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War Saving Certificates | Victory Loans | War Services Fund | Banks |
The tremendous undertaking of providing manpower and materials for the war was dependent on the ability of the nation to raise money. The Canadian government began that daunting task when it passed a special war budget in September 1939. The second war budget in June 1940 increased the power of government to collect more income tax, introduce new taxes and increase existing taxes. The next budget in April 1941 once again increased the load on the general public. The 1942 budget made income tax payments deductible at source and citizens were advised of this major change.

By 1944 taxes had reached unprecedented levels and were bringing in approximately one-half of the revenue of the Canadian government. The balance was raised through the sale of War Savings Certificates and Stamps on a continuing basis, and through Victory Bonds at set periods. Working in conjunction with government to encourage citizens to save and invest were the ten chartered banks who had extensive functions related to the wartime economy.


The government also organized special fundraising in 1941 to support the work of six war service organizations. The campaign was so successful that there was enough money to support the program until the end of the war.

The general theme of money can be explored through four sub-sections: War Savings Stamps and Certificates, Victory Loans, War Services Fund, and Banks.