The banking industry in Canada has been growing rapidly over the past few years. There are over 30 locally-owned banks here. However, not all of them get the spotlight, both locally and internationally.
Today, we will be introducing you to the top 5 banks. You may have heard about or come across some of them. Often, these giant institutions compete against each other, fluctuating based on a variation in crucial market indicators like earnings, total assets, and market capitalization.
Our list follows the market worth of each bank as per the 2021 financial year.
5. The Canadian Imperial Bank of Commerce – $20.02 Billion
A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
The CIBC is one of the oldest banks in Canada. It was founded in 1867 and has been growing stronger over the years. Today, the bank enjoys over 1,100 branches and 3,400 ATMs, serving millions of Canadians.
CIBC offers banking, saving, borrowing, and wealth management services. It has been offering online banking services since 1995, perhaps one of the reasons for its largest network.
4. Bank of Montreal – $27.19 Billion
FILE PHOTO: A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
At number 4 is the BMO. This is another large financial institution with deep roots dating as early as 1817. It’s among the big six banks in Canada, with its headquarters in Montreal.
Currently, the bank serves over 12 million customers from across the world. With more than 200 years in business, you can expect some great products and services – including credit cards, mortgages, loans, investment platforms, and more.
3. Bank of Nova Scotia – $31.25 Billion
FILE PHOTO: A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio
It’s hard to talk about the largest banks in Canada without mentioning Scotiabank. Established in 1932, this bank has grown to become a local icon, holding a position in the big six every year. It comes in third ahead of the Bank of Montreal.
Scotiabank offers a full range of banking services for businesses and individuals. It has spread its roots to other parts of the world, including the US and Mexico. As of today, it has over 90 000 employees with about $1.3 trillion in assets.
2. Toronto – Dominion Bank – $42.69 Billion
FILE PHOTO: Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie
Toronto Dominion, commonly known as TD bank, is currently the second-largest bank in Canada. Over 15 million customers have subscribed to its robust collection of products. It has been in business for many years, offering personal and business accounts for savings, credit cards, investments, and lending, among others.
TD Banks also has ATMs in every part of the country. And for those who prefer digital banking, you can use EasyWeb to access all its services.
1. Royal Bank of Canada – $ 49.69 Billion
At the top of the table is the Royal Bank of Canada (RBC). The bank was first incorporated in 1869, called the Merchants Bank of Halifax. It later changed its name to represent a wider region.
Today, RBC Banks is worth $49.69 Billion with operations in 29 countries. It offers a wide range of services, including savings/chequing accounts, credit cards, investment, mortgage, and wealth management. Apart from accessing these services via its 1,200 locations, you can use online banking for convenience.
OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
