Canada
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 1,737 bn Goods Exports 462
GDP per capita (USD) 50,566 Imports 461
GDP volume growth (year-on-year) + 2.4% Net + 2
Population 34.35m Services Exports 76
MMR (year average) 1.00% Imports 102
Exchange rate CAD / USD (year average) 0.9895 Net – 25
BoP (goods, services & income) as % of GDP – 2.6% Source: IFS, IMF, January 2013International/Regional memberships
North American Free Trade Agreement
(NAFTA): since 1 January 1994.
International Monetary Fund:
since 27 December 1945.
World Trade Organization:
since 1 January 1995.
Government trade policy
Canada pursues a policy of free trade and
seeks trade agreements either bilaterally or
through NAFTA.
As a member of NAFTA, Canada benefits
from free trade arrangements with Mexico
and the USA. Under NAFTA, most tariffs
have been eliminated or are being phased
out among the three countries. A trade
agreement on agriculture was negotiated
separately between Canada and Mexico,
and Canada and the USA.
Canada has negotiated bilateral and regional
trade agreements with a number of countries
and trading blocs.
National export credit insurance provider:
Export Development Canada (EDC —
http://www.edc.ca).
EDC also operates Canada’s state-
supported export credit programme.
Under the Export Distribution Centre (EDC)
Programme, firms operating within an EDC
can purchase Canadian goods on a tax-free
basis and import foreign goods on a tax and
duty-free basis if the goods are primarily
intended for export/re-export.
There are no designated free trade zones in
Canada. However, a number of government
incentive programmes are available,
including the Duty Deferral Program
(DDO), which entitles qualified companies
to postpone or refund duties and taxes
normally paid on imported goods.Currency and exchange controls
Official currency: Canadian dollar (CAD).
Exchange rate arrangement: free floating.
Canada does not impose foreign exchange
controls.
Individuals entering or leaving Canada with
the equivalent of CAD 10,000 or more in
domestic or foreign currency are required to
notify a border services officer.
Bank accounts
Resident companies can hold local currency
(CAD) bank accounts outside Canada.
Resident companies can hold foreign
currency bank accounts within and outside
Canada.
Non-resident companies can hold local
currency bank accounts within and outside
Canada.
Non-resident companies can hold foreign
currency bank accounts in Canada.