Toronto’s financial services sector manages over CAD 2 trillion in assets. This analysis presents the key metrics defining the industry’s scale, workforce, and global standing.
Key Takeaways
- Total assets under management in Toronto reached CAD 2.1 trillion in 2023
- In 2023, the Toronto financial services sector employed 278,000 people, representing 9.5% of the city's total workforce
- Toronto ranked #8 globally for fintech startups with 450 firms in 2023
- Toronto ranked 3rd in North America for venture-backed fintech 2023
- Toronto's financial services contributed CAD 52.4 billion to GDP in 2022, or 11.2% of city GDP
Toronto’s financial services industry is growing steadily, reflecting stronger demand and resilient employment.
Related reading
01 · Category
Assets Under Management26 stats
01
Total assets under management in Toronto reached CAD 2.1 trillion in 2023
02
Big Five banks headquartered in Toronto manage CAD 7.8 trillion total assets 2023
03
Pension assets administered in GTA: CAD 1.4 trillion as of 2023
04
Mutual funds AUM Toronto firms: CAD 950 billion 2022
05
Hedge funds in Toronto: CAD 120 billion AUM 2023
06
ETF assets managed Toronto: CAD 450 billion 2023
07
Private equity AUM GTA: CAD 85 billion 2023
08
Real estate investment trusts AUM Toronto: CAD 210 billion 2022
09
Sovereign wealth mandates Toronto: CAD 300 billion 2023
10
Insurance company assets Toronto: CAD 1.2 trillion 2023
11
Alternative investments AUM: CAD 75 billion Toronto 2023
12
High-net-worth client portfolios: CAD 650 billion managed GTA 2022
13
Infrastructure funds Toronto: CAD 140 billion AUM 2023
14
Venture capital funds AUM: CAD 28 billion Toronto 2023
15
Fixed income portfolios: CAD 890 billion Toronto managers 2023
16
Equity AUM Toronto: CAD 1.05 trillion 2022
17
Crypto assets custody Toronto: CAD 15 billion 2023
18
Mortgage-backed securities: CAD 420 billion Toronto 2023
19
Commodities trading books: CAD 180 billion exposure Toronto 2023
20
Derivatives notional value: CAD 50 trillion cleared Toronto 2022
21
Green bonds portfolio: CAD 95 billion Toronto issuers 2023
22
Family office AUM GTA: CAD 55 billion 2023
23
Endowment funds managed: CAD 40 billion Toronto unis 2023
24
Corporate treasury assets: CAD 320 billion Toronto firms 2022
25
Peer-to-peer lending pools: CAD 8.5 billion Toronto 2023
26
Impact investing AUM: CAD 22 billion GTA 2023
Interpretation
Assets Under Management Interpretation
Toronto isn't just Canada's financial hub; it's a multi-trillion-dollar metropolis of money where everything from pensions and banks to crypto and green bonds converges to prove that, quite literally, the whole world runs through its vaults.
02 · Category
Employment Statistics30 stats
01
In 2023, the Toronto financial services sector employed 278,000 people, representing 9.5% of the city's total workforce
02
As of 2022, there were 152,400 full-time jobs in financial services in the Greater Toronto Area, up 2.3% from 2021
03
Women comprised 46.2% of the financial services workforce in Toronto in 2023, with an average salary of CAD 78,500
04
The sector added 12,500 new jobs in fintech subsector in Toronto between 2020 and 2023
05
Average annual wage in Toronto's financial services was CAD 102,300 in 2022, 35% above the city average
06
28% of Toronto's financial services employees hold university degrees in finance or related fields as of 2023
07
Youth employment (15-24) in finance grew by 15% in Toronto from 2019 to 2023, totaling 18,200 jobs
08
Immigrant workers make up 52% of Toronto's financial services workforce in 2023
09
There were 5,200 job openings in banking and insurance in Toronto in Q4 2023
10
Financial managers in Toronto numbered 14,500 with median salary CAD 145,000 in 2022
11
Actuaries employed in Toronto reached 2,800 in 2023, up 8% YoY
12
Investment advisors in GTA totaled 22,000 licensed professionals in 2023
13
Compliance officers in finance grew to 9,100 jobs in Toronto by 2023
14
Remote work adoption in Toronto finance reached 42% of workforce in 2023
15
Diversity: 22% visible minorities in executive roles in Toronto finance 2023
16
Entry-level analyst positions: 7,500 filled annually in Toronto finance
17
Pension fund administrators: 3,200 employed in Toronto 2023
18
Wealth management advisors: 18,900 in GTA 2023
19
Cybersecurity specialists in finance: 4,500 jobs in Toronto 2023
20
HR professionals in Toronto finance: 6,200 in 2023
21
Data scientists in finance: 2,900 employed in Toronto 2023
22
Risk analysts: 5,400 positions in Toronto banks 2023
23
Operations managers in finance: 8,100 in GTA 2023
24
Tellers and clerks: 15,200 in Toronto branches 2023
25
Executives (VP+): 4,200 in Toronto financial firms 2023
26
Trainees/apprentices: 1,800 in finance programs Toronto 2023
27
Sales roles in insurance: 12,400 in Toronto 2023
28
IT support in finance: 10,500 jobs Toronto 2023
29
Legal professionals in finance: 3,900 in Toronto 2023
30
Marketers in financial services: 4,700 employed Toronto 2023
Interpretation
Employment Statistics Interpretation
Toronto's financial sector is a well-oiled economic engine, cleverly disguised as a suit-wearing, high-earning, and increasingly diverse hive of activity where nearly one in ten workers finds a lucrative, degree-heavy, and now often remote-friendly career.
03 · Category
Fintech and Innovation28 stats
01
Toronto ranked #8 globally for fintech startups with 450 firms in 2023
02
CAD 2.1 billion invested in Toronto fintech in 2023 across 85 deals
03
1,200 fintech patents filed by Toronto companies 2018-2023
04
Blockchain firms in Toronto: 180 active in 2023
05
AI in finance startups: 95 Toronto-based 2023
06
Regtech solutions providers: 65 in GTA 2023
07
Open banking APIs adopted by 28 Toronto banks 2023
08
Insurtech unicorns from Toronto: 3 valued over CAD 1B 2023
09
Digital wallet transactions Toronto: 2.4 billion in 2023
10
Robo-advisors managing CAD 15B AUM Toronto 2023
11
Cyber fintech security startups: 42 Toronto 2023
12
DeFi platforms hosted Toronto: 12 with TVL CAD 5B 2023
13
Payment fintechs processing CAD 120B Toronto 2023
14
Embedded finance integrations: 150 Toronto apps 2023
15
Quantum computing finance pilots: 8 Toronto banks 2023
16
NFT marketplace volume Toronto: CAD 450M 2023
17
Sustainable fintech apps: 35 launched Toronto 2023
18
Cross-border payment fintechs: 22 handling CAD 80B Toronto 2023
19
Lending platforms: 40 peer-to-peer CAD 3.2B loans 2023
20
Data analytics fintechs: 78 Toronto firms 2023
21
Crypto exchanges volume: CAD 25B Toronto traders 2023
22
Neobanks users Toronto: 1.2M active 2023
23
Proptech finance startups: 55 GTA 2023
24
API economy value Toronto fintech: CAD 1.8B 2023
25
Innovation labs by banks: 15 Toronto-based 2023
26
Toronto fintech accelerators graduated 220 startups since 2018
27
Female-led fintechs: 28% of Toronto total 2023
28
Toronto #1 in Canada for fintech jobs with 18,000 positions 2023
Interpretation
Fintech and Innovation Interpretation
Toronto may rank a global #8 for fintech startups, but with billions in deals, thousands of patents, and a sprawling ecosystem from AI to DeFi, it’s clear the city isn't just playing with digital money—it's seriously rewriting the entire financial rulebook.
More related reading
04 · Category
International Rankings28 stats
01
Toronto ranked 3rd in North America for venture-backed fintech 2023
02
Bay Street hosts 70% of Canada's Big Six banks' headquarters 2023
03
TSX market cap #7 globally at CAD 3.2T end-2023
04
Toronto #4 worldwide for foreign banks presence with 90+ branches 2023
05
Canada #10 G20 for financial centre competitiveness Toronto-led 2023
06
Toronto #1 North American city for insurance headquarters 2023
07
Pension funds ranking: 4 Toronto funds in global top 20 by AUM 2023
08
Mutual fund industry #3 in Americas after US NY/Chicago 2023
09
Toronto #6 global for sustainable finance issuance CAD 120B 2023
10
Hedge fund concentration #9 worldwide Toronto 2023
11
Forex turnover Toronto desks contribute 5% global total 2023
12
M&A deal volume Toronto #15 globally 2023 with 450 deals CAD 85B
13
IPO rankings TSX #4 outside US/UK 2023
14
Wealth management hub #10 globally Toronto 2023
15
Fintech ecosystem #9 Americas Toronto 2023
16
Derivatives clearing volume #8 globally TMX 2023
17
Bond market depth Toronto #12 OECD 2023
18
Private equity deals Toronto #11 North America 2023
19
Cross-border listings TSX attracts #5 foreign firms 2023
20
Green finance innovation index #7 G7 Toronto 2023
21
Asset servicing hub #9 global Toronto 2023
22
Islamic finance growth #4 Western world Toronto 2023
23
Captive insurance domicile #3 North America 2023
24
Trade finance volume #10 G20 Toronto 2023
25
Family offices concentration #12 global Toronto 2023
26
Quantum finance readiness #5 worldwide 2023
27
Regtech adoption #4 OECD Toronto banks 2023
28
Digital asset custody #7 global Toronto 2023
Interpretation
International Rankings Interpretation
Despite what your polite demeanor might suggest, Toronto is not just a nice city with good hockey teams, but rather a financial powerhouse that quietly dominates in everything from banking and pensions to fintech and green finance, proving that being Canadian doesn't mean you can't be ruthlessly competitive on the global stage.
05 · Category
Revenue and GDP27 stats
01
Toronto's financial services contributed CAD 52.4 billion to GDP in 2022, or 11.2% of city GDP
02
Sector output reached CAD 78.9 billion in 2023 for GTA finance
03
Financial services generated CAD 14.2 billion in taxes for Ontario in 2022
04
Banking subsector revenue: CAD 45.6 billion in Toronto 2023
05
Insurance premiums written in Toronto: CAD 28.7 billion in 2022
06
Wealth management revenue: CAD 12.1 billion in GTA 2023
07
Fintech revenue growth: 18% to CAD 4.5 billion in Toronto 2023
08
Pension funds revenue: CAD 9.8 billion operating in 2022 Toronto
09
Investment banking fees: CAD 3.2 billion earned in Toronto 2023
10
Asset management fees: CAD 18.4 billion in GTA 2022
11
Corporate finance consulting: CAD 2.1 billion revenue Toronto 2023
12
GDP per employee in finance: CAD 188,500 in Toronto 2022
13
Export of financial services: CAD 6.7 billion from Toronto 2023
14
Venture capital invested in Toronto finance startups: CAD 1.9 billion 2023
15
Real estate finance loans: CAD 34.5 billion originated Toronto 2022
16
Derivatives trading revenue: CAD 5.6 billion for Toronto firms 2023
17
Payment processing fees: CAD 2.8 billion in GTA 2023
18
Brokerage commissions: CAD 4.2 billion Toronto stock market 2022
19
Captive insurance revenue: CAD 1.4 billion Toronto 2023
20
Robo-advisory fees: CAD 450 million growth Toronto 2023
21
ESG investment management revenue: CAD 7.3 billion Toronto 2022
22
Trade finance revenue: CAD 2.9 billion GTA 2023
23
Leasing and factoring: CAD 3.1 billion Toronto finance 2023
24
M&A advisory fees: CAD 1.8 billion Toronto banks 2023
25
Underwriting fees IPOs: CAD 950 million TSX Toronto 2023
26
Forex trading revenue: CAD 4.7 billion Toronto desks 2022
27
Bond issuance fees: CAD 2.3 billion Toronto 2023
Interpretation
Revenue and GDP Interpretation
Toronto's financial engine not only powers a hefty slice of the city's economy but also proves, with relentless precision, that its true product is the art of turning money into more money, one fee, premium, and tax dollar at a time.
Reference
Cite This Report
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APA
Elena Vasquez. (2026, February 13). Toronto Financial Services Industry Statistics. Gitnux. https://gitnux.org/toronto-financial-services-industry-statistics
MLA
Elena Vasquez. "Toronto Financial Services Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/toronto-financial-services-industry-statistics.
Chicago
Elena Vasquez. 2026. "Toronto Financial Services Industry Statistics." Gitnux. https://gitnux.org/toronto-financial-services-industry-statistics.
Sources & references
100 datasets cited across this report · attribution is report-level