The following is a list of trust companies that operate or that have operated in Canada. Historically, trust companies were one of the "four pillars" of the Canadian financial system, 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 individuals from sitting on a bank and trust company board simultaneously; this 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 allowed bank holding companies for the first time to acquire trust companies. Since 1991, 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
The following list is of trust companies operated currently by Canada's Big Five banks:
Bank of Montreal
- BMO Trust Company
Bank of Nova Scotia
- Bank of Nova Scotia Trust Company
- Montreal Trust Company
- National Trust Company
Canadian Imperial Bank of Commerce
- CIBC Trust Corporation (formerly Morgan Trust Company of Canada
Other subsidiary trust companies
- B2B Trustco – B2B Bank
- Central 1 Trust Company – Central 1 Credit Union
- Cidel Trust Company – Cidel Bank
- Citizens Trust Company – Vancity
- Community Trust Company – Questrade
- Computershare Trust Company of Canada – Computershare
- Concentra Trust – Equitable Bank
- Desjardins Trust – Desjardins Group
- Equitable Trust – Equitable Bank
- Fiduciary Trust Company of Canada – Franklin Templeton Investments
Independent trust companies
- Effort Trust Company
- Home Trust Company
- Legacy Private Trust
- Odyssey Trust Company
- Peace Hills Trust Company
- Peoples Trust Company
Defunct trust companies
Gallery of trust company headquarters
See also
- List of banks and credit unions in Canada
- List of insurance companies in Canada
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.^