The mandate of the Bank of Canada is spelled out in the Bank of Canada Act. Under this Act, the Bank of Canada is required to submit each year its audited financial statements accompanied by a report by the Governor to the Minister of Finance. The Annual Report is presented to Parliament by the Minister and a copy is published in the Canada Gazette.
The Payment Clearing and Settlement Act gives the Bank of Canada responsibility for the oversight of payments and other clearing and settlement systems in Canada, for the purpose of controlling systemic risk.
The Governing Council's main tool for implementing monetary policy is the target for the overnight rate. This rate is normally set on eight fixed dates per year. The Council arrives at its decisions about the rate by consensus, rather than by individual votes, as is the case at some other central banks.
Financial Reporting
Annual Reports and Quarterly Financial Reports
The Bank of Canada’s Annual Report, including audited financial statements, and the Bank of Canada's Quarterly Financial Reports.
The Bank's Statement of Financial Position / Balance Sheet (backgrounder)
To understand the finances of a central bank, it is helpful to know how it operates in support of its mandate.
Medium-Term Plan
- Central Banking for a New Era: The Bank of Canada’s 2016-18 Medium Term Plan
The medium-term plan provides a focus for the Bank to continue its tradition of excellence while building its readiness for the future. - Building on Excellence: Strength, Stability and Confidence
The Bank’s medium-term plan charts our course for the years 2013 to 2015. - ADDENDUM: 2010–12 medium-term financial plan update
- Achieving Excellence Together: 2010–12
The Bank's medium-term plan charts our course for the years 2010 to 2012. - Achieving Excellence Together: Our Plan, Our Guide 2010–12
This companion booklet to the medium-term plan offers our employees' views regarding their roles in helping to achieve our corporate priorities.
Other Reports
Employment Equity Report
The Bank is committed to providing an inclusive, equitable and respectful work environment for its employees.
Annual Report - Operation of the Canadian Multiculturalism Act - 2014–2015
Report on the Bank's observance of the Canadian Multiculturalism Act.
Annual Report - Privacy Act - 2014-2015
Report on the Bank's observance of the Privacy Act.
Annual Report - Privacy Act - 2013-2014
Report on the Bank's observance of the Privacy Act.
Annual Report - Access to Information Act - 2014-2015
Report on the Bank's Access to Information activities.
Annual Report - Access to Information Act - 2013-2014
Report on the Bank's Access to Information activities.
Annual Review on Official Languages
Report on the Bank’s implementation of the Official Languages Act.
Policies
Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada's Balance Sheet
This document sets out the policy governing the acquisition and management of domestic financial assets for the Bank of Canada's balance sheet. This policy does not apply to the assets of the Bank's pension trust fund and supplementary trust fund.
Bank of Canada Policy for Buying and Selling Securities Under Subsection 18.1(1) of the Bank of Canada Act
This policy sets out the range of securities and instruments that the Bank will use for certain types of transactions.
Code of Business Conduct and Ethics
The Bank of Canada is justifiably proud to have gained a high level of public trust and a reputation for high ethical standards. This Code of Business Conduct and Ethics is designed to ensure that we maintain these standards.
Disclosure of Wrongdoing
This policy supports the Bank's policy framework by providing staff with an additional method for disclosing serious concerns of wrongdoing in the workplace.
Procurement Policy Statement
The Bank of Canada requires that its resources be used effectively and efficiently to obtain appropriate value for money.
Accountability and Disclosure
Access to Information and Privacy (ATIP)
The Bank of Canada is subject to the Access to Information Act and the Privacy Act.
Info Source
The purpose of Info Source is to assist individuals in exercising their rights under the Access to Information Act and the Privacy Act.
External Audit
The Governor in Council (the Cabinet) appoints two firms of accountants (currently KPMG LLP and Deloitte LLP) to audit the affairs of the Bank, as stated in Section 28 (1) of the Bank of Canada Act. A copy of every report submitted by the auditors to the Bank is contained in the Bank's Annual Report and is submitted to the Minister of Finance.
Travel and Hospitality Expense Reports
The Bank publishes quarterly reports on travel and hospitality expenses for all members of the Bank's Governing Council.
Disclosure of Contracts
Four times per year, the Bank publishes summaries of contracts over $100,000 that it has entered into.
Total Compensation Package
2009 Review of Total Compensation – Summary
As a result of this review, the Bank is making several changes to its total compensation package in order to meet its objective of being Canada’s pre-eminent macro-policy institution.
Pension Plan
Reports, bylaws and related documents.
Public Surveys
Surveys of public awareness and understanding of the Bank of Canada's mandate and policies.
- Public Awareness of the Bank of Canada - December 2010 survey commissioned by the Bank of Canada
Telephone Results and Online Results
Results of two general public surveys, conducted in December 2010, exploring Canadians' familiarity with the Bank and its activities. - Qualitative Research on the Monetary Policy Report, 2009
Results of the Qualitative Research on the Monetary Policy Report, seeking feedback from key readers on how they use the Report and how to improve its content, design, and delivery. - General Public Survey (1999) and Senior Corporate Executives Survey (2000)
Results of a general public survey exploring Canadians' familiarity with the Bank and its activities. Also, results of a survey of senior business executives regarding the Bank's mandate and activities.