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GROK: The narrative that Canadian banks were entirely unscathed doesn’t tell the whole story. A 2012 report by the Canadian Centre for Policy Alternatives (CCPA) argues that Canadian banks received significant government support—totaling $114 billion at its peak between October 2008 and July 2010. This support came from multiple sources: the Bank of Canada, the Canada Mortgage and Housing Corporation (CMHC), and even the U.S. Federal Reserve. For context, $114 billion was about 7% of Canada’s GDP in 2009, or roughly $3,400 per Canadian. The CCPA report notes that at certain points, three major banks—CIBC, BMO, and Scotiabank—relied on government support that exceeded their market value, suggesting they were "completely underwater" without this aid. For example, CIBC received $21 billion, about 1.5 times its market value at the time. The CMHC also purchased $69 billion in mortgage-backed securities from banks to provide liquidity, a move that some argue shifted risk onto taxpayers.