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Big Five or Big Six: Which Is It?

Courtney Reilly-Larke
Editor

Published: Jul 12, 2024, 9:58am

Aaron Broverman
editor

Edited By

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Big Five or Big Six: Which Is It?
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The Big Five Banks is a colloquialism collectively referring to the five biggest banks in Canada. Still, technically, there’s one more bank in Canada that deserves equal consideration and turns the “Big Five” into the “Big Six.” But when you hear either of these terms, which banks are being referred to and why?

What Are The Big Five Banks in Canada?

The Big Five Banks in Canada are the five largest national banks in market capitalization. Ranked in descending order according to total assets under management, the Big Five Banks are:

The Big Five Banks also have their headquarters on Toronto’s Bay Street, in the heart of the city’s financial district. They are all Schedule I banks and some of the biggest banks in the world. RBC and TD are also on the list of Systemically Important Banks put out by the Financial Stability Board. This organization monitors financial stability worldwide and makes recommendations for keeping the world’s financial system stable.

What Are The Big Six Banks in Canada?

The Big Six Banks in Canada are the five top largest banks (above) plus an additional bank:

  • National Bank of Canada – $423.6 billion

National Bank is still one of the largest in Canada but is more widely used in Quebec and New Brunswick. Its headquarters are in Montreal rather than Toronto like the other five banks, making it an outlier in that capacity, too.

Big Five or Big Six: Which Is It?

So, if you want to know the correct way to refer to Canada’s top financial institutions, the answer is both. Both terms are accurate—it depends on how inclusive you want to be. For what it’s worth, Forbes Advisor Canada uses the Big Six to be more inclusive and to nod to the fact that not everything that matters in Canada is centred in Toronto or English Canada.

Related: Best Banks In Canada

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Courtney Reilly-Larke Editor

Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine and has contributed to publications such as Cottage Life and Blog TO. She currently lives in Toronto.

Aaron Broverman Editor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.