List of trust and loan companies in Canada

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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]

Contents

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

Bank of Nova Scotia

Canadian Imperial Bank of Commerce

Royal Bank of Canada

Toronto-Dominion Bank

Other subsidiary trust companies

Independent trust companies

Defunct trust companies

CompanyOriginEstablishedDisestablishedFate
Acadia Trust CompanyTruro19181961Acquired by the Montreal Trust Company
Agricultural Savings and Loan CompanyLondon3 May 18721911Acquired by the Ontario Loan & Debenture Company
Atlantic Trust Company of Canada
Bankers' Trust CompanyMontreal20 May 1905Acquired by Royal Trust
Barclays Trust Company of CanadaMontreal11 March 19311957Acquired by Royal Trust
Brantford Trust CompanyBrantford16 December 190731 August 1927Acquired by Canada Permanent Trust
British Canadian Trust CompanyLethbridge19011961Failed; assets acquired by Canada Trust
British Columbia Permanent Loan CompanyVancouver12 March 19091927Acquired by Canada Permanent Mortgage
British Mortgage & Trust CompanyStratford5 October 187726 September 1965Acquired by Victoria and Grey Trust
British Western Trust CorporationRegina3 January 1913
Brockville Trust & Savings CompanyBrockville11 May 18851955Acquired by the Montreal Trust Company
Building and Loan Association15 December 1899Merged with Union Loan to form the Toronto Mortgage Company
Canada Landed and National Investment Company LimitedToronto12 February 189130 December 1927Acquired by Canada Permanent Mortgage
Canada Landed Credit Company185812 February 1891Merged with National Investment Company to form Canada Landed and National Investment Company
Canada Permanent Mortgage Corporation Toronto1 March 185531 December 1985Merged into Canada Trustco Mortgage Corporation
Canada Permanent Trust Toronto7 March 191331 December 1985Merged into Canada Trust
Canadian Financiers Trust CompanyVancouver1907
Canadian Guaranty Trust CompanyBrandon1906
Canadian First Mortgage Corporation27 September 196331 October 1980Acquired by Victoria and Grey
Canadian Mortgage Investment CompanyToronto
Canadian Savings & Loan CompanyLondon2 September 187529 December 1905Acquired by Huron & Erie
Canadian Trust CompanyMontreal19051957Acquired by the Montreal Trust Company
CanWest Trust Company of Canada
Capital Trust Corporation, LimitedOttawa1 April 191212 June 1947Acquired by Guaranty Trust
Central and Eastern TrustHalifax21 July 19761 March 1981Merged with Federal Trust to become the Central Trust Company
Central and Nova Scotia TrustHalifax197421 July 1976Merged with Eastern Canada Savings to form Central and Eastern Trust
Central Canada Loan and Savings CompanyToronto7 March 1884
Central Guaranty TrustHalifax31 December 198831 December 1992Falied
Central Trust CompanyHalifax1 March 198131 December 1988Merged with Guaranty Trust, Yorkshire Trust, and Nova Scotia Savings to form Central Guaranty Trust
Central Trust Company of CanadaMoncton24 April 19201974Merged with Nova Scotia Trust to form Central and Nova Scotia Trust
Chartered Trust CompanyToronto20 July 190529 November 1963Merged with Eastern Trust to form Eastern & Chartered Trust
Colonial Investment and Loan CompanyToronto14 June 19001928Liquidated
Commercial Trust CompanyHalifax1907Acquired by the Montreal Trust Company
Community Trusts CorporationChatham26 April 19289 April 1938Acquired by Canada Trust
Consolidated Trusts CorporationLondon25 June 190321 January 1930Acquired by Canada Trust
County Savings and Loan Company26 November 196430 June 1974Merged with Federal Trust and Savings to form the Federal Trust Company
Crédit foncier franco-canadienMontreal24 July 18801 January 1987Acquired by the Montreal Trust Company
Crown Savings and Loan CompanyPetrolia30 January 188224 December 1935Acquired by the Industrial Mortgage and Trust Company
Crown Trust Company Montreal29 May 190921 May 1946Acquired by Trusts & Guarantee, which became Crown Trust and Guarantee, and later Crown Trust
Debenture Company of Canada, LimitedRegina1914
Dominion Savings & Investment SocietyLondon20 April 187229 August 1922Acquired by Huron & Erie
Dominion Trust CompanyVancouver1 April 19121943
East Lambton Farmers' Loan and Savings CompanyForest19 December 18911934Acquired by the Industrial Mortgage and Trust Company
Eastern & Chartered Trust CompanyToronto29 November 196320 December 1967Acquired by Canada Permanent Trust
Eastern Canada Savings and Loan CompanyHalifax11 November 188721 July 1976Merged with Central and Nova Scotia Trust to form Central and Eastern Trust
Eastern Trust Company Halifax189329 November 1963Merged with Chartered Trust to form Eastern & Chartered Trust
Empire Loan CompanyWinnipeg8 February 1904
Equitable Trust CompanyWinnipeg10 April 1958Acquired by Guaranty Trust
Federal Trust Company30 June 19741976Merged with Central and Eastern Trust to become Central Trust
Federal Trust and Savings Company4 October 197230 June 1974Merged with County Savings and Loan to form the Federal Trust Company
Fidelity Trust CompanyWinnipeg19091983Failed
Fidelity Trusts Company of OntarioLondon23 March 191030 June 1941Moved to Niagara Falls in 1928. Acquired by Guaranty Trust.
Financial Trust Company1988Failed
Fort Garry Trust CompanyWinnipeg1 October 1982Acquired by Fidelity Trust
Great West Permanent Loan CompanyWinnipeg19 May 19091927Liquidated
Grey and Bruce Loan CompanyOwen Sound10 May 18898 April 1926Merged with Owen Sound Loan and Savings to form Grey and Bruce Trust and Savings
Grey and Bruce Trust and Savings CompanyOwen Sound8 April 19269 November 1950Merged with Victoria Trust to form Victoria and Grey Trust
Guaranty Trust CompanyWindsor12 June 192531 December 1988Merged with Central Trust, Yorkshire Trust, and Nova Scotia Savings to form Central Guaranty Trust
Guelph and Ontario Investment and Savings SocietyGuelph19 January 18761 December 1949Acquired by Huron & Erie
Guelph Trust CompanyGuelph26 May 19171 December 1949Acquired by Canada Trust
Halton and Peel Trust and Savings CompanyOakville20 January 195530 June 1971Acquired by Waterloo Trust
Hamilton Provident & Loan SocietyHamilton6 June 187113 October 1926Acquired by Huron & Erie
Hamilton Trust and Savings Corp.Hamilton4 July 196331 December 1977Acquired by Canada Permanent Trust
Huron & Erie Mortgage CorporationLondon15 March 18641 January 2005Renamed Canada Trustco Mortgage Corporation in 1976. Merged with its subsidiary Canada Trust, which continued.
Huron and Lambton Loan & Savings CompanySarnia1 November 18774 January 1907Acquired by Lambton Loan & Investment
Imperial Canadian Trust CompanyWinnipeg24 March 19111927Liquidated
Imperial Trust CompanyMontreal
Imperial Trusts Company of CanadaToronto23 June 188724 April 1934Acquired by Premier Trust
Industrial Mortgage and Trust CompanySarnia20 August 188917 July 1969Acquired by Royal Trust
Interior Trust CompanyWinnipeg6 March 1918Acquired by Mutual Life; became Mutual Trust Company in 1985. Now Sun Life Financial Trust.
International Savings & Mortgage CorporationWinnipeg11 May 1920Acquired by Metropolitan Trust
Kent Trust & Savings CompanyChatham12 December 196330 June 1969Acquired by Metropolitan Trust
Lambton Loan & Investment CompanySarnia27 March 184731 October 1978Acquired by Victoria and Grey
Lambton Trust Company, LimitedSarnia26 April 192831 October 1978Acquired by Victoria and Grey
Landed Banking & Loan CompanyHamilton15 December 187618 October 1944Acquired by Canada Permanent Mortgage
Lincoln Trust and Savings CompanyNiagara Falls4 March 196410 December 1976Acquired by Canada Trust
London and Western Trusts CompanyLondon17 September 189613 February 1947Acquired by Canada Trust
London Loan & Savings Company of CanadaLondon2 May 187729 August 1929Acquired by Huron & Erie
London Permanent Building & Savings SocietyLondon18 March 1895Acquired by Huron & Erie
Manitoba Trust CompanyWinnipeg1896July 1900Acquired by National Trust
Marcil Trust Company
Maritime Trust CompanySaint John6 April 191118 April 1958Acquired by the Montreal Trust Company
Mercantile Trust Company of Canada, LimitedHamilton1907August 1924Acquired by National Trust
Metropolitan Trust CompanyToronto7 June 196227 June 1968Acquired by York Trust, which continued under the Metropolitan Trust name.
Midland Loan and Savings CompanyPort Hope5 July 18724 December 1947Acquired by Canada Permanent Mortgage
Montreal Loan and Mortgage CompanyMontreal1946Acquired by Canada Permanent Mortgage
Mortgage Corporation of Nova Scotia19001945Acquired by Eastern Canada Savings & Loan
National Investment Company of Canada21 August 18821891Merged with the Canada Landed Credit Company to form the Canada Landed and National Investment Company
Niagara Falls Loan and Savings CompanyNiagara Falls5 March 189413 January 1944Acquired by Guaranty Trust
North American Trust CompanyAcquired by Trust général du Canada
Northern Trusts CompanyWinnipeg19021947Acquired by the Montreal Trust Company
Nova Scotia Savings & Loan CompanyHalifax19641988Merged with Central Trust, Guaranty Trust, and Yorkshire Trust to form Central Guaranty Trust
Nova Scotia Trust CompanyHalifax3 May 19121974
Okanagan Trust CompanyKelowna27 March 1961Acquired by Royal Trust
Ontario Investment AssociationLondonMay 1880
Ontario Loan and Debenture CompanyLondon26 September 18701968Acquired by Royal Trust
Osler & Nanton Trust CompanyWinnipeg191125 March 1954Acquired by Toronto General Trusts
Ottawa Trust and Deposit CompanyOttawa23 January 18961903Acquired by Toronto General Trusts
Ottawa Valley Trust CompanyOttawa18 December 194519 June 1952Acquired by Toronto General Trusts
Owen Sound Loan and Savings CompanyOwen Sound1 April 18898 April 1926Merged with Grey and Bruce Loan to form Grey and Bruce Trust and Savings
Peoples Loan & Savings CorporationLondon22 June 189217 January 1931Acquired by Huron & Erie
Premier Trust CompanyLondon2 April 19131983Acquired by Victoria and Grey
Prenor Trust Company
Prince Edward Island Trust CompanyCharlottetown19301957Acquired by the Montreal Trust Company
Provident Investment CompanyToronto2 November 18931967Acquired by Western Savings and Loan
Prudential Trust Company, LimitedMontreal1909
Quebec Savings and Trust CompanyMontreal23 March 1936Acquired by Chartered Trust
Real Estate Loan Company of Canada LimitedToronto17 September 18792 February 1945Acquired by Canada Permanent Mortgage
Reliance Loan and Savings Company of OntarioToronto2 March 189321 April 1913Merged with Standard Loan to form Standard Reliance Mortgage
Royal Loan and Savings CompanyBrantford24 March 18764 March 1927Acquired by Canada Permanent Mortgage
Royal Standard Loan CompanyLondonAugust 1877Acquired by London Loan
Saskatchewan General Trusts CorporationRegina26 January 1911
Saskatchewan Loan and Investment CompanyMoose Jaw17 December 1906
Saskatchewan Mortgage and Trust CompanyRegina19081928Acquired by Toronto General Trusts
Security Loan & Savings CompanySt Catharines12 March 187023 June 1937Acquired by Premier Trust
Sherbrooke Trust CompanySherbrookeAcquired by Trust général du Canada
Southern Loan & Savings CompanySt Thomas31 May 1927Acquired by Huron & Erie
Standard Loan CompanyOrangeville14 February 187321 April 1913Merged with Reliance Loan and Savings to form Standard Reliance Mortgage
Standard Reliance Mortgage CorporationToronto21 April 19131919Falied?
Standard Trusts CompanyWinnipeg18 December 1929Acquired by London & Western
Sterling Trusts CorporationRegina19 May 1911Moved to Toronto in 1913. Acquired by Trust général du Canada.
Toronto General Trusts Toronto2 March 187230 November 1961Merged into Canada Permanent
Toronto Mortgage CompanyToronto15 December 189926 February 1959Acquired by Canada Permanent Mortgage
Toronto Savings & Loan CompanyPeterborough15 June 18851946Acquired by Grey & Bruce
Traders Trust CompanyWinnipeg
Trusts & Guarantee Company of Canada Toronto24 February 18971983Changed name to Crown Trust and Guarantee on 21 May 1946, and to Crown Trust on 23 December 1947. Failed in 1983.
Trust & Loan Company of CanadaLondon, England18451978Formed by Royal Charter. Renamed Toronto and London Investment Company in 1951. Acquired by Slater, Walker of Canada.
Trust général du Canada
Trusts Corporation of Ontario27 December 18881899Acquired by Toronto General Trusts
Union Loan and Savings CompanyToronto15 December 1899Merged with the Building and Loan Association to form the Toronto Mortgage Company
Union Trust CompanyToronto7 August 190130 December 1933Acquired by the Trusts & Guarantee Company of Canada
United Trust Company13 August 196431 March 1977Acquired by Royal Trust
Valiant Trust Company
Vanguard Trust of Canada
Victoria & Grey Trust CompanyLindsay9 November 195031 August 1984Acquired by National Trust
Victoria Trust & Savings CompanyLindsay4 September 18979 November 1950Merged with Grey and Bruce Trust to form Victoria and Grey Trust
Waterloo Trust and Savings CompanyWaterloo7 April 1913Acquired by Canada Trust
Wellington Trust Company1 January 1992Acquired by the Montreal Trust Company
Western Counties Permanent Building & Savings Society1866Acquired by Huron & Erie
Winnipeg General Trusts CompanyWinnipeg18991902Acquired by Toronto General Trusts
York Trust & Savings CorporationToronto11 October 196231 October 1978Renamed Metropolitan Trust in 1968. Acquired by Victoria and Gray.
Yorkshire Trust CompanyHuddersfield, England188831 December 1988Merged with Central Trust, Guaranty Trust, and Nova Scotia Savings to form Central Guaranty Trust

See also

References

  1. ↑ Patricia Best and Ann Shortell, A Matter of Trust: Power and Privilege in Canada's Trust Companies, (Viking, 1985), 1.
  2. ↑ E. P. Neufeld, The Financial System of Canada: Its Growth and Development, (Macmillan of Canada, 1972), 48.
  3. ↑ Philip Smith, The Trust-Builders: The Remarkable Rise of Canada Trust, (Macmillan of Canada, 1989), 50.
  4. ↑ Report of the Royal Commission on Banking and Finance, (Queen's Printer, 1964), 563.
  5. ↑ Branch, Legislative Services (2024-01-01). "Consolidated federal laws of Canada, Trust and Loan Companies Act". laws-lois.justice.gc.ca. Retrieved 2024-07-08.
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