Did you know?
In 2003, Canada's financial services sector:
- employed more than 600,000 Canadians;
- provided a payroll of more than $35 billion;
- represented 6% of Canada's gross domestic product; and
- contributed close to $13 billion in tax revenue to all levels of governments.
Banks represent the largest portion of the Canadian financial services sector, reporting $1,257 billion in domestic assets in 2003, or over 55 per cent of the sector's total assets in Canada. Mutual fund companies and life and health insurers were next in terms of asset size, reporting $439 billion and $315 billion in domestic assets respectively in 2003, followed by the credit union sector at $155 billion and P&C; insurers with domestic assets of $88 billion.
Canada's banks and life and health insurers are significant participants in international markets. The six largest banks generated 33 per cent of their net income from foreign sources in 2003, while 58 per cent of the life and health insurance sector's premium income was derived from foreign sources.
Source: Department of Finance Canada.
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About the different institutions
Several thousand companies populate the financial landscape. Read the following fact sheets for specific information on the various institutions.
Industry associations such as the Interac Association, the Canadian Payments
Association and the Investment Funds Institute of Canada produce a range of
statistics on their members. You can access these and other organizations in
our Links section under "Industry
Associations and Educational Institutions."
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