The Bank of Canada began operations in 1935.
Canada created the central bank after the Royal Commission on Banking and Finance recommended a national institution during the economic difficulties of the Great Depression. The Bank of Canada Act became law in 1934, but the bank opened for business in March 1935.
This distinction explains why 1934 and 1935 are both associated with the institution. The act established the legal framework, while 1935 marks the start of the bank's actual operations. The Bank of Canada initially operated as a privately owned corporation before becoming fully nationalized in 1938.
Its responsibilities include conducting monetary policy, issuing Canadian banknotes, promoting a safe and efficient financial system, and acting as the federal government's banker.