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List of trust and loan companies in Canada

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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 bank directors from sitting on trust company boards, which 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 removed this proscription, and since that time, 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

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

Bank of Montreal

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  • BMO Trust Company

Bank of Nova Scotia

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Commercial Trust Company
Northern Trusts Company
Maritime Trust Company
Brockville Trust & Savings Company
Canadian Trust Company
Prince Edward Island Trust Company
Acadia Trust Company
Credit Foncier Franco-Canadien
Wellington Trust Company
Victoria & Grey Trust Company
Grey and Bruce Trust & Savings Company
Victoria Trust & Savings Company
Grey and Bruce Loan Company
Toronto Savings & Loan Company
British Mortgage & Trust Company
Lambton Loan & Investment Company
Huron and Lambton Loan & Savings Company
Metropolitan Trust Company of Toronto
Canadian First Mortgage Corporation
Kent Trust & Savings Company
York Trust & Savings Company
International Savings & Mortgage Corporation
Premier Trust Company
Security Loan & Savings Company

Canadian Imperial Bank of Commerce

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  • CIBC Trust Corporation (formerly Morgan Trust Company of Canada)

Royal Bank of Canada

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Toronto-Dominion Bank

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Canada Permanent Mortgage Corporation
Canada Permanent Trust
Toronto General Trusts
Trusts Corporation of Ontario
Winnipeg General Trusts Company
Ottawa Trust and Deposit Company
Saskatchewan Mortgage and Trust Company
Eastern & Chartered Trust Company
Eastern Trust Company
Chartered Trust Company

Defunct trust companies

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Trust & Guarantee Company of Canada
  • Central Guaranty Trustco
Guaranty Trust Company
Central Trust Company of Canada
Yorkshire Trust Company
Nova Scotia Savings & Trust Company

See also

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References

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  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. ^ Branch, Legislative Services (2024-01-01). "Consolidated federal laws of Canada, Trust and Loan Companies Act". laws-lois.justice.gc.ca. Retrieved 2024-07-08.
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