The Great Depression 1929-1939 (oct 24, 1929 – dec 31, 1939)

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Canada was more severely affected than most other countries by the Great Depression. Canada's economy saw a sharp decline due to a global fall in trade, demand, and credit, which was made worse by the 1929 U.S. stock market crash. One in five Canadians were dependent on government assistance by 1933, as unemployment had risen to 30%. Due to crop failures, drought, and falling wheat prices, the Prairie provinces were especially affected. Saskatchewan's income fell by 90% within two years. 66% of the rural population was forced onto relief. The other western provinces were technically bankrupt from 1932 onwards. Due to their more diverse businesses, Ontario and Quebec managed somewhat better than the Western provinces, which were driven to the verge of bankruptcy. In addition to exposing Canada's poor social safety net, the crisis laid the foundation for future welfare initiatives. Full recovery was not reached until the late 1930s and early 1940s.

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