The Town of Caledon was formed in 1974 when five municipalities amalgamated: the Townships of Albion, Caledon, Chinguacousy, the Village of Caledon East and the Village of Bolton. Caledon is an area riche in minerals and fertile farmland. Many of the first settlers emigrated here to either farm wheat or to discover such minerals as bedrock, gravel and stone. In its early years, Caledon was also the home of many mills along the Credit River. Today, Caledon remains a primarily rural area however, some of the City of Toronto's wealthiest people have come to own large country estates here. For example, the Eaton’s, Shania Twain, Elton John and the investors of the board game Trivial Pursuit all have homes here.