Anchored by a multitude of industries, Canada’s top companies have not only shaped the nation’s economy but have also made significant strides on the global stage. This list of the 30 largest companies in the Canadian TSX index sums up a lot of insights on the country’s economy and beyond.
Whether you’re an investor looking for the next big opportunity, a business professional seeking collaboration, or just a curious reader keen on understanding the economic powerhouse that is Canada, this comprehensive list of the nation’s top 30 companies is tailored for you. Dive in to unravel the giants that keep Canada ticking and discover why they matter on a global scale.
In Canada, companies are incorporated to get publicly listed on the Toronto Stock Exchange – TSX. Though they have to follow the rules of securities regulation agencies, they can then gain access to capital from investors who buy their stocks.
The S&P / TSX Composite Index, benchmark of Canada
To easily grasp the evolution of the Canadian economy and stock market, the stocks of about 230 companies are aggregated in the S&P / TSX Composite Index, which is widely recognized as the benchmark index of Canada. It represents around 70% of the total market capitalization on the Toronto Stock Exchange.
To be included, stocks of companies listed on the Toronto Stock Exchange must be trading above 1 C$ and represent at least 0.04% of the index by market capitalization. The S&P / TSX Composite is calculated as a capitalization-weighted index, where larger companies are weighted more heavily in the index.
For more information on the largest Canadian companies, download our TSX Composite companies Excel file containing the complete list of the 230 Canadian companies that constitute the S&P/TSX Composite index, together with extensive business, market, financial, and digital information on each company. For even more data on the largest Canadian companies, download our Excel files on the TSX SmallCap companies (230 companies) and combined TSX Composite + TSX SmallCap companies (420 companies).
For an easier evaluation and trading, based on a smaller subset of securities, the S&P / TSX 60 index represents leading Canadian companies in leading industries. Composed of 60 key Canadian stocks, the S&P / TSX 60 provides a simpler index for Canadian equity exposure with large market capitalization companies.
The real-time quotation of the TSX index can be followed with convenient graphical tools from a number of sources, including Google Finance, Yahoo Finance, Bloomberg, etc.
Key insights from the list of Top 30 Canadian Companies in the S&P / TSX Composite index in January 2023
Dominance of Financials
Clearly, Canada’s financial sector holds robust sway, with the top 3 out of the 5 companies being banks. RBC, TD Bank, and Bank of Montreal together hold a whopping market cap of C$421.84B. This dominance underscores the stability and strength of Canada’s banking and financial services.
Energy’s Pivotal Role
With names like TC Energy Corporation, Suncor Energy, and Enbridge Inc. in the mix, Canada’s energy sector shows its importance. Especially intriguing is the country’s focus on both traditional (oil & gas) and sustainable energy solutions, hinting at a balanced approach towards the global energy transition.
Diversity of Industries
From e-commerce platforms like Shopify to media giants like Thomson Reuters Corporation, the list showcases Canada’s vast industrial landscape. The presence of different sectors such as communication, technology, consumer staples, and industrials portrays a diversified economy, reducing its vulnerability to global market shocks.
Many companies on this list, including Scotiabank, BMO, and RBC, have footprints that extend beyond Canadian borders. Their international ventures highlight the global influence and reach of Canada’s top companies.
List of the top 30 Canadian companies in the TSX Composite index ranked by market capitalization, as of January 1st, 2023
To help you learn more about the largest Canadian companies, the top 30 corporations in the TSX index have been listed hereafter. Each company is presented with details on its sector and industry, operations, market capitalization, a direct link to its website, logo, and stock symbol. Companies are ranked by market capitalization in Canadian Dollars as of the effective close of January 1st, 2023.
Shortcuts to each company
To facilitate your browsing in this long list, here are quick links to go directly to the details of any of the top 30 TSX companies.
Rogers Communications Inc. is a communications and media company. Evolved from a company founded in 1925, Rogers Communications is engaged in wireless communications, cable television, telephone, and Internet connectivity.
Agnico Eagle Mines Limited is a gold mining company engaged in the exploration, development, and production of precious metals. With mines situated in Canada, Australia, Finland, and Mexico, the company also undertakes exploration and development in various regions including Europe, Latin America, and the U.S.
Intact Financial Corporation is a multinational property and casualty insurance company. The firm, which traced its origins back to 1809, provides a diverse variety of personal and commercial auto insurance, home insurance, insurance for small and medium-sized enterprises, and specialty insurance products through its brands, independent brokers, and agencies.
Franco-Nevada Corporation is a mining company specializing in gold. It owns, acquires, and creates royalties and resource investments for gold mining, as well as other commodities and natural resource investments, including oil, silver, and other precious metals.
Founded in 1865, Sun Life Financial Inc. is an insurance and financial services company. Primarily involved in life insurance, Sun Life is also operating in investment management in Canada, the United States, and in some countries of Asia.
Telus Corporation is a telecommunications company offering a range of products and services including internet access, voice, entertainment, healthcare, video, and IPTV television.
Imperial Oil Limited, headquartered in Calgary, Canada, focuses on the exploration, production, and sale of crude oil and natural gas. Operating through Upstream, Downstream, and Chemical segments, it produces crude oil, natural gas, synthetic crude oil, and bitumen; transports and refines crude oil; and distributes and markets refined products. The company uses infrastructure like pipelines, refineries, and terminals, marketing under the Esso and Mobil brands. Their Chemical segment produces various products, including solvents and polyethylene resin.
Loblaw Companies Limited is the largest food and pharmacy retailer in Canada. Loblaw operates a range of supermarkets and stores specialized in food, pharmacy, finance, and apparel. It also owns several brands for consumer packaged goods, household and health products including President’s Choice, No Name, and Life Brand.
Restaurant Brands International Inc., based in Toronto, operates quick-service restaurants globally across four main brands: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). TH offers coffee, baked goods, and sandwiches; BK serves flame-grilled hamburgers and other items; PLK specializes in Louisiana-style fried chicken and regional dishes; while FHS provides meats, salads, and soups.
The largest gold mining company in the world, Barrick Gold Corporation is operating in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States, and Zambia.
Constellation Software is a software company. Having grown through the acquisition of a number of vertical market software companies and startups, Constellation Software now operates through different brands focusing on specific sectors, including agri-business, financial services, education, public sector, healthcare, hospitality, construction, and the industrial sector.
Manulife Financial Corporation is a multinational insurance and financial services company. Operating in Canada and Asia as Manulife, the company primarily operates in the United States through its subsidiary, John Hancock Financial. Manulife Financial Corporation also fully owns the Manulife Bank of Canada.
Cenovus Energy Inc., headquartered in Calgary, Canada, is involved in developing, producing, refining, transporting, and marketing crude oil and natural gas, both domestically and internationally. Operating through segments like Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing, it focuses on bitumen and heavy oil production in northern Alberta and Saskatchewan. Additionally, the company has interests in natural gas assets and facilities, offshore operations, refining processes in both Canada and the U.S., and crude-by-rail and ethanol plants.
The Canadian Imperial Bank of Commerce, commonly known as CIBC, is one of the largest banks in Canada, involved in retail and business banking, wealth management, and capital markets. CIBC has developed operations in the United States, the Caribbean, Asia, and Europe.
Nutrien is a fertilizer company producing and retailing potash, nitrogen and phosphate products for agricultural, industrial, and feed customers worldwide. It is the world’s largest producer of potash and the second-largest producer of nitrogen fertilizer.
TC Energy Corporation is an energy company operating natural gas and liquids pipelines and power generation plants. TC Energy’s gas pipelines, the company’s largest segment, transport more than 25% of North American natural gas demand, in Canada, the United States, and Mexico.
BCE Inc., formerly Bell Canada Enterprises, is a telecommunications and mass media holding company for the Bell Canada corporate group. Besides its telecommunications and media arms, Bell Canada and Bell Media, BCE is also involved in sports with participation in the Montreal Canadiens ice hockey club and Maple Leaf Sports & Entertainment and owns several other local telecommunications companies.
Suncor Energy is an integrated multinational energy company specializing in the production of synthetic crude from oil sands. Founded in 1919, Suncor has become the world-leading producer of bitumen, also producing, refining, and retailing conventional oil, heavy crude oil, and natural gas.
Shopify is an e-commerce company providing an e-commerce platform for online stores and retail point-of-sale systems. Founded in 2004, Shopify offers a range of services including payments, marketing, shipping, and customer engagement tools to more than 800,000 businesses in approximately 175 countries.
Alimentation Couche-Tard Inc., or more commonly Couche-Tard, is a convenience store operating company. With 15,000 stores across Canada, the United States, Europe, Mexico, Japan, China, and Indonesia, Couche-Tard primarily operates under its brands Couche-Tard, Mac’s, Circle K, On the Run, as well as with affiliated brands 7-jours, Dairy Mart, Daisy Mart, and Winks.
Thomson Reuters Corporation is a multinational mass media and information company, majority-owned by The Woodbridge Company. Evolved from a company founded in 1934, Thomson Reuters has become a world-leading provider of news, information, and tools for professionals, operating in more than 100 countries.
Brookfield Corporation is an alternative asset management company engaged in real estate, renewable power, infrastructure, and private equity. Beyond Canada, Brookfield Asset Management has also opened offices in New York City, London, Rio de Janeiro, and Sydney.
Canadian Natural Resources Limited, also known as CNRL or Canadian Natural, is a company engaged in oil and gas exploration, development, and production. One of the world’s largest independent crude oil and natural gas producers, CNRL operated in the Western Canadian Sedimentary Basin, the North Sea, and offshore West Africa.
Operating as Scotiabank, the Bank of Nova Scotia is a multinational bank. Founded in 1832, the Bank of Nova Scotia has become “the most international bank of Canada” through its acquisitions in more than fifty countries of Latin America and the Caribbean, Europe, and parts of Asia.
The oldest bank in Canada, founded in 1817, the Bank of Montreal is a banking and financial services corporation. Operating in commercial banking as BMO Bank of Montreal in Canada, the company is also engaged in the United States, especially in the Chicago area, where it operates as BMO Harris Bank. BMO also conducts activities of corporate banking and wealth management.
Founded in 1881, the Canadian Pacific Railway, also known as CP, is a railroad company owning about 20,000 kilometers (12,500 miles) of track across Canada and in the United States, also providing associated transportation services.
Enbridge Inc. is a multinational energy company focusing on the transportation, distribution, and generation of energy, primarily in Canada and the United States. Enbridge notably operates the longest crude oil and liquid hydrocarbons pipeline transportation system in North America and the largest natural gas distribution network, servicing Ontario, Quebec, New Brunswick, and New York State.
Canadian National Railway Corporation, more simply known as CN, is a freight railway company serving Canada and the Midwestern and Southern United States. Founded in 1919, CN has developed its network of freight transport for raw materials, intermediate and finished goods beyond the rail to trucking and shipping.
Operating as TD Bank Group, more commonly known as TD, the Toronto–Dominion Bank is a Canadian multinational banking and financial services company. Proceeding from the merger of two banks founded in the 19th century, TD Bank has become one of the largest banks in Canada, also very present in the Eastern United States.
The largest bank in Canada by market capitalization, the Royal Bank of Canada – RBC – is a multinational banking and financial services corporation. Founded in 1882, RBC is engaged in commercial banking, investment banking, and insurance throughout Canada; it has also developed branches in the United States as well as in seventeen Caribbean countries.
The tale of Canada’s top 30 companies is not just a story of market caps and industrial sectors, but a narrative of innovation, resilience, and global vision. As we reflect on these economic titans, we’d love to hear from you. Which of these companies do you believe is set to make the next big move? Are there any surprises or notable omissions in your opinion? Let us know in the comments below!
For those eager to delve even deeper, our range of tailored analytical tools and reports are just a click away, offering even more insights and updated data with our Canadian market and companies analysis.
And if you found this analysis insightful, don’t forget to share it with peers and colleagues to ignite meaningful conversations about the movers and shakers of Canada’s economic landscape.