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Lead Story

Canadian payments revolution - eh!

Adam Atlas
Attorney at Law


Industry Update

HR 5546 is in the House

Shopit starts Revolution

Agreement keeps Frontier flying

PCI SSC adds new payment device types

New webinars target PCI education

Gas stations nixing plastic

Approaching a crossroads

Patti Murphy
The Takoma Group


Brewer taps payments market

Brewer taps payments market

Payments in the Great White North


Approaching a crossroads

Patti Murphy
The Takoma Group


Street SmartsSM:
Passing the so-what test

Jason Felts
Advanced Merchant Services

Communication matters

Vicki M. Daughdrill
Small Business Resources LLC

How sellers blow deals

Lane Gordon

Canada goes to chip, fraudsters move south: Are you ready?

Deana Sellens
Take Charge Business Consulting LLC

Web sites that work

Nancy Drexler
SignaPay Ltd

Dial is yesterday's paper

Dale S. Laszig
DSL Direct LLC

Company Profile

RDM Corp.

Smart Circle International

New Products

Destroy the data, recycle the rest

Company: Digital Data Destruction Services Inc.


Take new trip in downturn



Resource Guide


A Bigger Thing

The Green Sheet Online Edition

July 28, 2008  •  Issue 08:07:02

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Payments in the Great White North

The Canadian payments industry is hard to quantify because not much statistical information about the industry has been published. However, The Green Sheet was able to track down some illuminating data dating to 2003. As you will see, the Canadian market is significantly different than the one industry professionals enjoy in the United States.

Under the Constitution of Canada, the Canadian government is solely responsible for regulation of the banking system.

#h4 Canadian banking industry is dominated by six banks

(asset size as of 2003, $ millions)

RBC Financial Group = $403,185
Scotiabank = $285,892
Canadian Imperial Bank of Commerce = $277,147
TD Bank Financial Group = $273,532
BMO Financial Group = $256,494
Sun Life Financial Inc = $163,295

#h4 More facts detail the control that banks have over the financial services industry in Canada, as of 2003:

  • Banks accounted for the largest portion of the Canadian financial services sector, reporting $1.257 billion in domestic assets, or over 55 percent of the sector's total assets.

  • Banks make 48 percent of their revenue from net interest income.

  • Banks recorded a return on equity of 14.6 percent.

  • The financial services sector represented 6 percent of Canada's gross domestic product.

  • Canada's six leading banks generated 33 percent of their net income from foreign sources, especially from the United States, Latin America, the Caribbean and Asia.

  • The six largest banks had more than 90 percent of total bank assets and about 76 percent of the total assets of the deposit-taking sector.

  • Canadian banks accounted for 93 percent of domestic market share, while foreign banks made up the remaining seven percent.

  • There are 69 total banks: 18 domestic, 29 foreign bank subsidiaries and 22 foreign bank branches.

  • Canada has close to 9,000 bank branches and about 16,500 automated teller machines.

  • There are 600 credit unions and almost 700 caisses populaires (cooperative, member-owned financial institutions, mostly found in the Province of Quebec), with almost 3,600 locations and more than 4,500 ATMs.

  • Banks own three of the top 10 mutual fund companies in Canada; they also own insurance companies and all of the large securities dealers.

Source: The Department of Finance Canada

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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