Canada's Financial Sector

Toronto is the hub of Canada’s financial sector and the 2nd largest financial centre in North America. Our banking, pension and insurance institutions are global leaders and their success has created a thriving financial sector with increasing international influence. Home to one of the largest and most highly qualified talent pools, the Toronto financial centre is an ideal city to grow industry leading financial services businesses.


Jennifer Reynolds, President and CEO, Toronto Finance International

#1

Most stable banking system in the G7.

2nd

LARGEST FINANCIAL CENTRE IN NORTH AMERICA

2nd

ONTARIO IS THE 2ND LARGEST TECH CLUSTER IN NORTH AMERICA

4TH LARGEST
CITY IN NORTH
AMERICA

Toronto Financial Centre is home to:

Bank
Top Banks

Canada’s 5 largest banks are amond the 30 largest banks in the world.

Money
Assets

>$10 trillion in assets held by Canadian financial institutions and pension funds.

Heartbeat
Health Insurers

3 of Canada’s life and health insurers rank among the top 15 largest in the world.

Cardholder
Pension Funds

3rd globally in pension assets; four Canadian pension funds among the top 25 in North America

TMX

1st

Globally in clean-tech and mining listings.

3rd

Globally in new international listings.

World-Class Talent Pool

Rocket Launch

Ontario is the 2nd largest tech cluster and top 5 producer of STEM graduates in North America.r

Fintech copy

Toronto added the second most technology jobs in North America 67,000 new technology jobs (+37%) between 2015-2019.

Chart Line Up

Over the last 10 years, Toronto had the fastest growing financial sector in North America.

Employment in the financial sector larger than London & NYC

Blue bars

Access to substantial consumer base and other business hubs

A driver of jobs and Canadian GDP

Canada’s Financial Sector

Growth in employment and GDP outpaced the average for all sectors over last 10 years.

>900,000

Direct jobs nationally

>7.5% >12% 50%

Source: Toronto Finance International May 2021
Toronto Financial Centre

Why Toronto

Toronto is the 2nd largest financial centre in North America, situated in the continent’s 3rd ranked technology cluster. A financial centre that is uniquely suited to capitalize on a world-class talent pool in both financial services and technology. With one of the soundest banking sectors in the world, globally-recognized financial institutions, and a robust innovative FinTech ecosystem, the Toronto Financial Centre is the ideal city to grow your business.

A North American financial hub in one of the world’s safest and highly rated places to live, Toronto is a city that welcomes talent and businesses from around the world.


Learn About the Toronto Advantage

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State of the Sector Report

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FinTech Report

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Toronto Financial Centre

Success Stories

Discover why financial services companies continue to choose Toronto for growth and expansion.

CaixaBank

CaixaBank is a financial group with a socially responsible, long-term universal banking model, based on quality, trust, and specialisation, which offers a value proposition of products and services adapted for each sector, adopting innovation as a strategic challenge and a distinguishing feature of its corporate culture, and whose leading position in retail banking in Spain and Portugal makes it a key player in supporting sustainable economic growth.

Ulule.com

Founded in Paris in 2010, Ulule.com has become one of the top crowdfunding platforms in the world. Its unique focus on entrepreneur success and partnerships with financial institutions enabled over 25,000 businesses and projects to come to life.

Validus Risk Management

Providing financial risk-management advice to alternative asset managers and their portfolio companies in Europe and North America, Validus specialists use proprietary technology to quantify their clients’ non-core financial risks in the areas of foreign exchange, interest rates and commodities. In that context, they construct and monitor hedging strategies for their clients to minimize the impact of these risks.

AxiomSL

As a global leader in risk data management and regulatory reporting solutions for the financial industry, AxiomSL counted several Canadian banks among its customers and so decided they needed to have ‘boots on the ground’ in the business capital of Canada.

Robert Walters

With the opening of their Toronto office in 2016, recruitment consultancy Robert Walters now has a presence in 27 countries. As a growing financial hub, Toronto is an important new market for Robert Walters, offering a highly skilled workforce and a dynamic business environment.

Cohere Communications

With over 50 employees in offices across North America, Cohere has seen the need to maintain a small presence in Toronto for several years.

Ortec Finance

Find out why Ortec Finance chose Toronto has their home base in North America.

Banco BASE

A Mexican bank finds a niche in Canada’s financial marketplace.

Infrasoft Technologies Limited

“Our market in Canada is relationship-oriented,” says Mirjankar, one of the founding Partners of InfrasoftTech. “We need a local operation here. We cannot run it from India. The customers are different. The approach is different. If you try to run it by remote control, it won’t work. We need to be here. We need to be seen working closely with our customers.”

OPERIS

“Toronto won hands down against other North American cities. There’s more P3 activity in Toronto, costs are more reasonable and work permits were easier to arrange.”

DNM Analytics

With 65 employees and with two Canadian clients already using the company's services, DNM expanded its global operations in January of 2014, opening its first North American office in Toronto.

PTS Consulting

It just made sense for us to locate our Canadian office here,” says Ian Oliver, Director at PTS Consulting Canada Limited. “If you’re going to operate in the financial services sector in this country, then you really need to be in Toronto.

Payvision

Most of Payvision’s current and potential partners are located in Toronto as well, and the city’s location enables clients and personnel to travel between Payvision’s Canadian and U.S. offices in New York in about an hour and a half.

FDM Group

“But in all the locations where we’ve opened an office, I’ve never experienced the welcome that we’ve received in Toronto,” says Sheila Flavell, the company’s Chief Operating Officer.

Excelian

The availability of high-quality talent with a range of skills and expertise was a crucial factor to helping Excelian make the decision to expand into the Toronto market.

globalVcard Inc.

When CSI Enterprises began planning for expansion into Canada, it didn’t take long to identify Toronto as a prime location for its Canadian office.

Apex Fund Services

Apex Fund Services is expanding its Toronto based Canadian Subsidiary to offer specialized services to Canadian fund managers such as international best practices, real-time middle office administrative services, and operation risk reporting services.

Industrial and Commercial Bank of China

To better serve the fast-growing Canada-China trade and investment market, the Industrial and Commercial Bank of China Limited established its Canadian head office in Toronto’s financial district.

Toronto Financial Centre

Toronto - A Great Place to Work, Live and Play

Toronto - home to Canada’s largest financial centre, world-class talent, and a vibrant innovation ecosystem. Even better – this world-class city is rated by the Economist as “best overall” for quality of life and the safest metropolitan area in North America. In Toronto, our diversity is part of our competitive edge, we welcome new talent and new ideas to our city. Come join the city where opportunity begins.

Experience Toronto