What are the Big 5 banks in Canada?

The big 5 banks in Canada include the Royal Bank of Canada (RBC), the Bank of Nova Scotia (Scotiabank), the Bank of Montreal (BMO), the Canadian Imperial Bank of Commerce (CIBC), and the Toronto Dominion Bank (TD). The 6th biggest bank is National Bank of Canada and you’ll sometimes hear people refer to all of these banks as the "big 6 banks."

What is a big five bank?

When people refer to the Big Five, they really do mean the five largest banks in Canada. How these banks stack up against each other can fluctuate based on how they’re being ranked — by earnings, total assets, or market capitalization — but the Big Five tend to dwarf all other Canadian banks in every major category.

What is a 'big six bank'?

Occasionally, the term "Big Six Banks" is used, with the sixth bank referring to the National Bank of Canada. The "Big Five" refers to Canada's five largest banks, which dominate the country's financial sector.