Impacts of Historical Events on the Canadian Economy and Personal Finance

Are there similar systemic events that have affected Canadians, their money and the economy throughout its history?

Canada has experienced similar events that have had an impact on its citizens, money decisions of individuals and the overall economy of the country. For many individuals the primary impact of the current pandemic relates to investments, and loss of income due to orders to stay at home. You should communicate with your financial institution or your wealth management professional to determine the impact of current events on your financial goals and your investment strategies. During the period of social distancing, you should call your financial institution or have a virtual meeting to discuss your concerns and ask questions.

Helpful resources you can find on NBC.ca

COVID-19: How to manage your investment portfolio when stock markets are on the decline

What were the impacts of those previous events on the country and its citizens?

Canada has experienced challenging times in the past, where the government enacted special legislation (laws) called emergency powers requiring individual sacrifices to help the country and its people deal with emergencies.

How did Canada and Canadians differ from other countries and citizens over those times?

Canada’s response was likely very similar to other countries, however it should be noted that our nation has a tradition of government working with citizens for the common good of all members of our society. This common or “public good” may have resulted in programs and services developed and delivered by governments, rather than by the private sector. One example that demonstrate this primary difference between Canada and other countries is universal health care – where hospitals and medical services (doctors, nurses and many vaccines) are provide to all at little or no cost, and paid for through taxation. Universal health care was a Canadian response to challenges faced by Canadians as our country developed.

Were there key lessons learned from Canada’s previous experiences with these events?

The most important lessons learned by Canada during previous Pandemics was the need to coordinate and share trustworthy information. The Public Health Agency of Canada plays a leading role in coordinating responses to Pandemics.