Today we will know about the 5 best banks in Canada which are used by most of the Canadians.

List of Top 5 Banks in Canada

1. Toronto-Dominion Bank 2. Royal Bank of Canada 3. Bank of Nova Scotia 4. Bank of Montreal 5. CIBC

1. Toronto-Dominion Bank

Toronto-Dominion Bank controls around C$1.202 trillion of assets. The net income of this bank as in the year 2020 was C$ 11.9 billion, and the revenue in the same year was C$29.9 billion.

2. Royal Bank of Canada

In 2020, it earned a net income of C$11.4 billion and a revenue of C$42.8 billion. This bank has employed 78,000 people. It is one of the oldest banks and was established in 1864.

3. Bank of Nova Scotia

It handles around C$906.332 billion. It has employed around 89,214 employees as per the data of 2015. In 2020, it generated a net income of C$6.78 billion.

4. Bank of Montreal

It handles around C$708.617 billion of total assets and generates revenue of C$22.2 billion in 2020. In the same year, the net income of the Bank of Montreal was C$5.10 billion.

5.CIBC

As per the last report, this bank has acquired total assets of C$560.912 billion. In the year 2020, it has generated revenue of C$ 16.2 billion.

If we investigate the stance of the Government in regards to the banking system in Canada, we would see that there is a huge mortgage debt (which has doubled in the last ten years) that created a moderate rise in unemployment and the interest rate.

Even if there’s tepid economic growth in Canada, the banks perform quite well. These highly-rated banks are also compared with the best banks in the world.

Around C $4.6 trillion of assets are managed by the financial institutions in Canada. The banks manage 70% of these assets. And 90% of the banking assets are controlled by the top six banks.