Canadian Banking Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis | Last updated: October 14, 2026 | License: CC BY 4.0
Canada’s Big Six banks held C$9.51 trillion of assets at July 31, 2026 and earned C$19.06 billion in their fiscal third quarter, up 13.7% in a year, according to Axis Intelligence Research’s sum of the six banks’ filings. Royal Bank of Canada and TD alone hold 48.5% of that balance sheet.
Quick Answer
Canada has 78 banks regulated by OSFI: 34 domestic banks, 15 foreign bank subsidiaries and 29 foreign bank branches, according to Axis Intelligence Research’s count of the OSFI register updated October 3, 2026. The Bank of Canada policy rate is 2.25%, CDIC insures eligible deposits up to $100,000 per category, and OSFI now expects the six largest banks to hold a CET1 ratio of at least 11.0%. On the Axis Big Six Resilience Index (BSRI), TD scores highest at 76.8 and BMO lowest at 34.6 on reported figures, and on the Axis Uninsured Mortgage Multiple (UMM) CIBC carries the most uninsured mortgage exposure, 4.00 times its equity. Big Six assets equal 285.8% of GDP.
Key Findings
- According to Axis Intelligence Research, Canada’s six domestic systemically important banks held C$9,510.6 billion of assets and C$6,246.0 billion of deposits at July 31, 2026.
- The Big Six earned C$19,058 million of reported net income in the quarter ended July 31, 2026, up 13.7% from C$16,768 million a year earlier, Axis Intelligence Research calculates from the six banks’ Q3 filings.
- On the Axis Intelligence Research Big Six Resilience Index (BSRI), TD ranks first at 76.8, National Bank second at 72.6 and RBC third at 72.4; BMO ranks sixth at 34.6, or 55.9 on adjusted figures.
- After OSFI cut the Domestic Stability Buffer to 3.0% on June 19, 2026, the Big Six hold between 2.0 and 3.3 percentage points of CET1 above the new 11.0% expectation, according to Axis Intelligence Research.
- According to Axis Intelligence Research, the Big Six held C$1,558.1 billion of Canadian residential mortgages at July 31, 2026; 79.1% was uninsured, and Ontario and B.C. carry 76.5% of that uninsured exposure.
How Many Banks Are There in Canada in 2026?
There are 78 banks on the federal register: 34 domestic banks, 15 foreign bank subsidiaries, 27 full-service foreign bank branches and 2 lending branches, according to Axis Intelligence Research’s line-by-line count of OSFI’s Who we regulate open-data file, last modified October 3, 2026. OSFI does not publish the total; it states that it supervises approximately 350 federally regulated financial institutions once insurers, trust and loan companies are included.
| Register section (OSFI, October 3, 2026) | Institutions | Examples | Source |
|---|---|---|---|
| Domestic banks (Schedule I) | 34 | Royal Bank of Canada, Toronto-Dominion Bank, Equitable Bank, Tangerine Bank, Rogers Bank | Axis Intelligence Research count of OSFI file |
| Foreign bank subsidiaries (Schedule II) | 15 | Amex Bank of Canada, Citibank Canada, ICICI Bank Canada, UBS Bank (Canada) | Axis Intelligence Research count of OSFI file |
| Foreign bank branches, full service (Schedule III) | 27 | JPMorgan Chase Bank N.A., Bank of America N.A., MUFG Bank, BNP Paribas | Axis Intelligence Research count of OSFI file |
| Foreign bank branches, lending only (Schedule III) | 2 | Credit Agricole CIB, Natixis | Axis Intelligence Research count of OSFI file |
| All OSFI-regulated banks | 78 | Axis Intelligence Research count | |
| Foreign bank representative offices (not deposit-taking) | 15 | Agricultural Bank of China, Attijariwafa bank | Axis Intelligence Research count of OSFI file |
One of the 27 full-service branches, Maple Bank GmbH, is listed as in wind-up. Four of the 34 domestic banks are federal credit unions or cooperative banks: Coast Capital Savings Federal Credit Union, Innovation Federal Credit Union, Caisse populaire acadienne (UNI) and Tru Cooperative Bank. Provincially regulated credit unions and Quebec’s caisses sit outside the OSFI bank count.
Which banks are the Big Six?
OSFI designates six banks as domestic systemically important banks (D-SIBs): Royal Bank of Canada, TD, Scotiabank, BMO, CIBC and National Bank of Canada. Two of them, RBC and TD, are also on the Financial Stability Board’s 2025 list of global systemically important banks, both in bucket 1 with a 1.0% surcharge, among 29 G-SIBs worldwide. The global ranking sits on the Axis global banking statistics page.
Sarah Davis: A register of 78 banks describes a crowded market that does not exist on the ground. Thirty-four domestic charters include mortgage lenders, store-card issuers and federal credit unions; the 29 foreign branches mostly lend to corporations and cannot take small retail deposits. For a Canadian household, the choice set is six balance sheets plus a handful of digital challengers. That is why the Big Six table below matters more than the headcount above.
How Big Are Canada’s Big Six Banks?
The Big Six held C$9,510.6 billion of assets at July 31, 2026, the end of their fiscal third quarter, according to Axis Intelligence Research’s sum of each bank’s Q3 2026 report. They funded that balance sheet with C$6,246.0 billion of deposits and lent C$4,504.2 billion, a combined loan-to-deposit ratio of 72.1%.
| Rank | Bank | Total assets, C$ million | Share of Big Six assets | Deposits, C$ million | Net loans, C$ million | Source |
|---|---|---|---|---|---|---|
| 1 | Royal Bank of Canada | 2,498,817 | 26.3% | 1,644,573 | 1,108,730 | RBC Q3 2026 Report |
| 2 | Toronto-Dominion Bank | 2,111,900 | 22.2% | 1,260,700 | 991,000 | TD Q3 2026 earnings release |
| 3 | Bank of Nova Scotia | 1,548,267 | 16.3% | 1,006,015 | 770,555 | Scotiabank Q3 2026 Report |
| 4 | Bank of Montreal | 1,538,685 | 16.2% | 1,017,834 | 697,927 | BMO Q3 2026 MD&A |
| 5 | Canadian Imperial Bank of Commerce | 1,177,782 | 12.4% | 852,175 | 611,415 | CIBC Q3 2026 Report |
| 6 | National Bank of Canada | 635,159 | 6.7% | 464,732 | 324,544 | National Bank Q3 2026 Report |
| Big Six combined | 9,510,610 | 100% | 6,246,029 | 4,504,171 | Axis Intelligence Research |
Figures are group totals in Canadian dollars as at July 31, 2026, and include U.S. and international subsidiaries. TD’s figures are rounded to C$0.1 billion in its release.
According to Axis Intelligence Research, the Big Six balance sheet equals 285.8% of Canada’s nominal GDP over the four quarters to June 2026, and RBC’s assets alone equal 75.1%. RBC’s balance sheet is 3.93 times National Bank’s, and RBC and TD together carry 48.5% of Big Six assets. Scotiabank and BMO are nearly tied for third, C$9.6 billion apart.
The RBC balance sheet in context
RBC reported C$2,498.8 billion of assets, up C$174 billion or 7% since October 31, 2025, a market capitalization of C$406.2 billion on the TSX and more than 19 million clients. Its third-quarter net interest margin was 1.49%, down 12 basis points from a year earlier as trading assets grew in Capital Markets.
Sarah Davis: Balance-sheet size flatters the banks with large trading books. RBC’s margin fell while its assets jumped 7% in nine months, and most of the growth was securities and central bank deposits, not loans to Canadians. The loan-to-deposit column is the better read on the domestic franchise: at 72.1% combined, the Big Six fund their lending entirely from deposits with room to spare.
How Much Profit Did the Big Six Make in Q3 2026?
The Big Six earned C$19,058 million of reported net income in the quarter ended July 31, 2026, up 13.7% from C$16,768 million a year earlier, according to Axis Intelligence Research. Nine-month reported net income reached C$56,749 million.
| Bank | Net income, Q3 2026 | Net income, Q3 2025 | Change | Adjusted net income, Q3 2026 | Nine-month net income | Share of Big Six profit | Source |
|---|---|---|---|---|---|---|---|
| Royal Bank of Canada | 6,024 | 5,414 | +11.3% | 6,101 | 17,318 | 31.6% | RBC Q3 2026 Report |
| Toronto-Dominion Bank | 4,615 | 3,336 | +38.3% | 4,671 | 12,909 | 24.2% | TD Q3 2026 earnings release |
| Bank of Nova Scotia | 2,953 | 2,527 | +16.9% | 2,973 | 7,884 | 15.5% | Scotiabank Q3 2026 Report and press release |
| Canadian Imperial Bank of Commerce | 2,409 | 2,096 | +14.9% | 2,648 | 7,974 | 12.6% | CIBC Q3 2026 Report and news release |
| Bank of Montreal | 1,750 | 2,330 | -24.9% | 2,859 | 6,869 | 9.2% | BMO Q3 2026 earnings release |
| National Bank of Canada | 1,307 | 1,065 | +22.7% | 1,362 | 3,795 | 6.9% | National Bank Q3 2026 Report |
| Big Six combined | 19,058 | 16,768 | +13.7% | 56,749 | 100% | Axis Intelligence Research |
All figures in C$ million. Change and shares are Axis Intelligence Research calculations on reported net income.
RBC earned 31.6% of Big Six profit with 26.3% of its assets. BMO’s reported profit fell 24.9% because of a C$962 million after-tax charge, mostly goodwill, on the announced sale of its Transportation Finance and Vendor Finance businesses, according to its Q3 2026 earnings release; on an adjusted basis BMO’s profit rose 19% to C$2,859 million from C$2,399 million. BMO also announced the sale of 138 U.S. branches.
TD’s 38.3% jump compares with a weak third quarter of 2025, when reported profit was C$3,336 million. TD still expects U.S. anti-money-laundering remediation and related governance spending of approximately US$550 million pre-tax in fiscal 2026, up from US$500 million guidance, according to its Q3 2026 release.
National Bank’s 22.7% gain includes an additional quarter of Canadian Western Bank’s contribution compared with 2025; integration and transaction charges came to C$106 million after tax over nine months, according to its Q3 2026 report.
Where the profit comes from: segment results
| Bank | Domestic retail and commercial | Dedicated U.S. or international banking | Wealth | Capital markets | Source |
|---|---|---|---|---|---|
| RBC | Personal 1,923; Commercial 936 | No dedicated segment | 1,442 (incl. City National) | 1,544 | RBC Q3 2026 Report |
| TD | Canadian P&C 2,095 | U.S. Banking 1,074 | 841 (incl. insurance) | 743 | TD Q3 2026 release |
| Scotiabank | Canadian Banking 1,071 | International Banking 766 | 518 | 647 | Scotiabank Q3 2026 Report |
| BMO | Canadian P&C 980 | U.S. Banking 868 | 408 | 645 | BMO Q3 2026 release |
| CIBC | Personal and Business 948; Commercial and Wealth 619 | U.S. Commercial Banking and Wealth 320 | (in Commercial and Wealth) | 722 | CIBC Q3 2026 Report |
| National Bank | Personal and Commercial 421 | U.S. Specialty Finance and International 184 | 296 | 442 | National Bank Q3 2026 Report |
Q3 2026 segment net income, C$ million. Corporate segments not shown.
According to Axis Intelligence Research, the five banks with a dedicated foreign banking segment earned C$3,212 million from those segments in the quarter. As a share of operating-segment profit, BMO’s U.S. Banking contributed 29.9%, Scotiabank’s International Banking 25.5%, TD’s U.S. Banking 22.6%, National Bank’s USSF&I 13.7% and CIBC’s U.S. unit 12.3%. RBC books City National inside Wealth Management, so Axis Intelligence Research declined to compute a comparable share for it.
Sarah Davis: The profit table hides two different banking models. RBC and National Bank grew on wealth fees and capital markets, the lines that ride equity markets. TD and BMO are still digesting U.S. decisions: one is paying for remediation, the other is writing off goodwill to exit lending businesses. The 13.7% combined gain is real, but a third of the Big Six earned it in markets, not from Canadian borrowers.
The Axis Big Six Resilience Index (BSRI): Which Canadian Bank Is the Strongest?
Bank rankings usually stop at size. The Axis Big Six Resilience Index (BSRI) scores each D-SIB from 0 to 100 on the four things that decide whether a bank can absorb a downturn and still earn its cost of capital: capital above the regulator’s floor, credit losses, cost discipline and returns. Every input comes from the bank’s own Q3 2026 filing.
How the BSRI is calculated
BSRI = 0.35 × Capital + 0.25 × Credit + 0.20 × Efficiency + 0.20 × Profitability
- Capital (35%): CET1 ratio minus OSFI’s 11.0% D-SIB expectation. Zero headroom scores 0; 4.0 points scores 100.
- Credit (25%): quarterly provision for credit losses × 4 ÷ period-end net loans, computed the same way for all six. 0.20% scores 100; 0.70% scores 0.
- Efficiency (20%): reported efficiency ratio (Scotiabank’s productivity ratio). 45% scores 100; 70% scores 0.
- Profitability (20%): reported return on common equity. 8% scores 0; 18% scores 100.
The anchors are fixed, so a reading means the same thing next quarter. Capital carries the largest weight because it is the line OSFI supervises and the one that decides dividend and buyback capacity.
BSRI reading, July 31, 2026
| BSRI rank | Bank | CET1 ratio | Headroom over 11.0% | PCL ratio (Axis uniform) | Efficiency ratio | ROE | BSRI | Source |
|---|---|---|---|---|---|---|---|---|
| 1 | Toronto-Dominion Bank | 14.3% | 3.3 pp | 0.37% | 50.2% | 15.8% | 76.8 | Axis Intelligence Research |
| 2 | National Bank of Canada | 13.5% | 2.5 pp | 0.30% | 51.6% | 16.1% | 72.6 | Axis Intelligence Research |
| 3 | Royal Bank of Canada | 13.5% | 2.5 pp | 0.36% | 52.8% | 17.9% | 72.4 | Axis Intelligence Research |
| 4 | Canadian Imperial Bank of Commerce | 13.4% | 2.4 pp | 0.37% | 56.0% | 15.2% | 63.2 | Axis Intelligence Research |
| 5 | Bank of Nova Scotia | 13.1% | 2.1 pp | 0.56% | 52.7% | 14.1% | 51.4 | Axis Intelligence Research |
| 6 | Bank of Montreal | 13.0% | 2.0 pp | 0.41% | 67.5% | 8.4% | 34.6 | Axis Intelligence Research |
| Big Six average | 61.8 | Axis Intelligence Research |
Inputs from each bank’s Q3 2026 report or release. Component scores for every bank are in the dataset.
This is the baseline reading of the index. According to Axis Intelligence Research, TD leads the BSRI on the thickest capital buffer of the six, 3.3 points above OSFI’s floor, and the lowest efficiency ratio, 50.2%. RBC posts the highest return on equity, 17.9%, but its 13.5% CET1 ratio gives it less headroom than TD. Scotiabank’s score is held back by the highest credit cost in the group: annualized provisions equal to 0.56% of loans, against 0.30% to 0.41% at the other five.
What moves the ranking
BMO’s reported score reflects the one-off divestiture charge. On BMO’s adjusted figures, a 14.0% ROE and a 54.9% efficiency ratio, its BSRI rises from 34.6 to 55.9, still fifth. The uniform credit measure also matters for National Bank: its own reported ratio, 0.28%, covers only impaired loans excluding Credigy’s purchased credit-impaired portfolio; the Axis measure includes all provisions and reads 0.30%.
The BSRI does not score conduct or legal risk. TD’s U.S. remediation costs and regulatory orders sit outside the four inputs.
Sarah Davis: The index rewards the bank that kept capital when everyone else spent it. TD’s 3.3-point cushion is the largest in the group, and it carries that cushion while still earning 15.8%. The surprise is National Bank in second place: the smallest of the six runs the cleanest loan book on a uniform basis. Size bought RBC the best return; it did not buy the best buffer.
How Much Capital Do Canadian Banks Hold After OSFI’s 2026 Buffer Cut?
OSFI lowered the Domestic Stability Buffer to 3.0% from 3.5% of risk-weighted assets on June 19, 2026, its first change since June 2023, and now expects the six D-SIBs to keep a CET1 ratio of at least 11.0%, according to its June 19 announcement. OSFI puts the released cushion at roughly $74 billion, equivalent to $673 billion of risk-weighted assets, and narrowed the buffer’s range to 0% to 3%.
| Measure | Value | Source |
|---|---|---|
| Domestic Stability Buffer | 3.0% of RWA (from 3.5%) | OSFI, June 19, 2026 |
| Minimum CET1 expectation for D-SIBs | 11.0% of RWA | OSFI, June 19, 2026 |
| Capital cushion released | roughly $74 billion | OSFI, June 19, 2026 |
| Equivalent RWA capacity | $673 billion | OSFI, June 19, 2026 |
| Sector average CET1 ratio at announcement | 13.5% | OSFI, June 19, 2026 |
| Big Six CET1 range, July 31, 2026 | 13.0% (BMO) to 14.3% (TD) | Bank Q3 2026 filings |
According to Axis Intelligence Research, every dollar of capital OSFI released supports about $9.09 of risk-weighted assets at the margin. OSFI reviews the buffer every June and December, so the next decision is due in December 2026.
RBC returned C$4.0 billion to shareholders in the third quarter alone, C$1.6 billion in buybacks and C$2.4 billion in dividends, while keeping its CET1 ratio flat at 13.5%.
Sarah Davis: OSFI framed the cut as room to lend. RBC’s first quarter after it shows the other use of that room: C$4.0 billion handed back to shareholders with the CET1 ratio unchanged at 13.5%. Every bank still sits 2.0 points or more above the new floor, so the question for December’s review is whether the released capital shows up in loan growth or in buybacks.
Who Holds Canada’s Mortgages? The Big Six Mapped by Province
The Big Six held C$1,558.1 billion of Canadian residential mortgages at July 31, 2026, and 79.1% of that balance was uninsured, according to Axis Intelligence Research’s aggregation of the OSFI B-20 tables published by all six banks. Insured mortgages carry default insurance from CMHC or a private insurer; uninsured mortgages leave the credit risk with the bank. No regulator or bank publishes this cross-bank provincial view.
The Big Six mortgage map, by region
| Region | Insured, C$ million | Uninsured, C$ million | Insured share | Share of Big Six book | Share of uninsured exposure | Source |
|---|---|---|---|---|---|---|
| Ontario | 123,363 | 693,236 | 15.1% | 52.4% | 56.2% | Axis Intelligence Research from bank B-20 tables |
| B.C. and territories | 40,645 | 249,775 | 14.0% | 18.6% | 20.3% | Axis Intelligence Research from bank B-20 tables |
| Prairies (Alberta, Saskatchewan, Manitoba) | 87,226 | 122,142 | 41.7% | 13.4% | 9.9% | Axis Intelligence Research from bank B-20 tables |
| Quebec | 50,450 | 129,663 | 28.0% | 11.6% | 10.5% | Axis Intelligence Research from bank B-20 tables |
| Atlantic provinces | 23,324 | 38,287 | 37.9% | 4.0% | 3.1% | Axis Intelligence Research from bank B-20 tables |
| Big Six, Canada | 325,008 | 1,233,103 | 20.9% | 100% | 100% | Axis Intelligence Research |
Residential mortgages excluding home equity lines of credit, as at July 31, 2026. Inputs from the RBC Q3 2026 report, the TD Q3 2026 report (Table 21), the Scotiabank Q3 2026 report (Table T22), the BMO Q3 2026 report (Table 21), the CIBC Q3 2026 report and National Bank’s Q3 2026 supplementary financial information.
According to Axis Intelligence Research, Ontario and British Columbia carry 76.5% of the Big Six’s uninsured mortgage exposure, and Ontario alone accounts for 52.4% of all Big Six Canadian mortgages. The insured share runs from 14.0% in B.C. and the territories and 15.1% in Ontario to 41.7% on the Prairies, a threefold spread inside one national banking system. Measured against the economy, the Big Six mortgage book equals 46.8% of Canada’s GDP.
Which bank carries the most uninsured mortgage risk? The Uninsured Mortgage Multiple (UMM)
A mortgage book only means something against the capital that would absorb its losses. The Axis Uninsured Mortgage Multiple (UMM) divides each bank’s uninsured Canadian residential mortgages by its common shareholders’ equity.
UMM = uninsured Canadian residential mortgages ÷ common shareholders’ equity
| UMM rank | Bank | Canadian mortgages, C$ million | Insured share | Uninsured, C$ million | Common equity, C$ million | UMM | Ontario + B.C. share of uninsured | Source |
|---|---|---|---|---|---|---|---|---|
| 1 | CIBC | 275,400 | 14.1% | 236,700 | 59,146 | 4.00x | 78.4% | Axis Intelligence Research |
| 2 | Scotiabank | 311,209 | 23.3% | 238,562 | 79,212 | 3.01x | 81.2% | Axis Intelligence Research |
| 3 | RBC | 473,303 | 19.1% | 383,076 | 133,922 | 2.86x | 75.3% | Axis Intelligence Research |
| 4 | National Bank | 89,004 | 37.7% | 55,427 | 31,460 | 1.76x | 40.7% | Axis Intelligence Research |
| 5 | TD | 245,012 | 20.4% | 195,021 | 114,186 | 1.71x | 80.3% | Axis Intelligence Research |
| 6 | BMO | 164,183 | 24.3% | 124,317 | 78,817 | 1.58x | 77.4% | Axis Intelligence Research |
July 31, 2026. TD common equity is total equity less preferred shares and other equity instruments, from TD’s balance sheet; the other five are reported common shareholders’ equity.
This is the baseline reading of the UMM. According to Axis Intelligence Research, CIBC carries uninsured Canadian mortgages equal to 4.00 times its common equity, the highest of the Big Six, against 1.58 times at BMO. CIBC is also among the most Ontario-heavy books: C$139.4 billion of its C$236.7 billion uninsured mortgages are in Ontario. Scotiabank ranks second at 3.01 times and has the highest concentration of all, with 81.2% of its uninsured exposure in Ontario and B.C.
National Bank runs the most distinct mortgage franchise. 47.1% of its Canadian retail mortgages, excluding HELOCs, are in Quebec and 37.7% are insured, the highest insured share of the six. RBC is the largest lender by a wide margin, with 30.4% of the Big Six book, followed by Scotiabank at 20.0%.
TD’s Canadian residential mortgages fell 8.4% in nine months, from C$267,469 million at October 31, 2025 to C$245,012 million at July 31, 2026, according to its Q3 report.
Underwriting: how much equity borrowers bring
| Bank | Average LTV, new uninsured mortgages, Q3 2026 | Other disclosed LTV | Source |
|---|---|---|---|
| RBC | 70% | 62% indexed LTV on the Canadian portfolio | RBC Q3 2026 report |
| TD | 70% | TD Q3 2026 report (Table 23) | |
| BMO | 70% | BMO Q3 2026 report (Table 21) | |
| National Bank | 69% | National Bank Q3 2026 supplementary information | |
| CIBC | 67% | 58% indexed LTV on uninsured portfolio; 62% GTA; 53% GVA | CIBC Q3 2026 report |
| Scotiabank | 61.1% | 56% average LTV on uninsured portfolio | Scotiabank Q3 2026 report (Table T24) |
New uninsured lending averages 61% to 70% loan-to-value, inside the 80% ceiling on uninsured residential lending that TD’s report describes. Scotiabank writes the lowest-LTV new uninsured mortgages, 61.1%, and reports that variable-rate loans make up 36% of its Canadian mortgage portfolio. CIBC’s uninsured Greater Toronto portfolio carries an indexed LTV of 62%, up from 58% at October 31, 2025. At TD, 4.1% of Canadian mortgages have a remaining amortization above 30 years on current payments, mostly variable-rate loans whose payments did not keep pace with past rate increases.
Sarah Davis: The map says what the national averages hide. Four out of every five mortgage dollars at the Big Six carry no default insurance, and three-quarters of that uninsured exposure sits in the two provinces with the highest prices. The UMM puts a number on who is most exposed: CIBC lends four times its equity in uninsured Canadian mortgages and Scotiabank three times, both with the bulk of it in Ontario. A rising Toronto LTV is the line to watch, because it moves before arrears do.
What Is the Bank of Canada Interest Rate in 2026?
The Bank of Canada held its target for the overnight rate at 2.25% on September 2, 2026, with the Bank Rate at 2.5% and the deposit rate at 2.20%, according to its rate announcement. The Bank said CPI inflation had been hovering around 3% on higher gasoline prices, with inflation excluding gasoline at 2.2% in July, and that GDP grew 3.3% in the second quarter.
| Indicator | Value | As of | Source |
|---|---|---|---|
| Target for the overnight rate | 2.25% | September 2, 2026 | Bank of Canada |
| Bank Rate | 2.5% | September 2, 2026 | Bank of Canada |
| Deposit rate | 2.20% | September 2, 2026 | Bank of Canada |
| CPI excluding gasoline | 2.2% | July 2026 | Bank of Canada |
| Real GDP growth | 1.7% | 2025 | Statistics Canada |
| Household saving rate | 4.9% | 2025 | Statistics Canada |
For how rate cuts reached savers and borrowers in other systems, see the Axis UK banking statistics and US banking statistics pages.
Is My Money Safe in a Canadian Bank? CDIC Coverage in 2026
The Canada Deposit Insurance Corporation insures eligible deposits at member institutions up to $100,000 per category, principal and interest combined, across nine separate categories, according to CDIC. CDIC says it protects more than $1 trillion of deposits.
| CDIC coverage category | Limit | Source |
|---|---|---|
| Single-name deposits | $100,000 | CDIC |
| Joint deposits | $100,000 | CDIC |
| RRSP | $100,000 | CDIC |
| RRIF | $100,000 | CDIC |
| TFSA | $100,000 | CDIC |
| RDSP | $100,000 | CDIC |
| RESP | $100,000 | CDIC |
| FHSA | $100,000 | CDIC |
| Trust deposits | $100,000 | CDIC |
The categories are counted separately, so a depositor with an RRSP, a TFSA and a regular account at the same member bank can be covered for more than $100,000 in total. The limit applies per member institution, so the OSFI register is the place to check which legal entity holds a given deposit. How deposit protection played out in actual bank failures is tracked on the Axis bank failures page.
Sarah Davis: The single most useful fact about CDIC is that the limit stacks. A saver with a regular account, an RRSP, a TFSA and an FHSA at one member is insured in four categories, not once. The question to ask before moving a large balance is not which brand holds it but which member institution does.
What Would Change These Numbers Before Year-End 2026?
The Big Six’s fiscal fourth-quarter and full-year results will reset the scorecard, the BSRI and the segment shares. The Bank of Canada’s remaining 2026 rate decisions will move the policy-rate table. OSFI’s December buffer review will move the 11.0% floor that anchors the BSRI capital component, and OSFI updates its register of regulated institutions monthly. BMO’s divestitures and the RBC-BMO sale of Moneris, which RBC expects to close by the end of its first quarter of 2027 with a C$475 million after-tax gain, will also flow through Q4 and Q1 results.
For deeper context, the Axis Swiss banking statistics page measures systemic bank size against GDP, the private banking statistics page ranks the wealth franchises that drive RBC’s and National Bank’s fee growth, and the European banking statistics, digital banking statistics and banking fraud statistics pages cover the rest of the banking picture.
Methodology
Scope. This page covers banks regulated by OSFI and the six domestic systemically important banks at group level. Register counts are as of October 3, 2026; bank financials are for the fiscal quarter ended July 31, 2026, with comparatives for the quarter ended July 31, 2025; policy rates as of September 2, 2026; the deposit insurance framework as of CDIC’s September 8, 2026 page.
Sources. Every figure was fetched from its publisher on October 14, 2026: the OSFI Who we regulate open-data file; the OSFI Domestic Stability Buffer release of June 19, 2026; the Bank of Canada September 2, 2026 rate announcement; Statistics Canada’s February 27, 2026 GDP release and Table 36-10-0104-01 (released August 28, 2026); CDIC’s coverage page; the FSB’s 2025 G-SIB list; and the Q3 2026 reports, earnings releases and MD&A of RBC, TD, Scotiabank, BMO, CIBC and National Bank, using the version filed with the SEC where available. No figure comes from a ranking publisher, an aggregator or memory.
Formulas.
- Big Six totals = sum of the six reported figures. Shares = bank value ÷ Big Six total × 100.
- Net income change = Q3 2026 reported net income ÷ Q3 2025 reported net income − 1.
- Loan-to-deposit ratio = net loans ÷ total deposits × 100.
- CET1 headroom = reported CET1 ratio − 11.0%.
- PCL ratio (Axis uniform) = Q3 provision for credit losses × 4 ÷ period-end net loans × 100.
- BSRI = 0.35 × clamp((CET1 − 11.0) ÷ 4.0 × 100) + 0.25 × clamp((0.70 − PCL ratio) ÷ 0.50 × 100) + 0.20 × clamp((70 − efficiency ratio) ÷ 25 × 100) + 0.20 × clamp((ROE − 8) ÷ 10 × 100), where clamp bounds each component between 0 and 100.
- Foreign banking segment share = dedicated U.S. or international banking segment net income ÷ sum of operating segments excluding the corporate segment.
- Big Six mortgage map = sum of insured and uninsured residential mortgages (excluding HELOC) by region from each bank’s B-20 table, mapped to five regions: Prairies = Alberta + Saskatchewan + Manitoba (TD’s Prairies include the Northwest Territories; BMO’s “All other Canada” is assigned to the Prairies); National Bank’s New Brunswick and other provinces are assigned to Atlantic.
- Assets to GDP = Big Six total assets ÷ mean of Statistics Canada’s nominal GDP at seasonally adjusted annual rates for Q3 2025 to Q2 2026 (C$3,327,882 million). Mortgages to GDP uses the same denominator.
- Uninsured Mortgage Multiple (UMM) = uninsured Canadian residential mortgages ÷ common shareholders’ equity.
- Every calculation was run in code before entering the text.
Scope notes. Bank figures are consolidated group totals that include foreign operations, and each bank defines adjusted results, efficiency and segment perimeters in its own way. The BSRI uses reported figures for comparability, with BMO’s adjusted figures shown as a sensitivity. Group assets include foreign operations, so assets to GDP measures the banks’ scale relative to the Canadian economy, not domestic lending. In the mortgage map, regional groupings differ slightly by bank, CIBC reports in C$ billions to one decimal, and National Bank’s figures cover retail mortgages and exclude C$22.4 billion of non-retail residential mortgages not split by region. Calculations declined and published as retracted rows: a Big Six employee total and a comparable foreign segment share for RBC.
BSRI. Components, weights and anchors are fixed so readings stay comparable from quarter to quarter. Any future change will be announced with a re-based series.
About This Dataset
The fact table behind this page, canadian-banking-statistics.csv, holds 504 rows: OSFI register counts by section, Bank of Canada, OSFI, CDIC, FSB and Statistics Canada indicators, a full Q3 2026 scorecard for each of the Big Six with prior-year comparatives, segment net income for all six, BSRI components, scores and ranks, foreign segment shares, the Big Six provincial mortgage map with insured and uninsured balances by bank and region, UMM readings, Statistics Canada GDP levels with assets-to-GDP ratios, Big Six totals and declined calculations. Each row carries the value, unit, as-of date, geography, segment, source organization, document, URL, retrieval date, a primary-source flag, an Axis-calculated flag and a method note for every calculated row.
- License: CC BY 4.0. Free to reuse with attribution to Axis Intelligence Research.
- Mirrors: Hugging Face, Kaggle and GitHub under the same file name.
- Citation line: Axis Intelligence Research, Canadian Banking Statistics 2026, 2026.
Cite This Page
APA: Axis Intelligence Research, & Davis, S. (2026, October 14). Canadian banking statistics 2026: How many banks Canada has, the Big Six ranked and the Big Six Resilience Index. Axis Intelligence. https://axis-intelligence.com/canadian-banking-statistics/
MLA: Axis Intelligence Research, and Sarah Davis. “Canadian Banking Statistics 2026: How Many Banks Canada Has, the Big Six Ranked and the Big Six Resilience Index.” Axis Intelligence, 14 Oct. 2026, axis-intelligence.com/canadian-banking-statistics/.
Chicago: Axis Intelligence Research, and Sarah Davis. “Canadian Banking Statistics 2026: How Many Banks Canada Has, the Big Six Ranked and the Big Six Resilience Index.” Axis Intelligence, October 14, 2026. https://axis-intelligence.com/canadian-banking-statistics/.
Canadian Banking, Answered With Data
Which is the biggest bank in Canada in 2026?
Royal Bank of Canada, with C$2,498.8 billion of assets at July 31, 2026, 26.3% of the Big Six total, according to Axis Intelligence Research. TD is second at C$2,111.9 billion. RBC also earned the most, C$6,024 million in its fiscal third quarter.
How many banks operate in Canada?
78 banks are regulated by OSFI as of October 3, 2026: 34 domestic banks, 15 foreign bank subsidiaries, 27 full-service foreign bank branches and 2 lending branches, according to Axis Intelligence Research’s count of the OSFI register.
Which Canadian bank is the safest by capital?
TD, with a 14.3% CET1 ratio at July 31, 2026, 3.3 points above OSFI’s 11.0% expectation for the Big Six. BMO has the smallest buffer at 13.0%. All six exceed the regulatory floor.
How much did Canada’s Big Six banks earn in Q3 2026?
C$19,058 million of reported net income in the quarter ended July 31, 2026, up 13.7% from a year earlier, according to Axis Intelligence Research. Nine-month profit reached C$56,749 million.
What did OSFI’s 2026 Domestic Stability Buffer cut change?
OSFI lowered the buffer to 3.0% from 3.5% on June 19, 2026, cutting the minimum CET1 ratio it expects from the Big Six to 11.0%. OSFI says the change releases roughly $74 billion of capital cushion.
Are my RRSP and TFSA covered separately by CDIC?
Yes. CDIC insures each of nine categories, including RRSPs, TFSAs, FHSAs and single-name deposits, separately up to $100,000 per member institution, principal and interest combined.
How many Canadian mortgages are uninsured?
Across the Big Six, 79.1% of C$1,558.1 billion of Canadian residential mortgages were uninsured at July 31, 2026, according to Axis Intelligence Research. The insured share is lowest in B.C. and the territories, 14.0%, and in Ontario, 15.1%.
Which Canadian bank has the most exposure to uninsured mortgages?
CIBC, on the Axis Uninsured Mortgage Multiple: its C$236.7 billion of uninsured Canadian mortgages equal 4.00 times its C$59.1 billion of common equity. Scotiabank follows at 3.01 times and RBC at 2.86 times; BMO is lowest at 1.58 times.
What is the Big Six Resilience Index (BSRI)?
The BSRI is an Axis Intelligence Research score from 0 to 100 that rates each Big Six bank on CET1 headroom (35%), credit losses (25%), efficiency (20%) and return on equity (20%). The July 31, 2026 baseline averages 61.8, led by TD at 76.8.
What is the Bank of Canada’s interest rate now?
2.25%, held on September 2, 2026, with the Bank Rate at 2.5% and the deposit rate at 2.20%, according to the Bank of Canada.