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Download Financial Services Brochure (PDF format) |
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Overview
- Five of the top six banks in Canada have their headquarters in Ontario. RBC Financial, TD Bank Financial, CIBC, Scotiabank and BMO Financial all operate out of Bay Street offices in Toronto.
- Ontario is the home province for most of Canada’s largest life insurers. Manulife Financial, Sun Life, Canada Life, and London Life have their head offices here.
- The Toronto Stock Exchange is Canada’s largest, and the third largest in North America.
- Eight of the top ten mutual fund firms operating in Canada are based in Ontario. AIM Trimark, Mackenzie Financial, and AGF Funds, all top-10 firms, are headquartered in Toronto.
- Financial sector activity accounts for approximately one-quarter of Ontario’s economy, and expanded by 3.8% in 2006.
- More than 80% of national financial industry associations are based in Ontario.
- Average salary for financial sector workers in Toronto is $75,300, compared to an average financial sector salary in 9 American cities of $115,700.
| Canadian Financial Sector Head Office Locations |
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Ontario |
Other Canada |
Total |
| Banks | 54 | 10 | 64 |
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| Life insurance companies | 72 | 33 | 105 |
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| Property & Casualty insurance companies | 37 | 164 | 201 |
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| Investment dealers | 80 | 155 | 235 |
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| Mutual fund managers | 119 | 56 | 175 |
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| Sources: Canadian Bankers Association, Canadian Life and Health Association, Financial Services Canada, Investment Dealers Association, Mutual Fund Dealers Association. | | |
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| Sources: Office of the Superintendent of Financial Institutions, Investment Funds Institute of Canada, Credit Union Central of Canada |
Global reach
Canadian financial services companies have operations around the globe, and companies from many countries have established offices in Canada. The majority of these foreign companies have chosen Toronto or other Ontario cities as their base.
Always looking forward
Canada’s economy continues to expand, and the financial services industry is growing to keep pace. Studies by the Bank of Canada--Canada’s central bank--show that the banking, insurance and securities industries all are profitable--in fact, they have enjoyed record profits several times in the past few years.
The market for financial services is also growing. Canadian executives expect growth in their businesses. The Institute for Competitiveness and Prosperity has found that household wealth is increasing, and that Canadians are becoming more sophisticated financial consumers, moving from the traditional savings account towards more active investments. The amount of money invested by Canadians has increased by 50% in the last five years.
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