List of trust and loan companies in Canada explained

The following is a list of trust companies that operate or that have operated in Canada. Historically, trusts were one of the four main financial institutions in Canada, along with banks, insurance companies, and investment brokerages.[1] The country's first trust company was the Toronto General Trusts Corporation, which received its charter in 1872.[2] By the turn of the century, 14 trust companies had received charters.[3]

For much of the 20th century, Canada's trust companies were controlled by the major banks through interlocking directorates. However, revisions to the Bank Act in 1967 forbade individuals from sitting on a bank and trust company board simultaneously; this had been a recommendation in the 1964 Report of the Royal Commission on Banking and Finance (or Porter Commission).[4] Until 1991, Canadian banks were barred from performing trust duties. Amendments to the Bank Act in 1991 allowed bank holding companies for the first time to acquire trust companies. Since 1991, most of Canada's major trust companies have been acquired by banks. Canadian trust companies with federal incorporations are regulated by the Trust and Loan Companies Act.[5]

Trust companies owned by big five banks

The following list is of trust companies operated currently by Canada's Big Five banks, as well as properties acquired by those companies.

Bank of Montreal

Bank of Nova Scotia

Canadian Imperial Bank of Commerce

Royal Bank of Canada

Toronto-Dominion Bank

Other subsidiary trust companies

Independent trust companies

Defunct trust companies

See also

References

  1. Patricia Best and Ann Shortell, A Matter of Trust: Power and Privilege in Canada's Trust Companies, (Viking, 1985), 1.
  2. E. P. Neufeld, The Financial System of Canada: Its Growth and Development, (Macmillan of Canada, 1972), 48.
  3. Philip Smith, The Trust-Builders: The Remarkable Rise of Canada Trust, (Macmillan of Canada, 1989), 50.
  4. Report of the Royal Commission on Banking and Finance, (Queen's Printer, 1964), 563.
  5. Web site: Branch . Legislative Services . 2024-01-01 . Consolidated federal laws of Canada, Trust and Loan Companies Act . 2024-07-08 . laws-lois.justice.gc.ca.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "List of trust and loan companies in Canada".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.