Canadians are not immune from the global financial crisis as it threatens to dry up credit according to Canada's finance minister. Although Canada may be in better off in dealing with the crisis than most, it is not resistant to these "extraordinary times" in the global financial markets said Jim Flaherty. Since the Canadian banks are not as susceptible to the meltdown that happened in the U.S, they will not be geeting a US type bail out according to Flaherty, although he he would act to protect the stability of the Canadian financial system.
 
He is contemplating using the Canadian Mortgage and Housing Corp. to take some mortgages off the books of chartered banks, leaving them with additional assets.

Federal Rates where cut but these were not passed on the the public. The banks are simply hoarding the cash and there is very little that can be done by the governement about this.

The Canadian dollar opened at 88.97 cents US on Thursday morning, down 0.09 of a cent from Wednesday's close.