Every Canadian is familiar with Canadian Tire. Canadian Tire Corporation was founded in 1922 and remains a Canadian icon. The first Canadian Tire opened in 1925 on the corners of Yonge and Isabella streets in Toronto, Ontario. It is one of Canada's 35 largest publicly traded companies (TSX: CTC). Canadian Tire Corporation, Inc. head office is in Toronto, Ontario and operates Canadian Tire Retail, Canad's largest independent gas station network, Canadian Tire Bank and it owns Mark's Work Wearhouse (retailer of casual and work clothing) and PartSource (retailer of auto parts and accessories). Stores are located across Canada in most town of any size and multiple locations in larger cities. Some locations have pit stops, gas bars and/or car washes. The Canadian Tire Retail portion of the stores sells home products, hardware and tools, automotive, sports, camping, lawn and garden products while the automotive portion of the stores sells automotive parts and accessories as well as providing automotive repair and maintenance services.
What sets Canadian Tire apart from other retailers is Canadian Tire Money (pictured above). The man on the money is Scotty McTire, a fictional character. When you make a purchase you receive 0.5% of the value of your purchase before taxes in Canadian Tire Money (CTM). CTM can then be used as script in Canadian Tire stores or gas bars. It cannot be redeemed for cash. Canadian Tire money itself has become a Canadian icon. Some privately owned businesses accept Canadian Tire money as payment because they shop at Canadian Tire themselves. Some charities will collect Canadian Tire money as a fund raiser. Others simply save up their Canadian Tire Money to make a larger purchase at some point.
There are two problems with Canadian Tire Money. First they are not official currency so as one unlucky person who collected $3,000 worth of Canadian Tire Money found out the hard way when the CTM was stolen during a burglary. Their insurance company refused to cover the value of the CTM because it has no real monetary value. The second problem and one that has received complaints is if you return an item to Canadian Tire you need both the receipt and the CTM issued otherwise the CTM value in real currency is deducted from your purchase. So legally CTM is not currency but Canadian Tire itself treats it as money. Really, CTM is more of a loyalty program where you are rewarded for buying at Canadian Tire but penalized if you return any product. At any rate, Canadian Tire money is one Canadian icon that remains ingrained into Canadian culture.