Financial services are critical to the smooth functioning of the Canadian economy and the sector directly accounted for 4.5 per cent of Canadian employment and 7.1 per cent of Canadian GDP in 2017. What is more, the sector has been a source of growth for Canada in recent years. This report assesses Toronto’s role in Canada’s financial services sector and includes an examination of the sector’s importance for the economies of Toronto and Canada. Finally, the report also examines how Toronto’s financial services sector fares in global rankings and how the city compares with other financial centres around the world.

Executive Summary

Chapter 1—Introduction

Chapter 2—Canada’s Financial Sector in a Global Context

• Building a Global Presence Through Foreign Affiliates
• Building a Global Presence Through Exports

Chapter 3—Toronto’s Role in Canada’s Financial Services Sector

• Economic and Fiscal Impacts of the Sector in Toronto
• Structure of Toronto’s Sector

Chapter 4—Toronto as a Global Financial Centre

• Toronto in the Landscape of Global Financial Centres
• Unique Characteristics of Global Financial Centres

Chapter 5—Conclusion

Appendix A—Bibliography

Appendix B—Additional Data Tables