A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers. During the 3rd century banks in Persia and in other territories started to issue letters of credit known as Sakks checks in today’s language, that could be traded in cooperative houses or offices throughout the Persian territories. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon in France had 43 branches of Italian banking houses alone; the practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini head of the Bank of America. Branches were housed in imposing buildings in a neoclassical style of architecture. Today, branches may take the form of smaller offices within a larger complex, such as a shopping mall. Traditionally, the branch was the only place of access to a financial institution's services.
Services provided by a branch include cash withdrawals and deposits from a demand account with a bank teller, financial advice through a specialist, safe deposit box rentals, bureau de change, insurance sales, etc. In the early 21st century, features such as automated teller machines and online banking, allow customers to bank from remote locations and after business hours; this has caused financial institutions to reduce their branch business hours and to merge smaller branches into larger ones. Conversely, they converted some into mini-branches with only ATMs for cash withdrawal and depositing; some mini-branches may have no human staff with only telephone support. Some financial institutions, in an attempt to show a friendlier image, offer a boutique or coffeehouse-like environment in their branches, with sit-down counters, interactive displays and playing areas for children; some branches have drive-through teller windows or ATMs. Other financial institutions reduce their costs and position their offerings by having no branches and are sometimes known as virtuals or direct banks.
Branch banking in the United States - interstate branch banking - was viewed unfavorably by regulatory authorities, this was codified with the enactment of the McFadden Act of 1927, which prohibited interstate banking. Over the next few decades, some banks attempted to circumvent McFadden's provisions by establishing bank holding companies that operated so-called independent banks in multiple states. To address this, The Bank Holding Company Act of 1956 prohibited bank holding companies headquartered in one state from having branches in any other state. Most interstate banking prohibitions were repealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Research has found that anticompetitive state provisions restricted out-of-state growth when those provisions were more restrictive than the provisions set by the Interstate Banking and Branching Efficiency Act or by neighboring states; some states have had restrictive bank branch laws. These are branches located in a retail space such as a grocery, shopping malls or discount store.
They may be full service branches or limited service branches. They do not include drive-through teller windows or safe deposit boxes; these branches may have limited staff and include technology as a means to deliver banking services such as the use of automated teller machines, videoconferencing, video banking systems. A type of foreign bank, obligated to follow the regulations of both the home and host countries, operating in the country. Regulated by the Office of the Superintendent of Financial Institutions
J. P. Morgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States, is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.534 trillion. It is the world's most valuable bank by market capitalization; as a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America and Wells Fargo. JPMorgan Chase is considered to be a custodian bank; the J. P. Morgan brand known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N. A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, commercial banking.
Both the retail and commercial bank and the bank's corporate headquarters are located at 270 Park Avenue in Midtown Manhattan, New York City. The company was formed in 2000, when Chase Manhattan Corporation merged with J. P. Morgan & Co; as of 2017, the bank is one of the largest asset management companies in the world with US$2.789 trillion in assets under management and US$30 trillion in assets under custody. At US$47.7 billion in assets under management, the hedge fund unit of JPMorgan Chase is the fourth largest hedge fund in the United States. JPMorgan Chase, in its current structure, is the result of the combination of several large U. S. banking companies since 1996, including Chase Manhattan Bank, J. P. Morgan & Co. Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank.
The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr. The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank by the Bank of the Manhattan Company, the company's oldest predecessor institution; the Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank. According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows: At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature; this of course injected a powerful element of politics into the process and invited what today would be called corruption but was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City.
The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today the largest bank in the United States. Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending and securities services, credit cards and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J. P. Morgan & Co. the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.
The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank in 1986, Manufacturer's Hanover Trust Company in 1991. In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee. At many points throughout this history, Chemical Bank was the largest bank in the United States. In 1996, Chemical Bank acquired Chase Manhattan.
Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270 Park Avenue; the heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co. which in 1895 was renamed J. P. Morgan & Co
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Ontario. CIBC's Institution Number is 010, its SWIFT code is CIBCCATT, it is one of the two major banks founded in Toronto alongside Toronto-Dominion Bank. The Canadian Imperial Bank of Commerce was formed through the June 1, 1961, merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, the largest merger between chartered banks in Canadian history; the bank has four strategic business units: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U. S. Commercial Banking and Wealth Management, Capital Markets, it has international operations in the United States, the Caribbean and Europe. Globally, CIBC serves more than eleven million clients, has over 40,000 employees; the company ranks at number 172 on the Forbes Global 2000 listing. In 2012, CIBC was named the strongest bank in North America and the 3rd strongest bank in the world by Bloomberg Markets magazine.
William McMaster founded the Canadian Bank of Commerce which opened on May 15, 1867, in Toronto as competition for the Bank of Montreal. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18; the 1896 gold strike in the Yukon prompted the Dominion Government to ask the Canadian Bank of Commerce to open a branch in Dawson City. Acquisitions in the 1920s caused the Commerce Bank to become one of the strongest branch networks in Canada with over 700 local branches. Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a active role in the organization of Victory Loans; the Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department. Following World War II, both banks opened new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction. In 1960, Imperial chairman Stuart Mackersy approached Neil McKinnon, the president of the Commerce, with a proposal to merge the two banks; this followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. They reached a deal between the two banks. On June 1, 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce with over 1,200 branches across Canada; the new bank possessed the most branches of any bank in the country. In 1964, the bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. Lawrence River in Quebec, billed as the only floating branch in Canada for 5000 customers.
Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei to design a three-building complex; the result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786 ft Commerce Court West. When completed in 1973, the 57-storey building was the tallest in Canada, the largest stainless-steel-clad building in the world. In 1967, both Canada and CIBC celebrated their centenaries and CIBC was the only chartered bank to have a branch on-site at Expo 67. At this time computerization began to change banking services and the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books via computer; this marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would become the ATM. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987.
CIBC took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public. In 1988, CIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting. Shortly thereafter, the corporation merged Wood Gundy and CIBC Securities under the name CIBC Wood Gundy which became CIBC Oppenheimer in 1997 and CIBC World Markets. In 1992, CIBC introduced automated telephone banking. In 1998, CIBC joined with Loblaws to create President's Choice Financial which it launched in 28 Ottawa area stores. CIBC agreed to merge with the Toronto-Dominion Bank in 1998; however the Government of Canada, at the recommendation of Finance Minister Paul Martin, blocked the merger – as well as another proposed by the Bank of Montreal with the Royal Bank of Canada – as not in the best interest of Canadians. CIBC sold its corporate and purchasing credit card business to U. S. Bank Canada in October 2006 which joined it with business charge cards it acquired from Royal Bank of Canada.
In 2006, the stock ticker symbol on the New York S
Government of Canada
The Government of Canada Her Majesty's Government, is the federal administration of Canada. In Canadian English, the term can mean either the collective set of institutions or the Queen-in-Council. In both senses, the current construct was established at Confederation through the Constitution Act, 1867—as a federal constitutional monarchy, wherein the Canadian Crown acts as the core, or "the most basic building block", of its Westminster-style parliamentary democracy; the Crown is thus the foundation of the executive and judicial branches of the Canadian government. Further elements of governance are outlined in the rest of the Canadian Constitution, which includes written statutes, court rulings, unwritten conventions developed over centuries; the monarch is represented by the Governor General of Canada. The Queen's Privy Council for Canada is the body that advises the sovereign or viceroy on the exercise of executive power. However, in practice, that task is performed only by the Cabinet, a committee within the Privy Council composed of ministers of the Crown, who are drawn from and responsible to the elected House of Commons in parliament.
The Cabinet is headed by the prime minister, appointed by the governor general after securing the confidence of the House of Commons. In Canadian English, the word government is used to refer both to the whole set of institutions that govern the country, to the current political leadership. In federal department press releases, the government has sometimes been referred to by the phrase Government. In late 2010, an informal instruction from the Office of the Prime Minister urged government departments to use in all department communications the term in place of Government of Canada; the same cabinet earlier directed its press department to use the phrase Canada's New Government. As per the Constitution Acts of 1867 and 1982, Canada is a constitutional monarchy, wherein the role of the reigning sovereign is both legal and practical, but not political; the Crown is regarded as a corporation sole, with the monarch, vested as she is with all powers of state, at the centre of a construct in which the power of the whole is shared by multiple institutions of government acting under the sovereign's authority.
The executive is thus formally called the Queen-in-Council, the legislature the Queen-in-Parliament, the courts as the Queen on the Bench. Royal Assent is required to enact laws and, as part of the Royal Prerogative, the royal sign-manual gives authority to letters patent and orders in council, though the authority for these acts stems from the Canadian populace and, within the conventional stipulations of constitutional monarchy, the sovereign's direct participation in any of these areas of governance is limited; the Royal Prerogative includes summoning and dissolving parliament in order to call an election, extends to foreign affairs: the negotiation and ratification of treaties, international agreements, declarations of war. The person, monarch of Canada is the monarch of 15 other countries in the Commonwealth of Nations, though, he or she reigns separately as King or Queen of Canada, an office, "truly Canadian" and "totally independent from that of the Queen of the United Kingdom and the other Commonwealth realms".
On the advice of the Canadian Prime Minister, the sovereign appoints a federal viceregal representative—the Governor General of Canada —who, since 1947, is permitted to exercise all of the monarch's Royal Prerogative, though there are some duties which must be performed by, or bills that require assent by, the king or queen. The government is defined by the constitution as the Queen acting on the advice of her privy council. However, the Privy Council—consisting of former members of parliament, chief justices of the supreme court, other elder statesmen—rarely meets in full; as the stipulations of responsible government require that those who directly advise the monarch and governor general on how to exercise the Royal Prerogative be accountable to the elected House of Commons, the day-to-day operation of government is guided only by a sub-group of the Privy Council made up of individuals who hold seats in parliament. This body of senior ministers of the Crown is the Cabinet. One of the main duties of the Crown is to ensure that a democratic government is always in place, which means appointing a prime minister to thereafter head the Cabinet.
Thus, the governor general must appoint as prime minister the person who holds the confidence of the House of Commons. Should no party hold a majority in the commons, the leader of one party—either the one with the most seats or one supported by other parties—will be called by the governor general to form a minority government. Once sworn in by the viceroy, the prime minister holds office until he or she resigns or is removed by the governor general, after either a motion of no confidence or his or her party's defeat in a general election; the monarch and governor general follow the near-binding advice of
New Brunswick is one of four Atlantic provinces on the east coast of Canada. According to the Constitution of Canada, New Brunswick is the only bilingual province. About two thirds of the population declare themselves a third francophones. One third of the population describes themselves as bilingual. Atypically for Canada, only about half of the population lives in urban areas in Greater Moncton, Greater Saint John and the capital Fredericton. Unlike the other Maritime provinces, New Brunswick's terrain is forested uplands, with much of the land further from the coast, giving it a harsher climate. New Brunswick is 83% forested, less densely-populated than the rest of the Maritimes. Being close to Europe, New Brunswick was among the first places in North America to be explored and settled by Europeans, starting with the French in the early 1600s, who displaced the indigenous Mi'kmaq and the Passamaquoddy peoples; the French settlers were displaced when the area became part of the British Empire.
In 1784, after an influx of refugees from the American Revolutionary War, the province was partitioned from Nova Scotia. The province prospered in the early 1800s and the population grew reaching about a quarter of a million by mid-century. In 1867, New Brunswick was one of four founding provinces of the Canadian Confederation, along with Nova Scotia and the Province of Canada. After Confederation, wooden shipbuilding and lumbering declined, while protectionism disrupted trade ties with New England; the mid-1900s found New Brunswick to be one of the poorest regions of Canada, now mitigated by Canadian transfer payments and improved support for rural areas. As of 2002, provincial gross domestic product was derived as follows: services 43%. Tourism accounts for about 9 % of the labour force indirectly. Popular destinations include Fundy National Park and the Hopewell Rocks, Kouchibouguac National Park, Roosevelt Campobello International Park. In 2013, 64 cruise ships called at Port of Saint John carrying on average 2600 passengers each.
Indigenous peoples have been in the area since about 7000 BC. At the time of European contact, inhabitants were the Mi'kmaq, the Maliseet, the Passamaquoddy. Although these tribes did not leave a written record, their language is present in many placenames, such as Aroostook, Petitcodiac and Shediac. New Brunswick may have been part of Vinland during the Norse exploration of North America, Basque and Norman fishermen may have visited the Bay of Fundy in the early 1500s; the first documented European visits were by Jacques Cartier in 1534. In 1604, a party including Samuel de Champlain visited the mouth of the Saint John River on the eponymous Saint-Jean-Baptiste Day. Now Saint John, this was the site of the first permanent European settlement in New Brunswick. French settlement extended up the river to the site of present-day Fredericton. Other settlements in the southeast extended from Beaubassin, near the present-day border with Nova Scotia, to Baie Verte, up the Petitcodiac and Shepody Rivers.
By the early 1700s the area was part of the French colony of Acadia, in turn part of New France. Acadia covered what is now the Maritimes, as well as bits of Maine. In the early 1700s, rivalry between Britain and France for control of territory led to the 1713 Treaty of Utrecht, under which Acadia was reduced to Île Saint-Jean and Île-Royale; the ownership of New Brunswick being disputed, with an informal border on the Isthmus of Chignecto. The British prevailed, leading to the 1755 Expulsion of the Acadians. Present-day New Brunswick became part of the colony of Nova Scotia. Hostilities ended with the Treaty of Paris in 1763, Acadians returning from exile discovered several thousand immigrants from New England, on their former lands; some settled along the Saint John River. Settlement was slow. Pennsylvanian immigrants founded Moncton in 1766, English settlers from Yorkshire arrived in the Sackville area. After the American Revolution, about 10,000 loyalist refugees settled along the north shore of the Bay of Fundy, commemorated in the province's motto, Spem reduxit.
The number reached 14,000 by 1784, with about one in ten returning to America. The same year New Brunswick was partitioned from Nova Scotia and that year saw its first elected assembly; the colony was named New Brunswick in honour of George III, King of Great Britain, King of Ireland, Prince-elector of Brunswick-Lüneburg in what is now Germany. In 1785 Saint John became Canada's first incorporated city; the population of the colony reached 26,000 in 1806 and 35,000 in 1812. The 1800s saw an age of prosperity based on wood export and shipbuilding, bolstered by The Canadian–American Reciprocity Treaty of 1854 and demand from the American Civil War. St. Martins became the third most productive shipbuilding town in the Maritimes, producing over 500 vessels; the first half of the 1800s saw large-scale immigration from Ireland and Scotland, with the population reaching 252,047 by 1861. In 1848, responsible home government was granted and the 1850s saw the emergence of political parties organised along religious and ethnic lines.
The notion of unifying the separate colonies of British North America was discussed i
TD Canada Trust
TD Canada Trust is the commercial banking operation of the Toronto-Dominion Bank in Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 "Green Machine" ATMs. In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists, financial planners, private bankers, investment advisors, portfolio managers; the current TD Canada Trust division was formed after TD's acquisition of Canada Trust in 2000. All new and most existing accounts are issued by TD Bank, although Canada Trust remains a separate subsidiary entity, it remains the issuer of accounts opened at that institution prior to the merger. Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, on stationery. Canada Trust was an independent company, founded in 1864 in London, Ontario, as Huron and Erie Savings and Loan Society.
The company was acquired by TD Bank in 2000, which adopted the new brand name "TD Bank Financial Group". Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000-2001 to collectively form "TD Canada Trust". Canada Trust's President and CEO, W. Edmund Clark, was made President and COO of TD, he became President and CEO of TD Bank Financial Group in 2002. Toronto-Dominion Bank has come under fire due to a series of articles published by CBC News that question its banking practices; the first article written to the Go Public portion of the CBC Business section was posted on March 10, 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired". On March 15, 2017, another article was released by CBC News that reported thousands of banking employees from the top-five banks in Canada being pressured to meet unreasonable sales targets. TD Canada Trust markets itself as having longer hours than any other major bank.
Since late 2007, most branches are open 8–6 Monday to Wednesday, 8–8 Thursday and Friday, 8–4 on Saturday, with some exceptions for low-traffic branches. As of February 2011, over 300 branches are open 11–4 on Sundays. All branches are closed on most statutory holidays. TD customers are able to do online banking through TD's EasyWeb system. EasyWeb allows users to perform transactions, manage bills, update personal information, manage investments, view banking histories. In 2010, TD Canada Trust launched a mobile banking app for iOS, Android and BlackBerry platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking. In June 2012, TD Canada Trust introduced an enhanced Access Card with the new VISA Debit / Interac Flash Access Card which allows customers to use it via phone/online and at international merchants through the Visa network. TD provides over 200 different languages on phone service for customers in Canada, including English, French and Cantonese.
Five languages are provided on ATMs. TD Canada Trust Tower, Calgary Official website
Nunavut is the newest and most northerly territory of Canada. It was separated from the Northwest Territories on April 1, 1999, via the Nunavut Act and the Nunavut Land Claims Agreement Act, though the boundaries had been drawn in 1993; the creation of Nunavut resulted in the first major change to Canada's political map since the incorporation of the province of Newfoundland in 1949. Nunavut comprises a major portion of Northern Canada, most of the Canadian Arctic Archipelago, its vast territory makes it the fifth-largest country subdivision in the world, as well as North America's second-largest. The capital Iqaluit, on Baffin Island in the east, was chosen by the 1995 capital plebiscite. Other major communities include the regional centres of Cambridge Bay. Nunavut includes Ellesmere Island to the far north, as well as the eastern and southern portions of Victoria Island in the west, all islands in Hudson and Ungava Bays, including Akimiski Island far to the southeast of the rest of the territory.
It is Canada's only geo-political region, not connected to the rest of North America by highway. Nunavut is the second-least populous of Canada's provinces and territories. One of the world's most remote, sparsely settled regions, it has a population of 35,944 Inuit, spread over a land area of just over 1,750,000 km2, or smaller than Mexico. Nunavut is home to the world's northernmost permanently inhabited place, Alert. Eureka, a weather station on Ellesmere Island, has the lowest average annual temperature of any Canadian weather station. Nunavut means "our land" in the native language Inuktitut. Nunavut covers 160,935 km2 of water in Northern Canada; the territory includes part of the mainland, most of the Arctic Archipelago, all of the islands in Hudson Bay, James Bay, Ungava Bay, including the Belcher Islands, all of which belonged to the Northwest Territories from which Nunavut was separated. This makes it the fifth-largest subnational entity in the world. If Nunavut were a country, it would rank 15th in area.
Nunavut has long land borders with the Northwest Territories on the mainland and a few Arctic islands, with Manitoba to the south of the Nunavut mainland. Through its small satellite territories in the southeast, it has short land borders with Newfoundland and Labrador on Killiniq Island, with Ontario in two locations in James Bay – the larger located west of Akimiski Island, the smaller around the Albany River near Fafard Island – and with Quebec in many locations, such as near Eastmain and near Inukjuak, it shares maritime borders with Greenland and the provinces of Quebec and Manitoba. Nunavut's highest point is Barbeau Peak on Ellesmere Island; the population density is one of the lowest in the world. By comparison, Greenland has the same area and nearly twice the population. Nunavut experiences a polar climate in most regions, owing to its high latitude and lower continental summertime influence than areas to the west. In more southerly continental areas cold subarctic climates can be found, due to July being milder than the required 10 °C.
The region now known as Nunavut has supported a continuous indigenous population for 4,000 years. Most historians identify the coast of Baffin Island with the Helluland described in Norse sagas, so it is possible that the inhabitants of the region had occasional contact with Norse sailors. In September 2008, researchers reported on the evaluation of existing and newly excavated archaeological remains, including yarn spun from a hare, tally sticks, a carved wooden face mask that depicts Caucasian features, possible architectural material; the materials were collected in five seasons of excavation at Cape Tanfield. Scholars determined that these provide evidence of European traders and settlers on Baffin Island, not than 1000 CE, they seem to indicate prolonged contact up to 1450. The origin of the Old World contact is unclear. So... you have to consider the possibility that as remote as it may seem, these finds may represent evidence of contact with Europeans prior to the Vikings' arrival in Greenland."
The written historical accounts of Nunavut begin in 1576, with an account by English explorer Martin Frobisher. While leading an expedition to find the Northwest Passage, Frobisher thought he had discovered gold ore around the body of water now known as Frobisher Bay on the coast of Baffin Island; the ore turned out to be worthless, but Frobisher made the first recorded European contact with the Inuit. Other explorers in search of the elusive Northwest Passage followed in the 17th century, including Henry Hudson, William Baffin and Robert Bylot. Cornwallis and Ellesmere Islands featured in the history of the Cold War in the 1950s. Concerned about the area's strategic geopolitical position, the federal government relocated Inuit from Nunavik to Resolute and Grise Fiord. In the unfamiliar and hostile conditions, they were forced to stay. Forty years the Royal Commission on Aboriginal Peoples issued a report titled The High Arctic Relocation: A Report on the 1953–