Canada

History of Canada

The history of Canada covers the period from the arrival of Paleo-Indians thousands of years ago to the present day. Canada has been inhabited for millennia by distinctive groups of Aboriginal peoples, among whom evolved trade networks, spiritual beliefs, and social hierarchies...

was hit hard by the Great Depression

Great Depression

The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...

. Between 1929 and 1939, the gross national product dropped 40% (compared to 37% in the US). Unemployment reached 27% at the depth of the Depression in 1933. Many businesses closed, as corporate profits of $398 million in 1929 turned into losses of $98 million as prices fell.
The 1920s had been an especially successful period of growth for Canada, with living standards improving remarkably.