000 to list one beer across Ontario's 438-store Beer Store chain.
63. Tax the rich, tax the poor, but must you tax my brews?
Canada, with an average tax rate of 50% on beer, is the second-highest taxed suds-drinking country in the world. The combination of municipal, provincial/territorial and federal taxes draw $4.3-billion annually.
64. Red, White and Blue Light?
Canadian beer is the same strength as American beer. The misconception occurs because we measure alcohol by volume and the U.S. used to do it by weight.
65. Penny for your thoughts? Not if there's 26 of ‘em
Legally, you can only use up to a maximum of 25 pennies when paying for products and services.
66. Only in Canada, you say? Not quite
Toronto-Dominion Bank has more bank branches in the U.S. than in Canada.
67. Bienvenido al Scotiabank – No hablo Inglese
Bank of Nova Scotia has more employees who speak Spanish as their mother tongue than English.
68. Deadbeats
Between 2005 and 2011, the Ontario Securities Commission collected slightly more than 70% of the $155.5-million in monetary sanctions and cost recovery from settlements. But, during the same period, the regulator collected less than 1% of the $73.4-million in financial sanctions imposed at the conclusion of contested hearings. In total, less than 50% of the sanctions from that period had been collected by the end of 2011.
69. What's in a name?
Bank Street in Ottawa was named after the Bank of Canada, right? Wrong. Although the central bank is at the corner of where Bank and Wellington streets meet, the Bank Street was there before the Bank. The street was so named because it originally started at the “bank” of the Ottawa River. You can take that to the Bank!
70. What goes up also comes down
The Bank of Canada's overnight target rate has seen a lot of peaks and troughs in its day. In August 1981, it hit a high of 20.78% (wow, you say?). It sank to its lowest level, of 0.25% (that's more like it), in April 2009. Today's rate: 1%.
71. Lessons on the fly
You probably think golf is the sport of choice for most high-end executives. But many in Canada's business elite have a lesser known passion: fly-fishing. The sport involves casting with a weightless lure, something that requires a defter touch that traditional angling. It may not dethrone golf as the sport of choice for executives, but fishing instructors have heard from younger executives interested in learning how to do it so they can fish with their bosses. At one time, it was even possible to take lessons in downtown Toronto were even taking lessons in a large but abandoned ballroom at the King Edward hotel.
72. Ramping up the pressure on bad traders
In 2011, the OSC secured 14.5 years of jail time against 9 defendants. That was up from 2010, when a total of 195 days of jail time was meted out involving 2 defendants. Canada's largest capital markets regulator had five cases in litigation before the provincial courts at the start of this year.
73. Where the wild things are... or at least were, in Bay Street's case
Bay Street, which is the centre of Canada's financial district, was originally called Bear Street, after “a noted chase given to a bear out of the adjoining wood on the north,” according to historian Henry Scadding. The name was changed in 1797 when the street connected Queen Street to a bay in the harbour. Maybe it's just us, but given how poorly the markets have performed lately, the original name seems a lot more fitting.
74. What's in a name?
It's Canada's largest real estate investment trust with a market capitalization of close to $8-billion but have you ever wondered where RioCan got its name? Backed in 1993, the REIT started out as Retail, Industrial Office in Canada. A year later it switched to focusing solely on retail properties and three years ago RioCan expanded into the United States.
75. What's in a name? Part 2
Brookfield Asset Management began life as Brazilian Traction, Light and Power Co. Ltd. Founded in the 1890s, it was a power and transportation provider in Brazil. When it moved to Toronto two decades later, it was known as “Brascan,” a portmanteau of Brazil and Canada. It changed names again to BAM in 2005.
76. Render unto Cesium
Canada is the world's largest source of the rare element Cesium, which is used in ultra-precise atomic clocks. Accrding to CanadaFacts.org, more than two-thirds of the world's reserves, about 110,000 tonnes, are found at Bernic Lake, Man.
77. Hollywood Northwest
British Columbia is the third-largest film and television production centre in North America after New York and Los Angeles, according to the B.C. government. The province's film industry is now worth about $1.2-billion and directly employs about 35,000 people.
78. Canada's first stock exchange
The Toronto Stock Exchange may be the country's premier stock-trading venue, but it wasn't the first. The first informal stock transactions in Canada took place in 1832 in Montréal at the Exchange Coffee House. The Montreal Stock Exchange was chartered more than 40 years later in 1874. The Toronto Stock Exchange was formally incorporated in 1878.
79. Canada's first bank
The New Bank of Montreal was Canada's first bank. It opened on Nov. 3, 1817 in a rented house at 32 St. Paul Street. Now BMO Bank of Montreal, it carries the official institution number 001.
80. C'est la guerre
The Toronto Stock Exchange closed for three months beginning July 28, 1914 to guard against financial panic after the declaration of the First World War.
81. Home, James, and don't spare the coal
The first automobile made in Canada was a steam buggy hand built by jeweller and clockmaker Henry Seth Taylor of Stanstead, Que. According to artandtheautomobile.com, it was unveiled at the Stanstead Fall Fair in 1867, where a hose burst, releasing steam and bringing the vehicle to a halt. Taylor pushed it off the field amid jeers of ridicule from onlookers.
82. That's a lot of shingles...
There were 2,428,270 businesses in Canada in 2010. Of those, 1,116,423 had fewer than 100 employees, 19,630 had between that and 500 and 2,708 had more than 500 workers.
83. Three pounds of chocolate a day?
Ganong Bros. Ltd. is Canada's oldest candy company. Founded in 1873, it's still based in St. Stephen, N.B. and employs employs about 400 people. According to company lore, president Arthur Ganong (who served from 1917 to 1957) ate three pounds of chocolate every day.
84. A golden view
Royal Bank Plaza in Toronto's financial district looks like a pillar of gold ¬¬— and with good reason. During its construction, 2,500 ounces of gold went into the building's 14,000 windows as a coloring agent.
100 years ago, according to Michael Bliss's book Northern Enterprise....
85...a three-year “merger movement” was wrapping up with 275 companies combing into just 58.
86...banks banned employees from marriage if they didn't make a “marriage minimum” of $1,000-$1,200.
87...Bank of Nova Scotia had a “policy to eliminate from the staff all who drink in saloons or use intoxicants”.
50 years ago:
88...47% of Canadians' savings dollars were allocated to life insurance.
89...The same Big Five banks dominated the industry and Scotiabank was, even then, the most active internationally.
90...Canada was at the beginning of its biggest-ever economic in expansion, surpassing the “Laurier boom”.
25 years ago:
91...Massey Ferguson, perhaps Canada's most important manufacturer, lost $413-million on its way to being broken up a sold off. The tractors are now made in India and Minnesota.
92...Canada was in the middle of one of its deepest-ever economic contractions.
