Financial services are a critical component of the Canadian economy. The sector directly accounted for 4.5 per cent of Canadian employment and 7.2 per cent of GDP in 2016 and has been a source of growth for Canada in recent years. Financial services are a necessary input for every single business across the country and are used by essentially every adult individual. Within Canada’s financial services sector, Toronto plays an important role.

This report examines how the financial services sector supports small and medium-sized enterprises in Canada; considers the sector’s international trade and investment performance; and assesses Toronto’s role in the sector. This is The Conference Board of Canada’s fifth annual report card on Toronto’s financial sector. In addition to external data sets and surveys from government and private organizations, the report references the results of a survey conducted in the spring of 2016 as part of the report Stronger Together: The Strengths of Canada’s Four Global Financial Centres.  

EXECUTIVE SUMMARY

Chapter 1–Introduction

Chapter 2–Financial Services’ Role Among SMEs

• Debt Financing
• Equity Financing
• Insurance
• Additional Services

Chapter 3–Canada’s Financial Sector in a Global Context

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

Chapter 4–Toronto’s Role in Canada’s Financial Services Sector

• Toronto’s Role in Canada’s Financial Services Sector
• Economic and Fiscal Impacts of the Sector in Toronto
• Structure of Toronto’s Sector

Chapter 5–Toronto as a Global Financial Centre

• Employment in Global Financial Centres

Chapter 6–Conclusion

Appendix A–Bibliography

Appendix B–Additional Data Tables