Top 10 Best Banks in Canada

Even if Canada has multiple banks, the banking system undergoes a critical scenario due to the decline of the Government’s support and aid. As per Moody’s Investors Service, the approach of Canadian banks remained negative in 2017 as well.

If we investigate the stance of the Government in regards to the banking system in Canada, we would see that there is a huge mortgage debt (which has doubled in the last ten years) that created a moderate rise in unemployment and the interest rate.

Even if there’s tepid economic growth in Canada, the banks perform quite well. These highly-rated banks are also compared with the best banks in the world.

The Canadian banking system is robust (irrespective of lesser Government’s support), and we can classify the financial companies into five broad categories –

• Chartered Banks
• The Cooperative Credit Movement
• Life Insurance Companies
• Trust and Loan Companies
• Security Dealers

As per the last data (as of August 2017), it was found that there are 29 domestic banks. Twenty-four foreign banks are subsidiaries. Besides that, 27 foreign bank branches and three foreign bank lending branches offer a full gamut of respective banking services.

Around C $4.6 trillion of assets are managed by the financial institutions in Canada. The banks manage 70% of these assets. And 90% of the banking assets are controlled by the top six banks.

List of Top 10 Banks in Canada

1. Toronto-Dominion Bank
2. Royal Bank of Canada
3. Bank of Nova Scotia
4. Bank of Montreal
5. CIBC
6. Desjardins Group
7. National Bank
8. HSBC Bank
9. Laurentian Bank of Canada
10. Canadian Western Bank

As per the last report on 31st July 2017, here is a list of top 10 banks in Canada ranked by the total assets controlled