This sector engages in financial transactions that involve the creation, liquidation, or change in ownership of financial assets, or in facilitating financial transactions.
They raise funds by taking deposits and/or issuing securities, and, in the process, incur liabilities, which they use to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk.
The financial services industry is a major engine of economic growth and supports hundreds of thousands of direct and indirect jobs for the Ontario economy. Rapid consolidation, regulatory improvement and revolutionary technology-driven change are re-shaping the global financial services industry. Canada’s finance and insurance sector attracted $5.4 billion in foreign direct investment and Ontario is home to Canada’s top five banks.