He was left with an absolutely horrible financial situation, similar to what happened in the US when Barack Obama assumed office as President in January 2009.
So just how bad was it in 2015 in Canada?
Well, the 17 Non-Financial Canadian Companies with stock market capitalizations above C$5 Bil in mid 2015, which filed their audited financial statements with the US Securities and Exchange Commission, and which reported their financial statements in C$s generated Total Audited Earnings From Continuing Operations in 2015 of a meager C$749 Mil, which was down 97% from their Total Audited Earnings in 2014 of C$27.334 Bil.
Then reversing course in 2016, these Total Audited Earnings flat out spiked up to C$17.160 Bil, an increase of an off-the-charts 2,191% from their Total Audited Earnings in 2015 of C$749 Mil.
The chart below show these earnings numbers:
| 2016 | 2015 | 2014 | |||
| Canadian Non- Financial Companies | Most | Audited | Audited | Audited | |
| Filing With US SEC | Recent | Net | Net | Net | |
| With Financial Reporting in C$s | City | 2016 | Income | Income | Income |
| With Market Caps Above C$5 Bil | HQs | FYE | (Loss) | (Loss) | (Loss) |
| mil C$s | mil C$s | mil C$s | |||
| Canadian National Railway Co | Montreal | Dec | 3,640 | 3,538 | 3,167 |
| BCE Inc | Verdun | Dec | 3,087 | 2,730 | 2,718 |
| Enbridge Inc | Calgary | Dec | 2,309 | (159) | 1,562 |
| Imperial Oil Limited | Calgary | Dec | 2,165 | 1,122 | 3,785 |
| TELUS Corp | Vancouver | Dec | 1,236 | 1,382 | 1,425 |
| CGI Group Inc | Montreal | Sept | 1,069 | 978 | 859 |
| Teck Resources Ltd | Vancouver | Dec | 1,041 | (2,484) | 382 |
| Husky Energy Inc | Calgary | Dec | 922 | (3,850) | 1,258 |
| Rogers Communications | Toronto | Dec | 835 | 1,342 | 1,341 |
| TransCanada Corporation | Calgary | Dec | 485 | (1,140) | 1,993 |
| Pembina Pipeline Corp | Calgary | Dec | 466 | 406 | 383 |
| Shaw Communications Inc | Calgary | Aug | 456 | 666 | 887 |
| Suncor Energy Inc | Calgary | Dec | 445 | (1,995) | 2,699 |
| Arc Resources Ltd | Calgary | Dec | 201 | (343) | 381 |
| Cameco Corp | Saskatoon | Dec | (60) | 63 | 56 |
| Canadian Natural Resources Ltd | Calgary | Dec | (204) | (637) | 3,929 |
| Crescent Point Energy Corp | Calgary | Dec | (933) | (870) | 509 |
| Total all 17 | 17,160 | 749 | 27,334 | ||
| 2016 Total Earnings % Above 2015 | 2191% | ||||
| 2015 Total Earnings % Below 2014 | -97% |
In similar fashion, the 25 Canadian Companies with stock market capitalizations above C$5 Bil in mid 2015, which filed their audited financial statements with the US Securities and Exchange Commission, and which reported their financial statements in US$s generated Total Audited Earnings From Continuing Operations in 2015 of a very modest US$1.437 Bil, which was down 92% from their Total Audited Earnings in 2014 of US$18.710 Bil.
Then reversing course in 2016, these Total Audited Earnings spiked up to US$7.902 Bil, an increase of a superb 450% from their Total Audited Earnings in 2015 of US$1.437 Bil.
The chart below show these earnings numbers:
| 2016 | 2015 | 2014 | |||
| Canadian Companies | Most | Audited | Audited | Audited | |
| Filing With US SEC | Recent | Net | Net | Net | |
| With Financial Reporting in US$s | City | 2016 | Income | Income | Income |
| With Market Caps Above C$5 Bil | HQs | FYE | (Loss) | (Loss) | (Loss) |
| mil US$s | mil US$s | mil US$s | |||
| Brookfield Asset Management | Toronto | Dec | 3,338 | 4,669 | 5,209 |
| Brookfield Property Partners LP | Toronto | Dec | 2,717 | 3,766 | 4,420 |
| Magna International | Aurora | Dec | 2,074 | 1,940 | 1,880 |
| Thomson Reuters | Toronto | Dec | 1,056 | 1,127 | 1,959 |
| Restaurant Brands Intl Inc | Oakville | Dec | 956 | 512 | (269) |
| Barrick Gold Corp | Toronto | Dec | 861 | (3,113) | (2,959) |
| Agrium | Calgary | Dec | 596 | 988 | 798 |
| Brookfield Infrastructure Partners LP | Toronto | Dec | 528 | 391 | 229 |
| Gildan Activewear | Montreal | Dec | 347 | 305 | 360 |
| PotashCorp | Saskatoon | Dec | 323 | 1,270 | 1,536 |
| lululemon athletica | Vancouver | Jan 17 | 303 | 266 | 239 |
| Open Text | Waterloo | June | 284 | 234 | 218 |
| Wheaton Precious Metals | Vancouver | Dec | 195 | (162) | 200 |
| Goldcorp | Vancouver | Dec | 162 | (4,203) | (2,168) |
| Agnico Eagle Mines Ltd | Toronto | Dec | 159 | 25 | 83 |
| Franco Nevada Corp | Toronto | Dec | 122 | 25 | 107 |
| Turquoise Hill Resources Ltd | Vancouver | Dec | 107 | 305 | 57 |
| Brookfield Renewable Energy Partners LP | Toronto | Dec | 40 | 103 | 203 |
| Methanex Corporation | Vancouver | Dec | (28) | 202 | 506 |
| Fairfax Financial Holdings Ltd | Toronto | Dec | (395) | 642 | 1,665 |
| Cenovus Energy | Calgary | Dec | (545) | 618 | 744 |
| Repsol Oil & Gas Canada | Calgary | Dec | (740) | (2,812) | (341) |
| Encana | Calgary | Dec | (944) | (5,165) | 3,426 |
| BlackBerry Ltd | Waterloo | Feb 17 | (1,206) | (208) | (304) |
| Valeant Pharmaceuticals Intl | Laval | Dec | (2,408) | (288) | 912 |
| Total all 25 | 7,902 | 1,437 | 18,710 | ||
| 2016 Total Earnings % Above 2015 | 450% | ||||
| 2015 Total Earnings % Below 2014 | -92% |
The largest Canadian Financial Companies preparing their financial statements in C$s performed much better in 2015 than the other companies shown above.
The 7 Canadian Financial Companies with stock market capitalizations above C$25 Bil in mid 2015, which filed their audited financial statements with the US Securities and Exchange Commission, and which reported their financial statements in C$s generated Total Audited Earnings From Continuing Operations in 2015 which were 2% above that in 2014.
Then in 2016, they did even better, with their Total Audited Earnings increasing by a much higher 10% over those in 2015.
The chart below show these earnings numbers, as well as also showing that unlike nearly anywhere else in the world, these very large Canadian Financial Companies earnings did not drop nearly as precipitously in 2008 as those earnings in other countries and have been just so consistently fine since the 2008-9 worldwide financial meltdown:
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||
| Canadian Large Financial Companies | Most | Audited | Audited | Audited | Audited | Audited | Audited | Audited | Audited | Audited | Audited | |
| Filing With US SEC | Recent | Net | Net | Net | Net | Net | Net | Net | Net | Net | Net | |
| With Financial Reporting in C$s | City | 2016 | Income | Income | Income | Income | Income | Income | Income | Income | Income | Income |
| With Market Caps Above C$25 Bil | HQs | FYE | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) |
| mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | mil C$s | |||
| Royal Bank of Canada | Toronto | Oct | 10,458 | 10,026 | 9,004 | 8,342 | 7,558 | 6,650 | 5,732 | 5,681 | 4,555 | 5,492 |
| Toronto Domunion Bank | Toronto | Oct | 8,936 | 8,024 | 7,883 | 6,640 | 6,460 | 5,889 | 4,644 | 3,120 | 3,833 | 3,997 |
| Bank of Nova Scotia | Toronto | Oct | 7,368 | 7,213 | 7,298 | 6,610 | 6,390 | 5,330 | 4,339 | 3,547 | 3,140 | 4,045 |
| Bank of Montreal | Toronto | Oct | 4,631 | 4,405 | 4,333 | 4,195 | 4,156 | 3,266 | 2,810 | 1,787 | 1,978 | 2,131 |
| Canadian Imperial Bank of Commerce | Toronto | Oct | 4,295 | 3,590 | 3,215 | 3,350 | 3,303 | 3,089 | 2,479 | 1,195 | (2,042) | 3,327 |
| Manulife Financial Group | Toronto | Dec | 3,133 | 2,290 | 3,593 | 3,166 | 1,692 | 245 | (312) | 1,420 | 497 | 4,229 |
| Sun Life Financial | Toronto | Dec | 2,826 | 2,300 | 1,762 | 1,696 | 1,374 | 225 | 1,583 | 534 | 785 | 2,290 |
| Total all 7 | 41,647 | 37,848 | 37,088 | 33,999 | 30,933 | 24,694 | 21,275 | 17,284 | 12,746 | 25,511 | ||
| Earnings Growth: | ||||||||||||
| ….. 2016 Over 2015 | 10% | |||||||||||
| ….. 2015 Over 2014 | 2% | |||||||||||
| ….. 2016 Over 2008 | 227% | |||||||||||
| ….. 2016 Over 2007 | 63% | |||||||||||
Justin Trudeau has taken over from Barack Obama the leadership role of The Americas.
