The Bank of Canada promotes the economic and financial welfare of Canada through its activities in four main areas: monetary policy, currency, financial system stability, and funds management.  The Bank’s Fellowship Program seeks to foster excellence in research and analysis and to develop partnerships with experts outside the Bank in areas important to the Bank’s mandate.

The Governor's Award provides funding to exceptional assistant and associate professors working at Canadian universities who have demonstrated the potential to make exemplary research contributions in their fields.

The award consists of a $25,000 research grant paid annually, directly to the recipient. The award is for a term of up to two years, and is subject to an annual review and confirmation process (see below). Recipients of this award cannot apply for a second term.


Governor's Award recipients are required to:

  • be Canadian citizens, permanent residents of Canada or be otherwise legally permitted to work in Canada
  • conduct and support research in Canada 1
  • have obtained a PhD within 10 years of being nominated for the award
  • be employed by a Canadian university as an assistant or associate professor during the term of the award

Nomination documents for the 2017 Award must be received at the Bank by Monday, 14 November 2016.


The Bank of Canada endorses the “Tri-Agency Framework: Responsible Conduct of Research” adopted by the Social Sciences and Humanities Research Council of Canada (SSHRC), the Canadian Institutes of Health Research (CIHR), and the Natural Sciences and Engineering Research Council (NSERC) with respect to integrity in research and scholarship and non-discrimination. The Bank may discontinue a Fellowship at any time if it decides that a recipient has engaged in activities inconsistent with this Framework.

Annual Review and Confirmation

A Governor's Award can last for a period of two years, subject to a review and confirmation by the Bank’s Governing Council in the fall of the first year. The Award may be discontinued if the Governing Council determines, in its sole discretion, that the Recipient:

  • no longer meets the eligibility requirements
  • has ceased to make sufficient professional contribution to the fields for which the Award was established or progress against the original research plan from his/her application
  • has engaged in action(s) inconsistent with the Tri-Agency Framework: Responsible Conduct of Research of the Social Science and Humanities Research Council (SSHRC), the Canadian Institutes of Health Research (CIHR), and the Natural Sciences and Engineering Research Council (NSERC)


The recipient’s university is to email the following material by 14 October 2016 to

  1. a PDF of the signed letter from an official representative of the university, on the university’s letterhead, confirming that the recipient remains in good standing and continues to meet the eligibility requirements of the Governor’s Award
  2. the recipient’s updated curriculum vitae (MS Word document)
  3. a status report of one to three pages (maximum 1500 words) from the recipient of progress against the research plan originally proposed to the Bank of Canada and contributions to the education and development of new researchers (MS Word document)
  4. a list of articles written or presentations delivered by the recipient during the past year (MS Word document)

The Nominating Committee conducts an initial review of these materials and makes recommendations to the Governing Council. The Bank will inform the recipient of the Governing Council's decision before the end of December.

Ongoing Interactions with Bank Researchers

Award recipients are also required to maintain, through the term of their Award, ongoing interactions such as:

  • Being a visiting speaker at the Bank or otherwise discussing areas of mutual research interest in Bank workshops/seminars/small conferences
  • Co-authoring a paper with one or more Bank researchers
  • Providing advice on the overall direction of the Bank’s research program
  • Commenting on research proposals and research papers by Bank researchers

Office space is provided for such extended interactions with Bank staff / researchers. Travel-related expenses are to be covered by the recipients’ research expense allowance.

Dinner with the Board of Directors

In the fall of the first year of their Award, Governor’s Award recipients are invited to a dinner with the Bank’s Board of Directors, to introduce them to the Directors, and recognize their Award and the importance of the Program.

Learning Exchange

Governor's Award recipients are invited to join the Fellowship Award recipients to participate in each year of the term of their Award in a "Learning Exchange," at the Bank of Canada’s head office in Ottawa. During this event, the recipients:

  • present their research findings (only in first year of term)
  • act as discussants during some workshops
  • meet with Bank staff to discuss issues of mutual interest
  • confer on future directions for their research
  • attend a lunch and a dinner in their honour

The 2016 Learning Exchange has been scheduled for the 2 to 4 May 2016.