The Toronto stock market plunged more than 1,400 points in the first few minutes of trading, following the global trend sparked by a fight between major crude producing countries.
On Wall Street, stocks plunged seven percent, triggering a 15 minute trading halt.
When trading resumed the Dow fell nearly 2,000 points.
Oil prices sank about 20 percent this morning after Saudi Arabia, Russia and other producers failed to agree on cutting output.
The loonie is also falling, trading at 73.47 cents US this morning.