Last modified: September 2023
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 Report.
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.
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 is committed to supporting a secure, stable and resilient financial system infrastructure. This includes applying a risk-based approach to detect and deter the use of the Bank’s services and delivery channels for illegal purposes.
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.
The Bank of Canada is subject to the Access to Information Act and the Privacy Act.
This document provides information about the functions, programs, activities and related information holdings of government institutions subject to the Access to Information Act and the Privacy Act.
The Governor in Council (the Cabinet) appoints two firms of accountants (currently KPMG LLP and Ernst & Young 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’s Internal Audit department is an independent, objective assurance and advisory function that supports management and the Board of Directors by evaluating the effectiveness of the Bank’s risk management, control, and governance processes, and by promoting continuous process improvement.
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 risk appetite is the amount and type of risk an organization takes to achieve its objectives. The Enterprise Risk Management (ERM) policy sets out the overall intent and expectations for effective ERM at the Bank of Canada.