The Bank of Canada has the right to create new money in Canada, but chartered banks in Canada also have the legal right to create new money without any specific reason. Up until 1990 chartered banks in Canada were required to hold 8% cash reserves for any money, they were lending. That reserve requirement was removed in 1990 and now chartered banks can effectively create money by adding it to their ledger any time they make a loan. However, the Bank of Canada is still the only entity permitted to print new currency in Canada.