An Engine for Growth: 2016 Report Card on Canada and Toronto’s Financial Services Sector

Financial services are a critical component of the Canadian economy. The sector directly accounted for 4.4 per cent of Canadian employment and 6.8 per cent of GDP in 2015, and it has been a strong 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 the role of the financial services sector as a source of capital for businesses, comparing Canada to other countries; considers the sector’s international trade and investment performance; and assesses Toronto’s role in the 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.