The Big five banks in Canada are: RBC, TD Bank, Scotiabank, CIBC, and BMO. These are the banks that dominate the Canadian financial markets and are the most important players in Canadian financial markets. All big 5 banks are headquartered in Ontario or Quebec.

RBC or Royal Bank of Canada is the most powerful Canadian bank, followed by TD Bank Financial Group, Scotiabank, BMO and CIBC. All 5 big Canadian banks are Schedule I banks domestic banks, which are authorized to accept deposits under the Bank Act.

The big five banks in Canada are also the most popular banks amongst Canadians, and huge percentage of Canadians and Canadian businesses do business with one of the “big five”. These 5 banks are also major Canadian employers, employing hundreds of thousands people in Canada and worldwide.

Each of the big five Canadian banks has presence in financial markets abroad, most notably Scotiabank has very strong banking presence in Caribbean region.

Canadian Banks

Canadian Banks > The Big Five Banks in Canada