View source for TD Canada Trust

{{Short description|Canadian commercial bank}}
{{Use dmy dates|date=April 2023}}
{{Infobox company
| name = TD Canada Trust
| logo = Toronto-Dominion Bank logo.svg
| type = [[Division (business)|Division]]
| foundation = {{Start date and age|2000}}
| location_city = [[Toronto]], Ontario
| location_country = Canada
| key_people = [[Raymond Chun]] ([[Chief executive officer|CEO]] of [[TD Bank Group]])
| locations = Approximately 1,100 branches, and 2,600 [[Automated teller machine|ATM]]s<ref name="td">{{cite web |url=http://www.td.com/ |title=Welcome to TD Bank Financial Group |website=TD Bank Financial Group |access-date=15 March 2013}}</ref>
| industry = [[Financial services]]
| services = [[Banking]]
| revenue = {{Unbulleted list|{{Increase}} CA$43.6 billion|CA$41.1 billion  <ref>{{cite press release| publisher=TD Bank Group| title=TD Bank Group Reports Fourth Quarter and Fiscal 2020 Results| url=https://www.newswire.ca/news-releases/td-bank-group-reports-fourth-quarter-and-fiscal-2020-results-816947392.html| access-date=4 December 2020| date=3 December 2020| website=[[CNW Group|Newswire]]| language=en}}</ref>}}
| parent = [[TD Bank Group]]
| area_served = Canada
| website = {{url|https://www.td.com/ca/en/personal-banking}}
}}
'''TD Canada Trust''', commonly shortened in marketing to simply '''TD''', is the Canadian [[commercial bank]]ing division of the multinational [[TD Bank Group]].{{efn|"TD Canada Trust" is a [[trade name]] of the Toronto-Dominion Bank (the head company of the TD Bank Group) and some of its subsidiaries, and is not a separate corporate entity in its own right.<ref>{{cite web|url=https://www.tdcanadatrust.com/products-services/index.jsp|title=Protecting Your Deposits|work=TDCanadaTrust.com|access-date=May 21, 2024|quote=The following TD Bank Group entities are CDIC member institutions[:] The Toronto-Dominion Bank [...] These entities operate under the trade name TD Canada Trust.}}</ref>}}<ref name="tce">{{cite encyclopedia| first=Sasha| last=Yusufali| url=https://www.thecanadianencyclopedia.ca/en/article/td-bank-financial-group| title=TD Bank Financial Group| encyclopedia=[[The Canadian Encyclopedia]]| year=2012| access-date=15 March 2013| archive-url=https://web.archive.org/web/20140220183053/http://www.thecanadianencyclopedia.com/en/article/td-bank-financial-group/| archive-date=20 February 2014| url-status=live}}</ref> Legally, "TD Canada Trust" is a trade name used by the Toronto-Dominion Bank and its Canadian subsidiaries, and is not a standalone company.<ref>{{Cite web |title=CDIC {{!}} TD Canada Trust |url=https://www.td.com/ca/en/personal-banking/products/bank-accounts/cdic |access-date=2025-10-07 |website=www.td.com}}</ref> It is the [[list of banks and credit unions in Canada|second-largest commercial bank in Canada]] by [[assets under management|assets]], behind only the [[Royal Bank of Canada]]. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 [[Automatic teller machine|ATM]]s.<ref name="td"/>

In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists,<ref>{{cite web|url=http://mms.tdcanadatrust.com/|title=Mortgage Specialists| website=TD| access-date=6 August 2021}}</ref> financial planners,<ref>{{cite web| url=http://financialplanners.td.com/| title=Financial Planners| website=TD| access-date=6 August 2021}}</ref> private bankers,<ref>{{cite web| url=http://private-bankers.td.com/| title=Private Bankers| website=TD| access-date=6 August 2021}}</ref> investment advisors,<ref>{{cite web| url=http://advisors.td.com/| title=Investment Advisors| website=TD| access-date=6 August 2021}}</ref> and portfolio managers<ref>{{cite web| url=http://portfolio-managers.td.com/|title=Portfolio Managers| website=TD| access-date=6 August 2021}}</ref><ref name="td"/><ref name="tce"/> and contributes a significant portion of TD Bank Group's overall revenues and earnings.<ref name=":4">{{Cite web |title=J.D. Power ranks TD #1 in Banking Mobile App customer satisfaction |url=https://stories.td.com/ca/en/news/2023-06-08-j.d.-power-ranks-td-231-in-banking-mobile-app-customer-satisf |access-date=2025-10-07 |website=stories.td.com |language=en-CA}}</ref><ref>{{Cite web |title=AI to power TD's digital customer experiences |url=https://td.mediaroom.com/2019-10-31-AI-to-power-TDs-digital-customer-experiences |access-date=2025-10-07 |website=TD Bank Financial Group - Media Room |language=en}}</ref>

The current TD Canada Trust division was formed after TD's acquisition of [[Canada Trust]] in 2000; prior to this merger, the institution's retail operations were branded '''TD Bank'''. All new and most existing accounts are officially issued by Toronto-Dominion Bank ([[Routing number (Canada)|institution number]]: 004), although Canada Trust (institution number: 509) remains a separate subsidiary entity, and it remains the issuer of accounts opened at that institution prior to the merger.<ref name="about">{{cite web| url=http://www.td.com/document/PDF/accounts/513796E-080111.pdf| title=About Our Accounts and Related Service| publisher=TD Canada Trust| date=1 August 2012| access-date=15 March 2013}}{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref><ref name="payments">{{cite web| url=http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| archive-url=https://web.archive.org/web/20101227003607/http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| url-status=dead| archive-date=27 December 2010| title=Rule D4: Institution Numbers and Clearing Agency/Representative Arrangements| publisher=[[Canadian Payments Association]]| date=December 2012| access-date=15 March 2013}}</ref>

The parent company, TD Bank Group, is a multinational financial services corporation headquartered in Toronto, Ontario, created on February 1, 1955, through the merger of The Bank of Toronto (founded 1855) and The Dominion Bank (founded 1869). In addition to its extensive Canadian retail operations, TD Bank Group has a major presence in the United States, where it operates as TD Bank, America's Most Convenient Bank®, and provides global wholesale banking services through its TD Securities division.

Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery. {{citation needed|date=March 2021}}

TD Canada Trust is known for its customer-centric approach, such as extended branch hours and high-ranking digital banking platforms, and has consistently been recognized for customer satisfaction and digital innovation.<ref name=":0">{{Cite web |title=Customers can bank even longer at Canada's Comfortable Bank |url=https://stories.td.com/ca/en/news/2007-06-06-customers-can-bank-even-longer-at-canada-27s-comfortable-bank |access-date=2025-10-07 |website=stories.td.com |language=en-CA}}</ref><ref name=":4" /> TD Canada Trust's history is marked by expansion through mergers and acquisitions, the introduction of new technologies (like online banking and mobile apps), and an emphasis on community involvement.

==History==
[[File:Toronto-Dominion Bank TD Edmonton 3751.jpg|thumb|TD Canada Trust branch in [[Edmonton|Edmonton, Alberta]]]]

=== Origins & Formation ===
The modern identity of TD Canada Trust is a composite of three major Canadian financial institutions: The [[Bank of Toronto]], [[Dominion Bank|The Dominion Bank]], and [[Canada Trust]]. Its character was shaped by two pivotal mergers—the first in 1955, creating the Toronto-Dominion Bank, and the second in 2000, which integrated Canada Trust and fundamentally reshaped the bank's retail identity. This history reflects a strategic fusion of a traditional, conservative chartered bank with an agile, customer-focused trust company, a combination that has defined both its market success and its subsequent challenges.

=== Predecessor Institution(s) ===

==== Formation of Toronto-Dominion Bank (1955) ====
By the mid-1950s, both The Bank of Toronto and The Dominion Bank were established national institutions, but were smaller than their main competitors.<ref name=":1" /><ref>{{Cite web | title=Preview unavailable - ProQuest | url=https://www.proquest.com/docview/1290136410?sourcetype=Newspapers | access-date=2025-11-14 | website=www.proquest.com}}</ref> To achieve the scale necessary to compete more effectively with the larger Canadian banks, the two institutions agreed to merge. The amalgamation was approved by [[Minister of Finance (Canada)|Canada's Minister of Finance]] on November 1, 1954, and became official on February 1, 1955.<ref name=":1">{{Cite web |title=The Toronto-dominion Bank {{!}} Encyclopedia.com |url=https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/toronto-dominion-bank |access-date=2025-10-07 |website=www.encyclopedia.com}}</ref>

The newly formed entity was named The Toronto-Dominion Bank. At its inception, it operated 449 branches across Canada, maintained offices in [[London]] and [[New York City|New York]], and employed approximately 4,700 people.<ref name=":2">{{Cite web |title=TDs History |url=https://www.td.com/ca/en/about-td/corporate-profile/tds-history |access-date=2025-10-07 |website=www.td.com}}</ref>

==== Canada Trust ====
Canada Trust traces its origins to the Huron and Erie Savings and Loan Society, which was founded in [[London, Ontario]], in 1864 to provide mortgages funded by savings deposits. The entity that would become Canada Trust began as the General Trust Corporation of Canada, incorporated in [[Calgary]] in 1894.<ref>{{Cite web |title=Acts of the Parliament of the Dominion of Canad... - Canadiana |url=https://www.canadiana.ca/view/oocihm.9_08051_23_2/278 |access-date=2025-10-14 |website=www.canadiana.ca}}</ref> In 1899, this largely inactive corporation was acquired by the Huron and Erie Savings and Loan Society, which moved its headquarters to London, Ontario, and renamed it The Canada Trust Company.<ref>{{Cite web |title=Acts of the Parliament of the Dominion of Canad... - Canadiana |url=https://www.canadiana.ca/view/oocihm.9_08051_29_2/276 |access-date=2025-10-14 |website=www.canadiana.ca}}</ref>

Canada Trust officially began operations as a subsidiary of Huron & Erie in 1901.<ref name=":2" /> Over the following decades, it grew into one of Canada's largest and most popular trust companies. It distinguished itself from traditional banks by cultivating a customer-centric service model, famously offering extended branch hours under the slogan "Eight to Eight, Six Days Straight."<ref name=":2"/> This focus on convenience and accessibility helped it build a loyal customer base. By the late 1990s, Canada Trust was a dominant force in Canadian finance, with 3.5 million customers, over 400 branches, and $38 billion in deposits.<ref>{{Cite web |title=Canada Trust |url=https://thecanadianencyclopedia.ca/en/article/canada-trust |access-date=2025-10-07 |website=thecanadianencyclopedia.ca |language=en}}</ref>

==== Acquisition of Canada Trust (2000) ====
In January 2000, TD Bank announced an agreement to acquire Canada Trust for approximately C$8 billion, aiming to significantly expand its personal and small business banking scale. The acquisition was completed on February 1, 2000, and over the course of 2000–2001, TD merged Canada Trust's operations with its own, rebranding the combined retail network as "TD Canada Trust" by 2001. As part of the integration, TD adopted Canada Trust's customer service model – notably its longer branch hours – across the merged network. Prior to the merger, Canada Trust had differentiated itself by offering extended banking hours (including evenings and Saturdays), and TD Canada Trust continued this approach, eventually advertising its promise of being "open earlier, open later, open longer" than competitors.<ref name=":0" /> By November 2007, over 800 TD Canada Trust branches opened from 8 a.m. to 8 p.m. on weekdays and 8 a.m. to 4 p.m. on Saturdays, giving TD the longest hours in Canadian banking.<ref name=":0" />

The integration process included significant branch consolidation. In markets where TD and Canada Trust had overlapping presence, some branches were closed or divested to satisfy competition concerns. The federal [[Competition Bureau]] required TD to sell 13 branches (with over 120,000 customer accounts) in Ontario communities where concentration would have been especially high (notably in the [[Kitchener, Ontario|Kitchener]]-[[Waterloo, Ontario|Waterloo]] area), and to divest Canada Trust's [[Mastercard]] portfolio (since TD was an exclusive [[Visa Inc.|Visa]] issuer at the time)<ref name=":3">{{Cite news |date=2000-05-08 |title=TD sells 13 retail branches |url=https://www.theglobeandmail.com/report-on-business/td-sells-13-retail-branches/article25461950/ |access-date=2025-10-14 |work=The Globe and Mail |language=en-CA}}</ref> Most of the affected branches were sold to the [[Bank of Montreal]], and TD also closed a number of other nearby branches to eliminate duplication.<ref name=":3" /> [[W. Edmund Clark]], the [[Chief executive officer|CEO]] of Canada Trust, joined TD's executive team during the merger – initially as president of TD Canada Trust and [[Chief operating officer|COO]] of TD Bank – and later became CEO of TD Bank Group in 2002, helping to guide the successful integration of Canada Trust's operations and culture into TD.

=== Expansion and Developments (2000s–2010s) ===
After the formation of TD Canada Trust, the bank pursued further growth in Canadian retail banking through both acquisitions and new initiatives. In 2001, TD Canada Trust absorbed the remaining branches of Central Guaranty Trust and other small institutions that TD had acquired in the 1990s. TD also continued to expand its branch network organically: for example, it opened 31 new branches in 2006 and over 30 in 2007,<ref name=":0" /> reaching about 1,100 branches nationwide by the 2010s.

Throughout the 2000s, TD Canada Trust invested heavily in technology and digital channels. Canada Trust had been an early adopter of internet banking with its launch of the EasyWeb online platform in 1999,<ref>{{Cite web |title=WLU TD Case-Study-FINAL.docx (pdf) - CliffsNotes |url=https://www.cliffsnotes.com/study-notes/13957301 |access-date=2025-10-07 |website=www.cliffsnotes.com |language=en}}</ref> and after the merger, TD continued to enhance EasyWeb as a leading online banking service in Canada, winning awards for online functionality in the mid-2000s.<ref>https://www.td.com/document/PDF/community/crr2005/td-community-crr2005-customers.pdf{{Dead link | date=November 2025 | fix-attempted=yes}}</ref>

In 2010, TD Canada Trust launched one of Canada's first full-service mobile banking apps, initially for iOS and BlackBerry (later for Android), allowing customers to perform most banking transactions via smartphone.<ref name="mobile" />

In the credit card business, TD made a major acquisition in 2011. On December 1, 2011, TD Bank Group completed the purchase of the Canadian credit card portfolio of [[MBNA]], a large MasterCard issuer, from [[Bank of America]].<ref>https://www.td.com/document/PDF/abouttd/ir/TD-Q4-2011_MediaRelease.pdf{{Dead link | date=November 2025 | fix-attempted=yes}}</ref> This deal added millions of MasterCard accounts to TD's customer base and instantly made TD one of the largest credit card issuers in Canada.<ref>{{Cite web | url=https://www.td.com/content/dam/tdcom/canada/about-td/pdf/archived-events/2011/td-investor-2011_Press%20Release%20EN.pdf | title=TD Bank Group to acquire MBNA Canada’s credit card business | website=www.td.com}}</ref> TD continued to issue many MBNA credit card products under the MBNA brand as a division of TD, particularly affinity and co-branded Mastercard, even as its mainline TD cards remained Visa.

In 2012, the bank introduced a "Visa Debit" enabled client card (the TD Access Card) with [[Interac]] Flash, enabling online purchases and contactless payments directly from chequing accounts through the Visa network – a first for a major Canadian bank.<ref name="accesscard" /> These innovations helped TD attract tech-savvy customers and reinforced its "Convenience" brand promise.

In 2013, TD won a competitive bid to become the primary issuer of [[Aeroplan]]-branded Visa credit cards, replacing [[Canadian Imperial Bank of Commerce|CIBC]] as Aeroplan's main bank partner.<ref>https://www.theglobeandmail.com/report-on-business/cibc-td-strike-deal-on-aeroplan-credit-card-customers/article15592138/{{Dead link | date=November 2025 | fix-attempted=yes}}</ref> As part of that agreement, TD acquired approximately 50% of CIBC's Aerogold VISA portfolio (representing about 550,000 accounts) in December 2013.<ref>{{Cite web |title=Acquisition History 2013 |url=https://www.td.com/ca/en/about-td/for-investors/investor-relations/presentation-and-events/acquisition-history-2013 |access-date=2025-10-07 |website=www.td.com}}</ref><ref>{{Cite news |date=2013-08-26 |title=CIBC still in talks with TD Bank to keep half Aeroplan portfolio |url=https://www.reuters.com/article/markets/us/cibc-still-in-talks-with-td-bank-to-keep-half-aeroplan-portfolio-idUSL2N0GR0BK/ |access-date=2025-10-07 |work=Reuters |language=en}}</ref> The Aeroplan cards transition in early 2014 further bolstered TD's credit card market share and introduced a large number of new clients to the bank's fold.

==Operations==
[[File:TDCanadaTrustHwy7.jpg|thumb|TD Canada Trust in Markham]]
In 2010, TD Canada Trust launched a mobile banking app for [[iOS]], [[Android (operating system)|Android]] and [[BlackBerry]] platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking.<ref name="mobile">{{cite web| url=http://www.td.com/products-services/banking/electronic-banking/mobile/mobile-index.jsp| title=Connect to TD anytime, anywhere| publisher=TD Financial Group| access-date=15 March 2013}}{{Dead |bot=InternetArchiveBot |fix-attempted=yes |date=October 2023}}</ref>

In June 2012, TD Canada Trust introduced an enhanced Access Card with the new [[Visa Debit]] / [[Interac]] Flash access card which allows customers to use it via the phone or online and at international merchants through the Visa network.<ref name="accesscard">{{cite web|title=Your New TD Access Card|url=https://www.customercares4u.com/2019/05/td-bank-hours.html|archive-url=https://web.archive.org/web/20190530183719/https://www.customercares4u.com/2019/05/td-bank-hours.html|url-status=dead|archive-date=30 May 2019}}</ref>

=== Services ===
TD provides over 200 different languages on phone service for customers in Canada, including English, French, Mandarin and Cantonese. Five languages (English, French, Italian, Cantonese and Portuguese) are provided on ATMs.<ref>{{Cite web|url=https://www.td.com/corporate-responsibility/diversity/serving-diverse-needs/diverse-languages-for-diverse-needs.jsp|title=Diverse languages for diverse needs|website=www.td.com|language=en|access-date=23 March 2017}}</ref>

==Controversy==
[[Toronto-Dominion Bank]] has come under fire due to a series of articles published by [[CBC News]] that question its banking practices. The first article written to the ''Go Public'' portion of the CBC Business section was posted on 10 March 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired".<ref>{{cite news| url=http://www.cbc.ca/news/business/td-bank-employees-admit-to-breaking-law-1.4016569| title='We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired| work=CBC News| access-date=19 April 2018}}</ref>

On 15 March 2017, another article was released by [[CBC News]] that reported thousands of banking employees from the top-five banks in Canada (RBC, BMO, CIBC, TD and Scotiabank) being pressured to meet unreasonable sales targets.<ref>{{cite news| url=http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575| title='We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers| work=CBC News| access-date=19 April 2018}}</ref>

TD has been accused of [[pinkwashing (LGBT)|pinkwashing]] for using its prominent sponsorship of [[Pride Toronto]] as a [[demographic marketer|demographic marketing]] tool, while locking [[trans women]] out of their accounts if they attempt to access [[telephone banking]] in what the bank identifies as a "male voice" and mislabels as fraud.<ref>{{cite web |title=Manitoba woman says she was locked out of her online banking because of deep voice |url=https://www.cbc.ca/news/canada/manitoba/banking-account-manitoba-1.5002885 |website=[[CBC News]] |date=1 February 2019 |archive-url=https://web.archive.org/web/20230314164248/https://www.cbc.ca/news/canada/manitoba/banking-account-manitoba-1.5002885 |archive-date=14 March 2023 |url-status=live |last1=Cole |first1=Alana}}</ref> There have also been multiple complaints that depositors who purchased [[registered retirement savings plan|RRSP]]s from pre-merger TD Bank<ref>{{cite web |title=This Toronto man says TD Bank lost his RRSP, potentially worth $100K |url=https://www.cbc.ca/news/canada/toronto/this-toronto-man-says-td-bank-lost-his-rrsp-potentially-worth-100k-1.5495569 |website=[[CBC News]] |date=13 March 2020 |archive-url=https://web.archive.org/web/20230314161244/https://www.cbc.ca/news/canada/toronto/this-toronto-man-says-td-bank-lost-his-rrsp-potentially-worth-100k-1.5495569 |archive-date=14 March 2023 |url-status=live |last1=Lancaster |first1=John}}</ref> or Canada Trust<ref>{{cite web |title=TD Bank accused of losing customers' RSPs — again |url=https://www.cbc.ca/news/canada/toronto/td-bank-rsp-1.6029875 |website=[[CBC News]] |date=18 May 2021 |archive-url=https://web.archive.org/web/20230314161241/https://www.cbc.ca/news/canada/toronto/td-bank-rsp-1.6029875 |archive-date=14 March 2023 |url-status=live |last1=Lancaster |first1=John}}</ref> have lost access to these funds as TD Canada Trust claims to have no record of the deposits, the pretext being that the institution is only required to retain records for seven years. There have also been cases where the bank has absolved itself of responsibility for theft or fraudulent access to depositors accounts by third parties, blaming the depositor for fraud which is no fault of their own.<ref>{{cite web |title=TD bank considers clients 'guilty until proven innocent,' says victim of debit card theft |url=https://www.cbc.ca/news/canada/british-columbia/td-bank-considers-clients-guilty-until-proven-innocent-says-victim-of-debit-card-theft-1.5543362 |website=[[CBC News]] |date=24 April 2020 |archive-url=https://web.archive.org/web/20230314164253/https://www.cbc.ca/news/canada/british-columbia/td-bank-considers-clients-guilty-until-proven-innocent-says-victim-of-debit-card-theft-1.5543362 |archive-date=14 March 2023 |url-status=live |last1=Rankin |first1=Eric}}</ref>

==See also==
{{Portal|Banks}}
*[[TD Canada Trust Tower, Calgary]]

==Notes==
{{Notelist}}

==References==
{{Reflist}}

==External links==
*{{commons category-inline}}
* {{official|https://www.td.com/}}

{{Toronto-Dominion Bank}}
{{Canadian banks}}
{{2008 economic crisis}}

{{DEFAULTSORT:Td Canada Trust}}
[[Category:Toronto-Dominion Bank]]
[[Category:Banks of Canada]]
[[Category:Canadian companies established in 2000]]
[[Category:Banks established in 2000]]
[[Category:Financial services companies based in Toronto]]
[[Category:2000 establishments in Ontario]]