Toronto is the financial services capital of Canada.Toronto is the centre of Canada’s business activity and the financial capital of Canada. It is the hub of Canadian commerce with a financial services infrastructure that is economically stable, credible and strong. Toronto’s financial services sector sustains many other industries as a leading consumer of resources, including law, accounting, information technology, education/training, and business services.
Toronto is home to the headquarters of Canada’s five largest banks and to approximately 80 per cent of the headquarters of foreign banks operating in Canada. The Toronto Stock Exchange is the largest Exchange in Canada.The financial services sector has added stability to the City’s economy and is closely aligned with other key business clusters in the City.
The Financial Services Cluster consists of three main industry groups; banking, insurance, and securities.All of the large Canadian banks are actively pursuing the U.S. and international markets through establishing subsidiaries, or through acquisitions, joint ventures and strategic alliances.Many of the insurance companies have broadened their scope, increased economies of scale and decreased costs by consolidating.
All major Canadian banks have their world headquarters in downtown Toronto
including, world headquarters of the "Bank of Montreal" which is located
at "First Canadian" Tower, in Toronto's downtown, financial district.
All foreign banks have their Canadian headquarters in Toronto.anada's largest general, life and re-insurance companies and other financial
institutions have their world headquarters in downtown Toronto. Canada's
version of "Wall Street" is called "Bay Street" and located in the centre
of Toronto's powerful, financial and business district.
The most frequently stated weakness of the Financial Services Cluster in Toronto is the regulatory system that is NOW being examined by the Federal government. Canada is also the only major economy in the world to levy capital taxes annually on its financial sector.he presence of the capital Tax may affect the City’s ability to retain and attract investment from the banking industry.