Good Example Of Essay On Cdn Econ Problems/Policies

- What was the Hydro-Electric Power Commission of Ontario and when was it established?
Having felt the need of company that could build transmission line to conduct electricity to the province of Ontario, Hydro-Electric Power Commission of Ontario was established. Its main purpose was to build transmission lines to transmit electricity to province that was generated by private companies. It was established on 1906.
2. What was CNR and during which years was it created?
CNR stands for Canadian National Railway. CNR is one of the largest first class railway extended over 12,900 miles route extended from Canada to Midwestern and Southern United States. It was established in 6th June, 1919 and it serves as only transcontinental railway of Canada.
3. What is the LCBO and when was it established?
Established in 1927, LCBO stands for Liquor Control Board of Ontario and it is the only store that has legalized permit to sell distilled spirits in Ontario. Being accountable to Ministry of Finance, LCBO records itself as only the world’s largest single purchaser of alcoholic products with its sales figure amounting to $ 4.892 billion in 2012-13.
4. What is the CBC and when was it established?
CBC stands for Canadian Broadcasting Corporation which was established on 2nd November, 1936. After Canada experienced the growing influence of American radio and the launching of privately broadcasted radio network by the Canadian railway system for its passengers was the motivation for establishment of CBC. At present it operates both radio and TV station in French and English language.
5. What is unemployment insurance and approximately when was national unemployment insurance established in Canada?
When the state have unemployed citizens then as a part of government responsibility to look after its citizens, the government provides social welfare payments to such unemployed citizens so that they can live their life. This social welfare payment is called unemployment insurance. When the Canada faced the great depression in 1940s, many people got unemployed. To support such peoples, government made an Employment and Social Insurance Act in 1935 which was unconstitutional at first but after amendment of constitution, national unemployment insurance program was started in 1940 August and implemented in July 1941.
6. What was the GATT and when did Canada join it?
GATT stands for General Agreement on Tariffs and Trade and it is a one of the important multilateral agreement done after World War II in 1948 January 1 to regulate the world trade. The primary motive to form GATT was to regulate and foster international trade by eliminating trade barrier and other trade barrier along with trade preferences. Canada became the member of GATT on 1 January 1948.
7. Why is 1947 important in the oil and gas history of Alberta?
1947 marks an important event in the history of oil and gas history of Alberta. Even though the Alberta was recognized for having oil resources after discovering the first oil field in Turner valley in 1914. But in 1947, Alberta officially made it successful in drilling the oil from Leduc for the first time in the history transforming it into oil poor to oil rich.
8. What is the St. Lawrence Seaway and when did it open?
St. Lawrence Seaway is one of best engineering outcome of 20th century and it joins several canals, locks and channels which acts as vessel that opens to Great Lakes from Atlantic Ocean making the total length of seaway to 3,700 Km. Extending from Montreal, Quebec, to Lake Erie including the Welland Canal, this Seaway is named after St. Lawrence River. The construction began in 1954 and was completed on 1959 and it was opened on April 25th 1959.
9. What is the TransCanada Pipeline and when was it completed to Toronto?
TransCanada Pipeline is the longest pipeline of Canada that carries natural gases through Alberta, Saskatchewan, Manitoba, Ontario and Quebec. With booming population growth in 1950s, Canada was facing the problem of acute energy shortage. As a result of this problem, TransCanada Pipeline Ltd. was established to construct pipelines across Canada and solve the problem and this company constructed TransCanada Pipeline and started distributing natural gas through 48 inch pipe. After the construction of the pipeline was completed in October 10, this pipeline entered Toronto in October 27, 1958.
10. What is the Trans-Canada Highway and when did it officially open?
Extending from east to west linking all provinces of Canada and connecting all major cities of the country, Trans-Canada is the longest road of Canada. Its total route extends to 4,990 miles between Pacific Ocean and Atlantic Ocean across Canada. Even though the construction of highway was completed in 1971, the highway was opened officially in 1962.
11. What is the Equalization Program and when was it established?
Since all the provinces of Canada was not equal in terms of financial resources, the government of Canada started a transfer program known as Equalization program. This program enables all province governments to provide social service to their people equally and it stands on the notion of equality. This is an unconditional program and province government is free to spend the payments that they receive as equalization payment according to their priorities. This system was established in 1957.
12. When did Canada adopt the Points System for accepting immigrants on basis of education, language skills, etc., without regard to ethnicity?
Before 1967, Canada used racist and nationalist biases on accepting immigrants and that was heavily criticised by international community. Then since 1967, Canada started evaluating its applicants for immigration based on points system. The point system was intended to make the system of entrance fairer by using an objective standard. The point system assigns point to various criteria of the applicants and if applicant meets criteria, s/he gets stated points. Finally all the points of applicant is added. Canada current have 67 points requirement to obtain permanent residence. If the person obtains 67 or more points then, s/he is granted permanent residence.
13. What is Medicare in Canada, when did the federal government launch Medicare, and when did the last Canadian provinces sign on to it?
Canadian government have a health insurance system as a part of social security. This health insurance system is publicly funded and is commonly known as Medicare. This system provides every citizen of Canada the equal access to equal health services. By 1961 all ten provinces agreed to adopt Hospital Insurance and Diagnostic Service Act (HIDS0 which later evolved as Medicare in Canada.
14. What was the Auto Pact and when did it start?
Even though Canada became the part of GATT and NAFTA to promote free trade, Canada signed one more agreement with America in January 1965 which is known as Canada—United States Automotive Products Agreement, known as the Auto Pact. The motive behind signing this agreement was to create single market for vehicles in North America. This agreement removed tariffs on cars, buses, trucks and other automobile parts which provided enormous benefit to US only. Prior to agreement, only 3% of American automobiles were sold in Canada but this agreement allowed US auto makers the free access to Canadian market and Canada faced huge automotive trade deficit of $12.1 billion.
15. What is the Canada Pension Plan and approximately when was the Canadian Pension Plan brought in?
Even though Canada Pension Plan was legally started in 1965, it only came into existence in 1966. Canada Pension Plan is a social insurance program of Canada according to which all the employed citizens of Canada need to contribute their portion of earnings for retired and old aged peoples. The government of Canada provides social security to old and retired people and to finance such social security programs conducted by government for such peoples, Canada Pension Plan program mandates the employed citizens to allocate and contribute stated portion of their earning for such programs.
16. What is the Official Languages Act and when was it adopted by the Parliament of Canada?
The huge population of Canada used two languages viz. English and French as a medium of communication. However the government was unable to officiate these hugely spoken language. So to provide the equal status to both language in Canada and declare them as official language Official Language Act was enacted. It was enacted by the parliament in September 9, 1969.
17. When was Petro-Canada established and why?
Founded and established in 1975 in Ontario, Petro-Canada is the national oil company of Canada. With Arab oil embargo in 1973, the prices of the oil in the world market was booming and Canada was facing oil shortage. Even though the Canada had oil fields, their extraction was controlled by American Corporations and there corporations took the oil extracted to America leaving very small benefit to Canada. Later when the problem of oil shortage climbed to extreme point and government recognized the intention of American corporation, then in 1975 parliament passed the bill and established Petro-Canada so that Canada would themselves explore, develop, extract, refine and market oil in the country.
18. What was the NAFTA and when was it implemented?
The North American Free Trade Agreement (NAFTA) is a tri-partite agreement signed by Canada, Mexico, and the United States. This agreement makes the ground for creating trade block involving Canada, USA and Mexico. Growing economic activity in North America and need of trade and investment liberalization for economic development motivated counties to sign NAFTA that would provide free access of goods, services and factors of production between countries without protective clauses. This agreement was signed and implemented on January 1, 1994.
19. When in the 1990s did the largest Canadian banks propose to merge and on what grounds was their merger not approved?
In 1990s, Canada had five big banks and they were known as Big Five. These banks were dominating the Canadian banking industry. In 1998, one of the biggest bank, Montreal proposed to merge with Royal Bank and Canadian Imperial Bank of Commerce proposed to merge with Toronto-Dominion Bank reducing number of big banks to three only. However this step from big banks was reviewed by Competition Bureau of Canada. On reviewing the proposal, the bureau found that these merge would lead to kind of monopoly in industry so that the banks will charge higher service fees, local branch closure and squeeze public money out of them with different names. On this ground, the finance minister out ruled the proposal of merger stating that positive outcomes of merger would be less than negative consequences.
20. Approximately when did the dot.com/information technology boom take place on the Toronto Stock Exchange? Which Canadian information technology company symbolized that boom?
Toronto Stock Exchange was established in 1861. Canada’s economy was heavily depended on American economy and the Toronto Stock Exchange suffered huge loss by the collapse of high tech stocks. But later in 1990s the Toronto Stock Exchange experienced a boom. The credit for this boom is highly attributed to Canadian Telecommunication Company NORTEL and BELL CANADA.