An Engine for Growth

Financial services are a critical component of the Canadian economy. The sector directly accounted for 4.4 per cent of Canadian employment in 2014, at 780,000 jobs, and 6.8 per cent of Canadian GDP. This report discusses the performance of Canada’s financial services sector versus its peers in other countries and versus other sectors within Canada. The metrics considered in the report include the sector’s financial performance, its productivity and innovation performance, and its international trade and investment performance. The report also assesses Toronto’s role in Canada’s financial services sector. This includes examining the sector’s importance to Toronto’s economy, as well as how Toronto compares with other international financial centres.