There are six main banks in Canada that have controlled over 93% of the Canadian financial industry since 2007. They also hold the majority percentage in the investment industry across Canada with each bank offering a private banking and investment wealth brokerage division.

These six powerhouse banks control the banking sector in Canada and usually work in tandem when changing rates, policies and product offerings. If you have been declined by one, you will most likely be declined by all.

The Canadian Big-6 Banks are some of the most profitable banks worldwide and a safe investment for foreign and domestic investors. Dividend bank stock in the Big-6 has always been seen as a secure blue-chip investment choice providing over $28 billion in dividend income in 2023. This unique financial sector contributes 3.5% to the country’s GDP, with a growing $1.05+ trillion industry year over year. The Big-6 are also recognized as Canada’s biggest employers significantly shaping the Canadian workforce.

The Big-6 Banks:

• RBC Royal Bank
• BMO Bank of Montreal
• TD Bank
• Bank of Nova Scotia/BNS
• Canadian Imperial Bank of Commerce/CIBC
• National Bank (includes the Canadian Western Bank)