The Bank is committed to publishing information about how it works. Reports, statements, public surveys and plans are available in this section.
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 and payments system 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.
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
To understand the finances of a central bank, it is helpful to know how it operates in support of its mandate.
- Bank of Canada Statement of Financial Position / Balance Sheet and Supplementary Information
- 2019–21 Medium-Term Plan: Leading in the New Era
The Bank’s medium-term plan charts our course for the years 2019 to 2021. Find out more.
- 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.
- 2019–2021 Cyber Security Strategy The Bank’s cyber security strategy charts our course to reduce risk and promote resilience in the financial sector for the years 2019 to 2021.
- Digital First: A central bank for a digital CanadaThe Bank’s digital transformation strategy is guiding the ways our people work together and how we are increasing our capacity to apply emerging technologies to fulfil the Bank’s mandate.
- Strengthening our Foundation Together: Diversity and Inclusion StrategyThe four overarching goals in this strategy will help cement the foundation of diversity and inclusion at the Bank of Canada.
The Bank is committed to providing an inclusive, equitable and respectful work environment for its employees.
Operation of the Canadian Multiculturalism Act
Annual reports on the Bank's observance of the Canadian Multiculturalism Act.
Annual reports on the Bank's observance of the Privacy Act.
Access to Information Act
Annual reports on the Bank's Access to Information activities.
Official Languages Act
Annual reports on the Bank’s observance of the Official Languages Act.
Policies and Guidelines
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.
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.
The Bank of Canada Code of Business Conduct and Ethics for Directors is designed to assist the Bank’s independent directors in understanding, and to promote adherence to, the standards of conduct and ethical behaviour expected of them in the performance and exercise of their responsibilities.
This policy supports the Bank's policy framework by providing staff with an additional method for disclosing serious concerns of wrongdoing in the workplace.
The Bank of Canada requires that its resources be used effectively and efficiently to obtain appropriate value for money.
To uphold public confidence in the transparency and integrity of its work on behalf of Canadians, the Bank adheres to these principles for Governing Council’s external communications.
"Blackout" Guidelines for Communications around Fixed Announcement Dates.
Accountability and Disclosure
The Bank of Canada is subject to the Access to Information Act and the Privacy Act.
The purpose of Info Source is to assist individuals in exercising their rights under the Access to Information Act and the Privacy Act.
The Governor in Council (the Cabinet) appoints two firms of accountants (currently KPMG LLP and PricewaterHouseCoopers 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.
The Bank publishes monthly reports on travel and hospitality expenses for the Chief Operating Officer and all members of the Bank's Governing Council and Board of Directors.
Four times per year, the Bank publishes summaries of contracts over $100,000 that it has entered into.
The management of risks is embedded in the culture and daily practices of all Bank employees. It is also more formally laid out in the Bank’s Enterprise Risk Management (ERM) policy which promotes and enables risk-informed decisions in a manner consistent with the Bank’s vision, medium-term plan and appetite for risk.