The finance and insurance sector is one of the largest contributors to gross domestic product (GDP) in Canada. GDP growth in the sector has outpaced the averages of all sectors in Toronto and Ontario from 2010 to 2019 and in Canada from 2011 to 2020. In addition, employment growth has also outpaced that of all sectors in Toronto from 2010 to 2019 and in Ontario and Canada from 2011 to 2020.
Toronto’s Global Financial Centre: Driving Economic Growth details the impressive strides made in Canada’s finance and insurance sector. In fact, Toronto’s financial sector is the fastest growing and second largest in North America based on the number of people employed. Canada’s five largest banks are also among the 30 largest banks in the world based on market capitalization. Together, they hold over $2.2 trillion in assets under management.