Canada did not technically default legally on its sovereign debt on October 19th, 1931. Still, it did suspend gold payments on its external debt obligations following the UK’s abandonment of the gold standard on September 21, 1931, due to the Great Depression. Now, here is the kicker. After a long period of negotiation and economic adjustment, Canada finally resumed payments on its external debts. However, they really defaulted. On May 1, 1933, https://www.armstrongeconomics.com/international-news/russia/when-russia-was-our-ally-before-1917/