Toward 2021: Renewing Canada’s Monetary Policy Framework Published: January 1, 2021 Documents Toward 2021: Renewing Canada’s Monetary Policy Framework The Bank of Canada is the nation’s central bank. Its principal role is “to promote the economic and financial welfare of Canada,” as defined in the Bank of Canada Act. The Bank is a Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities.