Welcome to Canada's financial services capital

Ontario is Canada's national financial centre, with some 12,000 financial services firms offering a broad spectrum of services, from retail banking and lending to wealth management and payment processing. Banks represent the largest portion of Ontario's financial services segment, accounting for almost half of the sector's total GDP.

This is where the action is

With one of the highest concentrations of banks, capital markets and insurance firms in the world, Ontario is Canada's financial services capital.

Our financial services sector, located primarily in Toronto, generates approximately $60 billion in GDP - about 10% of Ontario's total GDP – and employs about 359,000 people.

Ontario's financial services sector grows faster than the average benchmark of the Canadian economy and accounts for more than half of the country's financial services output.

Ontario's Toronto region is home to:

  • North America's second largest financial services hub after New York City
  • The headquarters of Canada's Big Five Banks
  • The Canadian headquarters of more than half of the world's Top 10 banks by market capitalization
  • The world's ninth largest equity exchange in terms of market capitalization
  • The lowest business costs in the G7

Take a look at Ontario's financial services industry

Thinking of coming to Ontario? You'll be right in the financial heart of the country with a diverse cluster of companies offering a comprehensive range of services. For banks and those that serve the financial services industry, Ontario is simply the best place in the world to do business.

Ontario Financial Services Sector Analysis
Source: Statistics Canada, IDC, MEDG Analysis – Financial Services Placemat

Opportunities you can bank on

Why are the world's banks coming to Ontario? To tap into significant market opportunities in the province's diverse communities and vibrant business sector.

A large and diverse customer base

Banks that set up shop in Ontario are right in the midst of a large, culturally diverse base of consumers, small and mid-sized businesses, large corporations, governments, institutional investors, and non-profit organizations.

A rich market for personal financial products and services

  • Close to 14 million people live in Ontario, accounting for almost 40% of Canada's total population.
  • Ontarians enjoy average weekly earnings that are higher than the national average.
  • The number of Ontarians of working age between 15–64 is projected to increase from 9.4 million in 2015 to 10.7 million by 2041.
  • Five of Canada's 10 wealthiest neighbourhoods are in Ontario including the top three.
  • With $3.1 trillion in assets, Ontario families hold the largest share of total net worth in Canada, at almost 40%.
  • Ontarians believe in actively growing their wealth, with more than one in three income tax filers reporting earned income from investments.

Diverse communities offer great potential for foreign banks

  • Being the most multicultural province in Canada, half of all new immigrants make Ontario their home.
  • Ontario is home to nearly 55% of the approximately seven million foreign-born residents in Canada.
  • According to the World Bank, $23.9-billion in remittances flowed from Canada to other countries in 2012.

Major opportunities in enterprise banking and financing

  • Of Canada's 2.7 million business locations, almost one million – or about 37% – are in Ontario.
  • 40% all businesses in Canada have headquarters in Ontario. Most of these are located in Toronto, which boasts the highest number of head offices in the country, almost double the tally of Montreal and more than triple Calgary's total.
  • In 2015, Ontario's banks provided more than $197 billion in credit to over 1.6 million small and medium-sized enterprises (SMEs).

Bring your bank to Ontario – you'll be in good company

Banks from all over the globe are choosing to do business in Ontario.

  • American banks operating in Ontario include Amex Bank of Canada, Citibank Canada and Walmart Canada Bank.
  • European banks such as Credit Suisse, Barclays Bank and Deutsche Bank chose to pursue market opportunities in Ontario.
  • Asian banks such as Bank of China (Canada), The Bank of Tokyo - Mitsubishi UFJ, LTD (Canada), Industrial and Commercial Bank of China (Canada), ICICI Bank, and Shinhan Bank Canada are thriving in Ontario.

A stable banking system you can count on

Banks feel secure doing business in Ontario, which consistently wins high praise for the strength and stability of its banking system.

Thanks to judicious regulation and rigorous oversight, Canada's banks successfully navigated the global financial crisis. In its 2014 financial stability assessment, the International Monetary Fund concluded that Canada's major financial institutions would continue to be "resilient to credit liquidity and contagion risks arising from a severe stress scenario."

A global model for a safe and stable banking system

Located in Toronto, Ontario, Canada's banking system is a global model for safety and stability.

  • In addition to the main federal government branch that regulates the country's banks, Canada has a number of other federal, provincial and industry regulating bodies that help ensure a sound financial system.
  • Canadian banks are among the best capitalized in the world, exceeding standards set by the Bank for International Settlements’ norms by significant margins.
  • According to the IMF, Canada is among the first advanced economies to implement the Third Basel Accord.

The talent you need to succeed

It's easy to find the right people in Ontario. The financial services sector alone boasts a highly educated, skilled and multilingual workforce of 359,000.

Your workforce awaits you

With a vast pool of talent and a strong post-secondary network training the next generation of financial services professionals, Ontario has the right people for your business.

Ontario's talent pool includes:

  • 359,000 workers in the financial services sector
  • More than 9,000 chartered financial analysts (CFAs)
  • Around 88,000 chartered professional accountants (CPAs)

Education is big in Ontario

  • Two of the top 10 international business schools are in Ontario, producing more than 43,000 business graduates a year.
  • Our network of 44 universities and colleges includes MBA programs at renowned institutions such as Rotman, Shulich, Ivey and Queens.
  • Overall, Ontario's has significantly higher post-secondary education rates than the United States, Germany and Mexico.

Because diversity is good for business

Banks in Ontario benefit from the province's cultural and linguistic diversity.

  • Two million people are fluent in a language other than English or French.
  • International students in a two-year MBA can work in Ontario for three years after graduation, and one additional year if they're enrolled in a one-year program.
  • More than 200 different ethnic origins and languages.

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