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1950s: Economic Change in Canada/
Transcript of 1950s: Economic Change in Canada/
Benefits for Returning Veterans
Before the Canadian Government did not do much to help the soldiers returning home from war, but this time the government did as much as they could to help the soldiers.
After the war Canada had a dramatic growth in both the mining and coal industries.
Imperial oil discovered he Leduc oil field which is near Edmonton
Only issue was that they couldn't figure out how they were supposed to get it from Alberta to potential users in Eastern Canada so the House of Commons passed the bill for the pipeline to transport the oil using the trans-continental pipeline.
Trans-Canada Highway is a paved road stretching 7,821Km, the endpoints are Victoria,BC and St. Johns, Newfoundland
This highway joined joined all 10 provinces together
This highway is also the worlds largest national highway
Traveling on a highway decreased travel time and it was becoming more and more important to connect all 10 provinces
The highway had an impact on the country because due to highway the economy was booming
Equalization Payments/Tax Breaks
Equalization payments are payments made by the federal government to the provinces that were in need of money
Federal government gained taxation powers, economic powers, and grants from social services.
They were introduced mainly to help the struggling Atlantic Provinces who had low rates of growth and high rates of emigration to central Canada.
Tax breaks is when an item avoids taxes, including tax deduction, tax exemption, or tax credit.
C.D. Howe (Minster of Energy) gave tax breaks to private industries.
St. Laurence Seaway
The Seaways was one of the greatest achievements of the 1950s
Seaway would link the center of the continent via the Great Lakes to the Atlantic Ocean
Ocean going vessels wold now be able to go as far as Thunder Bay (Ontario) and Minnesota(US)
This project meant that Canadian products could move to world markets
The Canadian Government made new laws which ensured that the soldiers got their old jobs back and their war services counted.
They got low interest loans so they could purchase homes or obtain any necessary retraining which was also sponsored by the Canadian Government.
In 1944 the canadian government set up the department of Veteran Affairs which was set up to help soldiers with the transition from life on the front lines to life on the home front.
After World War 2 the country was finally out of depression.
In 1950, Canada started many new projects.
Some of these projects include:
After the war Canada experienced an economic boom because of the oil and mining companies
US investment in Canada helped expand the economy and make Canada somewhat stronger
All the mega projects stared in the 1950s helped the economy boom, which was much needed to because the "Great Depression" had left a deep mark
The branch plants and the auto pact in Canada also helped improve the economy by providing employment for the people of Canada
Atomic Energy Canada
St. Laurence Seaway
The seaway is significant because it helped prosper and develop both countries.
Due to the seaway, both economies were booming.
The seaway also helped bring Canada and the US closer.
The Toronto Subway system was built in 1954. It was constructed in Toronto due to the overwhelming traffic.
It is significant because the subway is the shining beacon of the optimism and growth of the post -war age.
The Toronto subway showed that the country was prospering and developing and also coming up with new projects that were going to make Canadian lives just a little bit easier.
This also helped unemployed people find jobs since they would need construction workers to make the subway.
The subway was also a convenient area for musicians to earn a bit of money and it also let artists display their work.
Founded in 1952: made to explore the use of nuclear energy for peaceful purposes
Atomic Energy created the CANDU nuclear reactor in 1952
The CANDU was intended to be used for safe and efficient productions of electricity
These reactors were exported around the world and Canada made a profit out of them
Coal industry provided most important energy source to fuel expanding rail and steamship networks , and heat homes in Canada's rapidly growing cities
Mining coal had been one of the were in operation
Yielded in more than $330 million in export revenue
By 1960, Canadian Pacific Railway and Canadian National Railways had completed their conversion from coal-powered locomotives to diesel electric ones, this was a major blow for the coal industry because the railways had been important steam coal customers
Due to this there was a dramatic loss of markets and caused the mines to shut down, but the industry reinvented itself and played a role in providing energy to Alberta
Signed by PM Pearson and Potus Johnson in 1965
Removed taiffs on all auto motive parts and products
By 1968, 60% of Canadian parts were sold to US companies for use
Branch Plants: a plant or factory producing goods from a foreign country
Because of tariffs, both Canadian and American based countries were creating branch plants in the neighbouring nations
In the years following WW2, the Canadian economy continued to evolve. The economic instability prior to WW2 in which the Depression thrived was cured by total war economy
Because of the Canadian dependency on the American economy (when the American people were not buying, selling and producing at a rate which they did during WW1) the Canadian Government began to worry. The nature of the North American economy is heavily reliant on the success of the Americans.
By: Deepjot and Hanessa