The financial services sector is one of the most important to the Canadian economy. The sector directly accounted for 4.4 per cent of employment and 7 per cent of GDP in Canada in 2015, and it has been a key source of growth for the Canadian economy over the past decade. Financial services activities act as the lubricant that enables all business activity in the economy to operate smoothly. Without these services, the Canadian economy would not be able to perform as effectively or participate as fully in the global economy.
Stronger Together: The Strengths of Canada’s Four Global Financial Centres identifies the key strengths in the financial services sector for each of Canada’s four financial centres—Calgary, Montréal, Vancouver, and Toronto. To do this, we assess three broad groupings within the sector: banking activities, securities and asset management, and insurance.