10 Biggest Companies in Canada by Market Capitalization

Canada’s economic landscape is significantly shaped by its leading corporations, which drive development, innovation, and market leadership. Market capitalization-wise, the biggest companies in Canada span a wide range of industries, including technology, energy, transportation, and finance. Among these influential entities are the Royal Bank of Canada, a cornerstone of the banking industry, and Enbridge Inc., a major player in the energy sector.

In addition to these financial and energy giants, Canada’s economy is bolstered by innovative technology companies like Shopify Inc., known for its pioneering e-commerce platform, and industrial leaders such as the Canadian National Railway Company, a key player in transportation. These companies’ strategic positions and leadership highlight the extensive and dynamic nature of Canada’s business environment. Their contributions underscore the nation’s strength and resilience, reinforcing Canada’s reputation as a hub of industrial and technological advancement on the global stage.

In this article, we will have a look at the ten biggest companies in Canada by market capitalization.

10 Canada’s Biggest Companies

The ten biggest countries in Canada are mentioned below:

• Royal Bank of Canada
• Toronto-Dominion Bank
• Enbridge Inc.
• Shopify Inc.
• Canadian National Railway Company
• Bank of Nova Scotia 
• Canadian Pacific Railway Limited 
• Brookfield Asset Management Inc.
• Thomson Reuters Corporation
• Enbridge Inc.

1. Royal Bank of Canada

The Royal Bank of Canada (RBC), founded in 1864, is a global financial powerhouse and the largest bank in Canada by market capitalization. Based in an iconic building in Toronto, RBC is celebrated for its reliable, innovative, and superior financial services. Its substantial market presence, both domestically and internationally, underscores its significant market value. RBC’s wide array of services spans capital markets, investment services, wealth management, insurance, and personal and business banking, serving a diverse clientele that includes individuals, small businesses, global corporations, and institutional investors.

Market capitalization, a key measure of a public company’s size, is determined by multiplying the share price by the total number of outstanding shares. RBC’s market value of $137.14 billion showcases its formidable position in the financial sector.

RBC dominates the Canadian banking industry, reaching millions of clients through an extensive network of branches, ATMs, and online services. Its commitment to responsible banking practices, innovation, and customer satisfaction has cultivated a robust reputation and strong brand loyalty among Canadians.

Internationally, RBC has expanded into major financial centers in the US, Europe, Asia, and the Caribbean. Through strategic acquisitions, partnerships, and organic growth, the bank has diversified its revenue streams and strengthened its global presence.

Investor confidence in RBC’s financial health, strategic vision, and adaptability to market changes is evident in its high market capitalization. The bank’s consistent performance, prudent risk management, and long-term wealth generation focus have established it as a cornerstone of Canada’s financial industry and a barometer of the nation’s economic vitality.

2. Toronto-Dominion Bank

Toronto-Dominion Bank (TD Bank) is a leading force in North America’s financial services sector and one of Canada’s largest banks by market capitalization, valued at $105.35 billion. Established in 1955 from the merger of the Bank of Toronto and the Dominion Bank, TD Bank is headquartered in Toronto. It is renowned for its customer-focused solutions, innovation, and service quality.

TD Bank’s substantial market capitalization reflects its significant presence in both the US and Canada. The bank offers a comprehensive range of financial services, including capital markets operations, wealth management, insurance, and personal and business banking. It serves millions of individuals, small businesses, corporate clients, and institutional investors across North America through a vast network of branches, ATMs, and online banking platforms.

In Canada, TD Bank’s commitment to convenience, innovation, and customer service has earned it a strong reputation and brand loyalty among consumers. The bank’s extensive network ensures a broad reach, catering to diverse financial needs.

TD Bank has expanded its US presence through strategic acquisitions and organic growth, establishing itself in key cities, particularly along the East Coast. It provides a full spectrum of financial services to American households and businesses, focusing on community engagement, digital innovation, and enhancing the customer experience.

Investor confidence in TD Bank’s financial stability, strategic vision, and ability to deliver long-term shareholder value is evident in its high market capitalization. The bank’s consistent performance, prudent risk management, and commitment to ethical banking practices have solidified its status as a leader in the North American banking industry.

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3. Enbridge Inc.

Enbridge Inc., headquartered in Calgary, Alberta, is a leading energy infrastructure company in North America and one of Canada’s largest by market capitalization, valued at $72.76 billion. Founded in 1949, Enbridge has grown into a major energy transportation and distribution firm with operations in Canada and the US.

Enbridge’s market value underscores its significant role in the energy industry, particularly in the transportation and distribution of natural gas, crude oil, and renewable energy. The company operates an extensive network of pipelines, storage facilities, and renewable energy assets, ensuring the safe and efficient delivery of energy products across North America.

One of Enbridge’s core business segments is its liquid pipelines, which transport about 25% of North America’s crude oil. These pipelines are crucial for moving energy resources from production sites to refineries, distribution centers, and export terminals. Additionally, Enbridge’s natural gas transmission and distribution network provides clean, affordable natural gas to millions of customers and businesses.

Recently, Enbridge has invested heavily in hydroelectric, solar, and wind energy projects, reflecting its commitment to sustainability and reducing environmental impact. These renewable energy assets support a diversified energy portfolio and the transition to a lower-carbon economy.

Enbridge’s strong market capitalization is a testament to investor confidence in its solid financial performance, strategic investments, and adherence to regulatory compliance, environmental stewardship, and safety. The company’s track record of consistent returns, dividend growth, and long-term wealth creation has established it as a leader in the energy infrastructure sector.

4. Shopify Inc.

Shopify Inc., headquartered in Ottawa, Ontario, is a leading global e-commerce solutions provider and one of Canada’s top companies by market value, currently at $116.56 billion. Since its inception in 2006, Shopify has rapidly grown to become a pivotal player in the digital economy, empowering businesses and entrepreneurs worldwide to create and manage online stores easily.

Shopify’s significant market impact is underscored by its market value. The company’s innovative platform provides a comprehensive suite of tools and services that enable merchants to efficiently set up, customize, and operate their online storefronts. Shopify’s user-friendly features, robust payment processing capabilities, and seamless integration with third-party apps allow businesses to expand their operations and reach customers globally.

Shopify is a notable Canadian software success story. Its market capitalization reflects investor confidence in the company’s ability to innovate, adapt to changing market conditions, and sustain a strong business model. The company’s consistent revenue growth, expanding user base, and strategic acquisitions have driven its impressive stock market performance.

Beyond financial success, Shopify’s market capitalization signifies its broader influence on entrepreneurship, job creation, and economic growth both in Canada and globally. By democratizing access to e-commerce tools and resources, Shopify has enabled countless individuals and small businesses to pursue their entrepreneurial dreams and thrive in the digital age.

5. Canadian National Railway Company

The Canadian National Railway Company (CN Rail), headquartered in Montreal, Quebec, is one of Canada’s largest firms by market capitalization, valued at $82.54 billion in 2024. Established in 1919, CN Rail has evolved into one of North America’s largest and most efficient freight railway networks.

CN Rail’s significant market capitalization highlights its crucial role in the transportation sector, particularly in the movement of goods across North America. The company’s extensive network connects key industrial cities, ports, and distribution hubs in both Canada and the United States, facilitating the transport of a diverse range of commodities, including minerals, consumer goods, and more.

As a vital part of the supply chain, CN Rail plays a pivotal role in promoting trade and commerce throughout North America. Its reliable and efficient transportation services drive regional development, job creation, and economic growth in the areas it serves. Customers, investors, and stakeholders highly regard CN Rail for its commitment to environmental sustainability, operational excellence, and safety.

Investor confidence in CN Rail is reflected in its market capitalization, which underscores the company’s potential for consistent financial performance and long-term value creation. With strategic investments in infrastructure, technology, and capacity expansion, CN Rail is well-positioned to succeed in a competitive industry and ensure its continued importance in the North American transportation landscape.

6. Bank of Nova Scotia 

Established in 1832, the Bank of Nova Scotia, commonly known as Scotiabank, is a prominent financial institution in Canada with a long and distinguished history. Over the years, Scotiabank has grown into a major player in the global banking industry, offering a comprehensive array of financial services to individuals, corporations, and institutions in over 50 countries. As of 2024, Scotiabank’s market capitalization stands at $57.06 billion.

Scotiabank’s core business operations emphasize exceptional client service and innovative financial solutions. The bank has built a solid reputation for reliability, stability, and integrity by adopting a customer-centric approach. This focus on client satisfaction has enabled Scotiabank to form lasting relationships with millions of customers worldwide, contributing to its continued growth and success.

One of Scotiabank’s main competitive advantages is its diverse business strategy, which includes wealth management, capital markets, retail banking, and commercial banking. This diversity not only reduces risks but also provides multiple revenue streams, allowing the bank to thrive in various market conditions. Scotiabank has strategically increased its market share in key regions, including the US, Mexico, the Caribbean, Central America, and South America.

With a global presence, Scotiabank is well-positioned to meet the diverse needs of clients in both developed and emerging economies. Its strong financial performance, marked by a solid balance sheet, prudent risk management practices, and strategic capital allocation, has earned the trust of investors and led to a steadily rising market capitalization.

7. Canadian Pacific Railway Limited 

Canadian Pacific Railway Limited (CP Rail) is a prominent transportation corporation in Canada, renowned for its extensive rail network and vital role in facilitating commerce between Canada and North America. Founded in 1881, CP Rail has evolved into one of the continent’s leading railroads, providing reliable and efficient freight transportation services that connect key markets and industries. As of 2024, CP Rail’s market capitalization is $79.51 billion, placing it 197th in the global market.

The backbone of CP Rail’s success is its vast rail network, which spans thousands of miles across Canada and into the United States. This expansive network allows CP Rail to service a wide array of industries, including manufacturing, consumer goods, energy, and agriculture. By offering cost-effective and efficient freight transportation solutions, CP Rail plays a crucial role in enhancing supply chain efficiency and driving economic growth across North America.

CP Rail’s dedication to innovation and operational effectiveness is one of its key benefits. Through strategic investments in technology, infrastructure upgrades, and efficiency initiatives, CP Rail continuously enhances its service offerings and strengthens its competitive position. Utilizing advanced technologies like precision railroading, CP Rail optimizes its operations, improves asset utilization, and increases the overall efficiency of its rail network.

CP Rail’s financial performance underscores its resilience and stability as a major force in the transportation industry. With a strong track record of profitability and prudent financial management, CP Rail delivers sustained value to its shareholders while reinvesting in its business for future growth and sustainability.

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8. Brookfield Asset Management Inc.

Brookfield Asset Management Inc., headquartered in Toronto, Canada, is a global leader in alternative asset management. Renowned for its expertise in identifying, developing, and managing high-quality assets, Brookfield’s diverse portfolio includes real estate, infrastructure, renewable energy, and private equity investments. As of 2024, Brookfield’s market capitalization is $15.84 billion, placing it 1102nd globally.

Brookfield’s market capitalization reflects investor confidence in its capacity to generate wealth and deliver attractive returns across various investment platforms. Disciplined investment principles, operational expertise, and a long-term investment perspective underpin the firm’s success. Brookfield excels in acquiring distressed or undervalued assets, enhancing them through proactive management and operational improvements, and ultimately creating long-term value for investors.

A key strength of Brookfield is its extensive business network and global reach. With a team of seasoned investment professionals and offices in major financial centers worldwide, Brookfield has a significant presence in both developed and emerging markets. This global footprint enables Brookfield to identify and capitalize on investment opportunities across various sectors and regions, thereby diversifying risk and maximizing returns.

Brookfield’s financial performance consistently demonstrates its ability to deliver solid and reliable results. Through disciplined investing and a diversified portfolio, Brookfield has achieved strong risk-adjusted returns for its clients, even in challenging market conditions. This track record has established Brookfield as a trusted steward of capital and a preferred partner for institutional investors, pension funds, and individual investors alike.

9. Thomson Reuters Corporation

Thomson Reuters Corporation, a global powerhouse in the information and technology sector, is headquartered in Toronto, Canada. Established from the merger of Thomson Corporation and Reuters Group PLC in 2008, the company has become a leading provider of data, analytics, and solutions to professionals in various industries worldwide. As of 2024, Thomson Reuters boasts a robust market capitalization, underscoring its significant presence in the global market.

Thomson Reuters operates through three main divisions: Legal Professionals, Corporates, and Tax & Accounting Professionals. These divisions offer a wide array of services, including legal research, financial data analysis, compliance solutions, and tax planning software. Its products and services are critical tools for professionals in law firms, corporate finance departments, accounting firms, and government agencies, enhancing productivity and decision-making processes.

The company’s success is rooted in its extensive database, cutting-edge technology, and deep industry expertise. Thomson Reuters continuously innovates to meet its clients’ evolving needs, leveraging artificial intelligence and machine learning to deliver actionable insights and improve operational efficiencies.

With a global workforce and presence in major financial centers, Thomson Reuters is positioned to serve a diverse clientele across the Americas, Europe, the Middle East, Africa, and Asia Pacific. Its commitment to integrity, accuracy, and innovation has solidified Thomson Reuters’ reputation as a trusted partner in providing reliable information and solutions to professionals worldwide.

10. Bank of Montreal

The Bank of Montreal (BMO), established in 1817 and headquartered in Montreal, Quebec, is one of Canada’s oldest and most respected financial institutions. With a market capitalization reflecting its stature, BMO is a key player in the Canadian banking sector and a prominent figure in North American finance.

BMO offers a comprehensive range of financial services through its personal and commercial banking, wealth management, and investment banking divisions. Its extensive network of branches and ATMs serves millions of customers across Canada and the United States, providing banking solutions tailored to individual, business, and institutional clients.

As a leading bank, BMO is known for its commitment to customer service, innovation, and community involvement. It has earned a reputation for financial stability and reliability, attributes that have contributed to its enduring success over the centuries.

BMO’s strategic initiatives include expanding its digital banking capabilities to enhance customer experience and operational efficiency. The bank also focuses on sustainable finance practices, supporting initiatives that promote environmental stewardship and social responsibility.

Financially, BMO has demonstrated resilience and profitability, navigating economic cycles while maintaining strong capital adequacy and risk management practices. Its consistent dividend payments and shareholder returns underscore its commitment to long-term value creation. Overall, BMO’s legacy of integrity, prudent management, and strategic vision has positioned it as a cornerstone of Canada’s financial industry and a trusted partner for its diverse clientele.

Final Words

In conclusion, the biggest companies in Canada exemplify robustness and leadership across diverse sectors, underpinning the country’s economic vitality on the global stage. From financial giants like Royal Bank of Canada and Toronto-Dominion Bank, which anchor the banking industry with innovation and stability, to pivotal players in transportation, such as Canadian National Railway Company and Canadian Pacific Railway Limited, each entity plays a critical role in facilitating commerce and infrastructure development. These firms not only contribute significantly to Canada’s economy but also exemplify resilience, strategic foresight, and commitment to sustainability, positioning them as pillars of strength in the international business landscape.

FAQs

Which Canadian Corporation Has the Highest Market Capitalization As of 2024? 

The Royal Bank of Canada leads with a market value of 142.03 billion Canadian dollars.

Which Corporation Holds the Top Global Ranking Based on Market Capitalization? 

Microsoft holds the top spot with a market capitalization of $2.95 trillion, followed by Alphabet ($1.77 trillion), Apple ($2.85 trillion), Saudi Arabian Oil ($2.00 trillion), and Amazon ($1.60 trillion).

What Is Canada’s Primary Source of Income?

Canada’s primary source of income is derived from international trade, which encompasses both exports and imports and collectively contributes approximately one-third to the country’s GDP. The United States, China, and the United Kingdom stand out as Canada’s largest trading partners. Alongside international trade, Canada’s economy is bolstered by its three largest industries: real estate, mining, and manufacturing. These sectors play pivotal roles in Canada’s economic landscape, providing significant contributions to employment, revenue generation, and overall economic stability.

Which Is Canada’s Richest Industry?

As of 2024, commercial banking, gasoline and petroleum, car dealing, oil drilling, and gas extraction are the biggest revenue-generating industries in Canada.

What Are the Primary Areas of Business Focus for the Royal Bank of Canada (RBC)? 

RBC specializes in financial services, encompassing capital markets, insurance, wealth management, and retail and commercial banking. It serves a broad clientele of consumers, businesses, and institutions through an extensive network of branches and online platforms.