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
Bank of Montreal
- BMO Trust Company
Bank of Nova Scotia
- Bank of Nova Scotia Trust Company
-
Montreal Trust Company
- 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
-
National 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
- Victoria & Grey Trust Company
Canadian Imperial Bank of Commerce
- CIBC Trust Corporation (formerly Morgan Trust Company of Canada)
Royal Bank of Canada
Toronto-Dominion Bank
-
Canada Trust
- 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
-
Toronto General Trusts
- Canada Permanent Trust
Defunct trust companies
-
Crown Trust Company
- 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
References
- ^ Patricia Best and Ann Shortell, A Matter of Trust: Power and Privilege in Canada's Trust Companies, (Viking, 1985), 1.
- ^ E. P. Neufeld, The Financial System of Canada: Its Growth and Development, (Macmillan of Canada, 1972), 48.
- ^ Philip Smith, The Trust-Builders: The Remarkable Rise of Canada Trust, (Macmillan of Canada, 1989), 50.
- ^ Report of the Royal Commission on Banking and Finance, (Queen's Printer, 1964), 563.
- ^ 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.
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
Bank of Montreal
- BMO Trust Company
Bank of Nova Scotia
- Bank of Nova Scotia Trust Company
-
Montreal Trust Company
- 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
-
National 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
- Victoria & Grey Trust Company
Canadian Imperial Bank of Commerce
- CIBC Trust Corporation (formerly Morgan Trust Company of Canada)
Royal Bank of Canada
Toronto-Dominion Bank
-
Canada Trust
- 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
-
Toronto General Trusts
- Canada Permanent Trust
Defunct trust companies
-
Crown Trust Company
- 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
References
- ^ Patricia Best and Ann Shortell, A Matter of Trust: Power and Privilege in Canada's Trust Companies, (Viking, 1985), 1.
- ^ E. P. Neufeld, The Financial System of Canada: Its Growth and Development, (Macmillan of Canada, 1972), 48.
- ^ Philip Smith, The Trust-Builders: The Remarkable Rise of Canada Trust, (Macmillan of Canada, 1989), 50.
- ^ Report of the Royal Commission on Banking and Finance, (Queen's Printer, 1964), 563.
- ^ 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.