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Part 3 Financial Needs of the War Obviously the war needed to be financed in many ways and here is how it was done WW I was the costliest conflict the world had ever known to that time On average the war cost Canada more than 1 million a day Because federal expenditures money spent far exceeded revenues money brought in the government resorted to three methods to raise money The first was to borrow by selling government bonds to investors the government still raises extra revenues this way The first such war loan in 1915 raised more than 179 million and promised large and small investors a return of 5 percent The government had expected to raise only 50 million Two similar loans followed in 1916 and 1917 bringing in 460 million Between 1917 and 1919 5he finance minister offered another kind of war loan called victory bonds These were offered to the general public at a return of 55 percent More that 3 million Canadians bought victory bonds raising 1738 million Again the repose far exceeded government expectations It was a stunning display of confidence and determination by Canadians Together the six war loans raised 2377 million In 1917 the government came up with its third source of revenue a direct tax the first of its kind in Canada The Income War Tax collected 3 percent of the gross earnings of a family that earned more the 3000 a year and from individuals who earned more that 500 per year At the time the average family income was less the 800 a year Only 31 130 Canadians paid the income tax and Canadians were assured that income tax would end with the war The Women Contribution to the War Effort Women proved to be a crucial part of WW1 and here is how they managed to do so By 1917 more than 600 Canadian factories were production 2 million worth of
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