The Big Five: Discover Canada’s Largest Banks by Total Assets in 2025

Definition

The term "Big Five" informally designates the five largest banks in Canada based on total assets and market presence.

What Constitutes the Big Five Banks in Canada?

In Canada, the "Big Five Banks" refers to the country’s five leading financial institutions: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and Bank of Nova Scotia (Scotiabank). Sometimes, the "Big Six" term is used to include the National Bank of Canada as well.

Below is a ranking of Canada’s largest banks by total assets under management as of 2024.

Key Highlights

• The "Big Five" banks dominate Canada’s financial sector with significant asset holdings.
• All five banks have their headquarters in Toronto’s Financial District.
• Royal Bank of Canada leads with approximately CA$1.223 trillion in assets as of Q2 2024.
• The "Big Six" occasionally includes the National Bank of Canada.

1. Royal Bank of Canada (RBC)

RBC is Canada’s largest bank by total assets. In the second quarter of 2024, it reported CA$1.223 trillion in assets under management, with net interest income of CA$6.6 billion and non-interest income totaling CA$7.5 billion. Founded in 1864 in Halifax, Nova Scotia, originally known as the Merchants Bank of Halifax, RBC initially supported the lumber and timber industries.

2. Toronto-Dominion Bank (TD)

Ranking second in Canada, TD Bank reported total assets just under CA$489 billion in Q2 2024. It generated CA$7.5 billion in net interest income and CA$6.3 billion in non-interest income during this period.

Is Toronto-Dominion Bank the Same as TD Canada Trust?

Toronto-Dominion Bank and its subsidiaries operate collectively as TD Bank Group. TD Canada Trust is the personal and small business banking division within TD Bank Group, focusing on customer-oriented services.

3. Bank of Montreal (BMO)

BMO holds the third position with CA$386 billion in assets under management as of Q2 2024. During this quarter, BMO reported CA$4.5 billion in net interest income and CA$3.5 billion in non-interest income.

4. Canadian Imperial Bank of Commerce (CIBC)

CIBC reported CA$349.2 billion in assets under management in Q2 2024, with net interest income of CA$3.2 billion and non-interest income of CA$2.9 billion.

5. Bank of Nova Scotia (Scotiabank)

Scotiabank, the fifth largest, recorded CA$349 billion in total assets under management in Q2 2024. It reported CA$4.7 billion in net interest income and CA$3.7 billion in non-interest income.

Which Bank Is the Largest in Canada?

The Royal Bank of Canada stands as the largest bank in the country by total assets.

What Services Do Canada’s Largest Banks Provide?

Canada’s top banks offer a comprehensive range of services including personal and business banking, investment management, mortgages, loans, credit cards, insurance products, and more, addressing diverse financial needs of individuals and businesses.

Do These Banks Operate Internationally?

Yes, these major Canadian banks maintain international branches and partnerships, providing global banking services. They support international business operations and facilitate Canadian deposits abroad.

Why Are They Called the "Big Five"?

The "Big Five" nickname reflects these banks’ dominant market share and influential role in Canada’s financial industry. This longstanding term emphasizes their substantial impact on the national economy.

Conclusion

Canada’s financial landscape is shaped by its Big Five banks: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, and Bank of Nova Scotia. These institutions collectively drive the country’s banking sector with robust asset bases and broad service offerings.

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