Economy of Toronto
Encyclopedia
The economy of Toronto plays a vital role in Canada's economy
and that of the world
. Toronto
is a commercial
, distribution
, financial
and industrial
centre. It is the banking and stock exchange centre of Canada, and is the country's primary wholesale and distribution point. Ontario's wealth of raw materials and hydroelectric
power have made Toronto a primary centre of industry. The city and its surrounding area
produces more than half of Canada's manufactured goods.
Toronto is located on a crossroads dating back to aboriginal times with excellent harbours with many rivers. The economy grew based on the settlement of Ontario. Toronto became the centre of railways and the supplier of goods to Ontario. Its status as a political centre gave it some stability during periods of economic uncertainty. Toronto saw a large boom after World War II when immigrants, especially from war-decimated Europe, chose the area to settle. Manufacturing, notably automotive manufacturing, grew to supply the growth in population. Toronto grew at a faster rate than the other great centre of Canada at the time, Montreal
, and surpassed it in the 1970s. Shipping by water was instrumental in Toronto's early growth but this has diminished to the point where the harbour is lightly used by industry. The area around Pearson Airport
, the country's busiest airport, has become one of the largest industrial areas.
Further growth in the Toronto area is often attributed to the rise of Quebec separatism
, though the extent of its influence is still contested by some, who argue that its effect was exaggerated by the English media. During the 1970s, the Quebec Liberal Party and the Parti Québécois
enacted a series of French-language laws
, which were perceived as unfavourable towards English-language businesses (especially multinational corporations, whose markets extended far beyond Quebec's borders) and English-speaking Montrealers. Some of the former (including the Bank of Montreal) and a number of the latter subsequently relocated to Toronto, where French proficiency is not a necessity for business or employment.
In the past 25 years, Toronto has lost most of its manufacturing capacity, most of it moving to outlying suburbs in the Greater Toronto area, seeking lower land costs and land for expansion. This is not a new trend; it has been present for over 100 years. Early suburbs, such as West Toronto
, developed for industry and were later engulfed by the expansion of the City of Toronto. West Toronto once had a large stock yards, which has moved well north of the city. Much of the older industrial land has been converted into new residential neighbourhoods, supporting loft and condominium development and the industrial concerns have moved further away.
Toronto itself has diversified into service-based industries. It is the centre of the English-speaking media industry in Canada, the advertising industry, the entertainment industry, the fashion industry, the pharmaceutical industry, the retail industry and the centre of the financial industry in Canada. The area is a large site of computer software development. Toronto has also become the site of many headquarters of companies, which have their primary activities elsewhere, such as mining and real estate, which need to stay close to the centre of finance. As Toronto developed, it has also developed its tourism industry, developing attractions such as the Toronto Eaton Centre
, Rogers Centre
, Air Canada Centre
, Roy Thomson Hall
and most notably the CN Tower
, though it is also a communications tower.
, the third largest stock exchange
in the Americas
by market capitalisation and eighth in the world (see List of stock exchanges for complete rankings) (as of Sept 3, 2009). The TSX has led North American exchanges by being the second to trade electronically and the first to become listed publicly. In the last decade, it outperformed many other stock exchanges worldwide. The financial district
in Toronto centres on Bay Street
, the equivalent to Wall Street
in New York. Toronto is the second largest financial centre in North America, after New York City
, with approximately 205,000 staff in the Canada's biggest banks and brokerages. In 2008, Forbes Magazine named Toronto the 10th most economically powerful city in the world, ahead of Madrid, Philadelphia and Mexico City.
The city's budget
for the fiscal year 2008 was $
8.170 billion and is
funded primarily by property tax
es (the net budget) totaling $3.322 billion.
and New York
. The city provides a diversity of settings and neighbourhoods to shoot films, with production facilitated by Toronto's Film and Television Office.
A major new film studio, Filmport
, started construction in 2006, with the first phase opening in March 2008 and the second phase in 2010, and features the largest sound stage
in North America, at 4,000 square metres. The city also hosts the annual Toronto International Film Festival
, one of the largest in North America.
Toronto's film industry has extended beyond the Toronto CMA into adjoining cities such as Hamilton
and Oshawa
.
is the primary tourist attraction in Toronto, with over one million visitors a week. The PATH
network, which is the world's largest underground
shopping complex and the eclectic Kensington
and St. Lawrence Market
. The Bloor-Yorkville
neighbourhood is one of the most elegant shopping and dining districts in Toronto.
Along Queen St. East can be found Toronto's biggest camera stores. Big-box stores are not generally found in downtown Toronto, but the suburbs have many large malls, big-box stores as well as specialty stores, for example, stores selling discount fashions and lighting nearby Orfus Road close to Yorkdale mall.
The fashion district is located near King and Spadina, close to the old Chinatown to the north and entertainment district to the east. The Sunday shopping in Toronto first got its start in the fashion district in the 1980s.
St. Lawrence Market is a large, historic vendors market with an open air section in summer selling fresh locally grown produce. Kensington Market also has an outdoor vendor section located close to Chinatown.
The city itself has many large and unique malls and shopping centres. Shopping in Toronto has become a large draw for tourists, with, for example, the Eaton Centre being designated as a tourist attraction in the 1980s.
The Toronto Islands
are a tourist draw, attracting people for the beauty of the scenery, the ban of cars on the islands, and the easy proximity to downtown Toronto. As well, the CN Tower, Casa Loma, Toronto's theatre and musicals are all magnets for tourists.
Toronto boasts a wide variety of different high-end cuisines
, because of its cultural diversity. As Toronto is the most multicultural city in the world (based on percentage of residents being foreign born), Toronto has immigrants from every corner of the world, including little Indias, Chinas, Korea, and even a little Malta. It has recently become noted for the availability of quality restaurants.
A number of major corporations are based in the city, including the Hudson's Bay Company
, Manulife Financial
, TD Canada Trust
, Canadian Imperial Bank of Commerce
, Royal Bank of Canada
, Scotiabank
, Bank of Montreal
, Celestica
, Four Seasons Hotels and Resorts
, Rogers Communications
, MDS Inc.
and many others. Many other companies are also based in the Greater Toronto Area
outside of the city limits, such as Nortel
, IBM
Canada, Citibank Canada
and Magna International
.
Other companies with head offices in Toronto:
Prior to its dissolution, Canada 3000
, an airline, was headquartered in the city, near Toronto Pearson International Airport
.
Economy of Canada
Canada has the tenth largest economy in the world , is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development and Group of Eight . As with other developed nations, the Canadian economy is dominated by the service industry, which employs...
and that of the world
World economy
The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one....
. Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
is a commercial
Commerce
While business refers to the value-creating activities of an organization for profit, commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any...
, distribution
Distribution (business)
Product distribution is one of the four elements of the marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user.The other three parts of the marketing mix are product, pricing,...
, financial
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and industrial
Industry
Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
centre. It is the banking and stock exchange centre of Canada, and is the country's primary wholesale and distribution point. Ontario's wealth of raw materials and hydroelectric
Hydroelectricity
Hydroelectricity is the term referring to electricity generated by hydropower; the production of electrical power through the use of the gravitational force of falling or flowing water. It is the most widely used form of renewable energy...
power have made Toronto a primary centre of industry. The city and its surrounding area
Greater Toronto Area
The Greater Toronto Area is the largest metropolitan area in Canada, with a 2006 census population of 5.5 million. The Greater Toronto Area is usually defined as the central city of Toronto, along with four regional municipalities surrounding it: Durham, Halton, Peel, and York...
produces more than half of Canada's manufactured goods.
Growth
Toronto is located on a crossroads dating back to aboriginal times with excellent harbours with many rivers. The economy grew based on the settlement of Ontario. Toronto became the centre of railways and the supplier of goods to Ontario. Its status as a political centre gave it some stability during periods of economic uncertainty. Toronto saw a large boom after World War II when immigrants, especially from war-decimated Europe, chose the area to settle. Manufacturing, notably automotive manufacturing, grew to supply the growth in population. Toronto grew at a faster rate than the other great centre of Canada at the time, Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
, and surpassed it in the 1970s. Shipping by water was instrumental in Toronto's early growth but this has diminished to the point where the harbour is lightly used by industry. The area around Pearson Airport
Toronto Pearson International Airport
Toronto Pearson International Airport is an international airport serving Toronto, Ontario, Canada; its metropolitan area; and the Golden Horseshoe, an urban agglomeration that is home to 8.1 million people – approximately 25% of Canada's population...
, the country's busiest airport, has become one of the largest industrial areas.
Further growth in the Toronto area is often attributed to the rise of Quebec separatism
Quebec sovereignty movement
The Quebec sovereignty movement refers to both the political movement and the ideology of values, concepts and ideas that promote the secession of the province of Quebec from the rest of Canada...
, though the extent of its influence is still contested by some, who argue that its effect was exaggerated by the English media. During the 1970s, the Quebec Liberal Party and the Parti Québécois
Parti Québécois
The Parti Québécois is a centre-left political party that advocates national sovereignty for the province of Quebec and secession from Canada. The Party traditionally has support from the labour movement. Unlike many other social-democratic parties, its ties with the labour movement are informal...
enacted a series of French-language laws
Charter of the French Language
The Charter of the French Language , also known as Bill 101 and Loi 101, is a law in the province of Quebec in Canada defining French, the language of the majority of the population, as the only official language of Quebec, and framing fundamental language rights for everyone in the province...
, which were perceived as unfavourable towards English-language businesses (especially multinational corporations, whose markets extended far beyond Quebec's borders) and English-speaking Montrealers. Some of the former (including the Bank of Montreal) and a number of the latter subsequently relocated to Toronto, where French proficiency is not a necessity for business or employment.
In the past 25 years, Toronto has lost most of its manufacturing capacity, most of it moving to outlying suburbs in the Greater Toronto area, seeking lower land costs and land for expansion. This is not a new trend; it has been present for over 100 years. Early suburbs, such as West Toronto
The Junction
The Junction is a neighbourhood in Toronto, Ontario, Canada, that is near the junction of four railway lines in the area known as the West Toronto Diamond. The neighbourhood was previously an independent city called West Toronto, that was also its own federal electoral district until amalgamating...
, developed for industry and were later engulfed by the expansion of the City of Toronto. West Toronto once had a large stock yards, which has moved well north of the city. Much of the older industrial land has been converted into new residential neighbourhoods, supporting loft and condominium development and the industrial concerns have moved further away.
Toronto itself has diversified into service-based industries. It is the centre of the English-speaking media industry in Canada, the advertising industry, the entertainment industry, the fashion industry, the pharmaceutical industry, the retail industry and the centre of the financial industry in Canada. The area is a large site of computer software development. Toronto has also become the site of many headquarters of companies, which have their primary activities elsewhere, such as mining and real estate, which need to stay close to the centre of finance. As Toronto developed, it has also developed its tourism industry, developing attractions such as the Toronto Eaton Centre
Toronto Eaton Centre
The Toronto Eaton Centre is a large shopping mall and office complex in downtown Toronto, Ontario, Canada, named after the now-defunct Eaton's department store chain that once anchored it. In terms of the number of visitors, the shopping mall is Toronto's top tourist attraction, with around one...
, Rogers Centre
Rogers Centre
Rogers Centre is a multi-purpose stadium, in Downtown Toronto, Ontario, Canada, situated next to the CN Tower, near the shores of Lake Ontario. Opened in 1989, it is home to the Toronto Blue Jays of Major League Baseball and the Toronto Argonauts of the Canadian Football League...
, Air Canada Centre
Air Canada Centre
The Air Canada Centre is a multi-purpose indoor sporting arena located on Bay Street in Downtown Toronto, Ontario, Canada.The arena is popularly known as the ACC or the Hangar ....
, Roy Thomson Hall
Roy Thomson Hall
Roy Thomson Hall is a concert hall located at 60 Simcoe Street in Toronto, Ontario. It is the home of the Toronto Symphony Orchestra and the Toronto Mendelssohn Choir. Opened in 1982, its circular architectural design exhibits a sloping and curvilinear glass exterior. It was designed by Canadian...
and most notably the CN Tower
CN Tower
The CN Tower is a communications and observation tower in Downtown Toronto, Ontario, Canada. Standing tall, it was completed in 1976, becoming the world's tallest free-standing structure and world's tallest tower at the time. It held both records for 34 years until the completion of the Burj...
, though it is also a communications tower.
Finance
As the business and financial capital of the country, Toronto hosts the Toronto Stock Exchange (TSX)Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
, the third largest stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
in the Americas
Americas
The Americas, or America , are lands in the Western hemisphere, also known as the New World. In English, the plural form the Americas is often used to refer to the landmasses of North America and South America with their associated islands and regions, while the singular form America is primarily...
by market capitalisation and eighth in the world (see List of stock exchanges for complete rankings) (as of Sept 3, 2009). The TSX has led North American exchanges by being the second to trade electronically and the first to become listed publicly. In the last decade, it outperformed many other stock exchanges worldwide. The financial district
Financial District, Toronto
The Financial District is a business district in Toronto, Ontario, Canada, within the downtown core. It was originally planned as New Town in 1796 as an extension of the Town of York . It is the main financial district in Toronto, and is the financial heart of Canada...
in Toronto centres on Bay Street
Bay Street
Bay Street, originally known as Bear Street, is a major thoroughfare in Downtown Toronto. It is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial industry since succeeding Montreal's St. James Street in that role in the 1970s...
, the equivalent to Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
in New York. Toronto is the second largest financial centre in North America, after New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, with approximately 205,000 staff in the Canada's biggest banks and brokerages. In 2008, Forbes Magazine named Toronto the 10th most economically powerful city in the world, ahead of Madrid, Philadelphia and Mexico City.
The city's budget
Budget
A budget is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods...
for the fiscal year 2008 was $
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
8.170 billion and is
funded primarily by property tax
Property tax
A property tax is an ad valorem levy on the value of property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state or a municipality...
es (the net budget) totaling $3.322 billion.
Media
Toronto is one of the centres of Canada's film and television industry, due in part to the lower cost of production in Canada. The city's streets and landmarks are seen in a variety of films, mimicking the scenes of American cities such as ChicagoChicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
and New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The city provides a diversity of settings and neighbourhoods to shoot films, with production facilitated by Toronto's Film and Television Office.
A major new film studio, Filmport
Filmport
Pinewood Toronto Studios is a major film and television studio complex in Toronto, Ontario, Canada and is the largest of its kind in Canada...
, started construction in 2006, with the first phase opening in March 2008 and the second phase in 2010, and features the largest sound stage
Sound stage
In common usage, a sound stage is a soundproof, hangar-like structure, building, or room, used for the production of theatrical filmmaking and television production, usually located on a secure movie studio property.-Overview:...
in North America, at 4,000 square metres. The city also hosts the annual Toronto International Film Festival
Toronto International Film Festival
The Toronto International Film Festival is a publicly-attended film festival held each September in Toronto, Ontario, Canada. In 2010, 339 films from 59 countries were screened at 32 screens in downtown Toronto venues...
, one of the largest in North America.
Toronto's film industry has extended beyond the Toronto CMA into adjoining cities such as Hamilton
Hamilton, Ontario
Hamilton is a port city in the Canadian province of Ontario. Conceived by George Hamilton when he purchased the Durand farm shortly after the War of 1812, Hamilton has become the centre of a densely populated and industrialized region at the west end of Lake Ontario known as the Golden Horseshoe...
and Oshawa
Oshawa
Oshawa is a city in Ontario, Canada, on the Lake Ontario shoreline. It lies in Southern Ontario approximately 60 kilometres east of downtown Toronto. It is commonly viewed as the eastern anchor of both the Greater Toronto Area and the Golden Horseshoe. It is now commonly referred to as the most...
.
Tourism
Toronto is home to a sprawling and diverse commercial infrastructure. The Toronto Eaton CentreToronto Eaton Centre
The Toronto Eaton Centre is a large shopping mall and office complex in downtown Toronto, Ontario, Canada, named after the now-defunct Eaton's department store chain that once anchored it. In terms of the number of visitors, the shopping mall is Toronto's top tourist attraction, with around one...
is the primary tourist attraction in Toronto, with over one million visitors a week. The PATH
PATH (Toronto)
PATH is a network of pedestrian tunnels beneath the office towers of Downtown Toronto, Ontario, Canada. According to Guinness World Records, PATH is the largest underground shopping complex in the world with 371,600 m² PATH is a network of pedestrian tunnels beneath the office towers of Downtown...
network, which is the world's largest underground
Underground city
An Underground city is a series of linked subterranean spaces that may provide a defensive refuge; a place for living, working or shopping; a transit system; mausolea; wine or storage cellars; cisterns or drainage channels; or several of these. The term may also refer to a network of tunnels that...
shopping complex and the eclectic Kensington
Kensington Market
Kensington Market is a distinctive multicultural neighbourhood in Downtown Toronto, Ontario, Canada. The Market is an older neighbourhood and one of the city's most well-known. In November 2006, it was designated a National Historic Site of Canada. Robert Fulford wrote in 1999 that "Kensington...
and St. Lawrence Market
St. Lawrence Market
St. Lawrence Market is one of two major markets in Toronto, the other being Kensington Market.It features two buildings, both on the west side of Front St. East and Jarvis St. Each building holds different purposes:...
. The Bloor-Yorkville
Yorkville, Toronto
Yorkville is a district in Toronto, Ontario, Canada, well known for its shopping. It is a former village, annexed by the City of Toronto. It is roughly bounded by Bloor Street to the south, Davenport Road to the north, Yonge Street to the east and Avenue Road to the west, and is considered part of...
neighbourhood is one of the most elegant shopping and dining districts in Toronto.
Along Queen St. East can be found Toronto's biggest camera stores. Big-box stores are not generally found in downtown Toronto, but the suburbs have many large malls, big-box stores as well as specialty stores, for example, stores selling discount fashions and lighting nearby Orfus Road close to Yorkdale mall.
The fashion district is located near King and Spadina, close to the old Chinatown to the north and entertainment district to the east. The Sunday shopping in Toronto first got its start in the fashion district in the 1980s.
St. Lawrence Market is a large, historic vendors market with an open air section in summer selling fresh locally grown produce. Kensington Market also has an outdoor vendor section located close to Chinatown.
The city itself has many large and unique malls and shopping centres. Shopping in Toronto has become a large draw for tourists, with, for example, the Eaton Centre being designated as a tourist attraction in the 1980s.
The Toronto Islands
Toronto Islands
The Toronto Islands are a chain of small islands in the city of Toronto, Ontario. Comprising the only group of islands in the western part of Lake Ontario, the Toronto Islands are located just offshore from the city centre, and provide shelter for Toronto Harbour...
are a tourist draw, attracting people for the beauty of the scenery, the ban of cars on the islands, and the easy proximity to downtown Toronto. As well, the CN Tower, Casa Loma, Toronto's theatre and musicals are all magnets for tourists.
Toronto boasts a wide variety of different high-end cuisines
Cuisine of Toronto
The cuisine of Toronto reflects Toronto's size and multicultural diversity. Different ethnic neighbourhoods throughout the city focus on specific cuisines, such as authentic Chinese and Vietnamese found in the city's six Chinatowns, Greek on The Danforth, Italian cuisine in Little Italy and Corso...
, because of its cultural diversity. As Toronto is the most multicultural city in the world (based on percentage of residents being foreign born), Toronto has immigrants from every corner of the world, including little Indias, Chinas, Korea, and even a little Malta. It has recently become noted for the availability of quality restaurants.
Firms with headquarters in Toronto
Hudson's Bay Company
The Hudson's Bay Company , abbreviated HBC, or "The Bay" is the oldest commercial corporation in North America and one of the oldest in the world. A fur trading business for much of its existence, today Hudson's Bay Company owns and operates retail stores throughout Canada...
, Manulife Financial
Manulife Financial
Manulife Financial Corporation , is a Canadian insurance company and financial services provider. Manulife Financial's global head office is located in Toronto, Canada and the Company has operations in 21 countries and territories worldwide.The Company operates in Canada and Asia through the brand...
, TD Canada Trust
TD Canada Trust
TD Canada Trust is the personal, small business and commercial banking operation of the Toronto-Dominion Bank in 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 ATM Green Machines...
, Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT....
, Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
, Scotiabank
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
, Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
, Celestica
Celestica
Celestica Inc. is a multinational electronics manufacturing services company headquartered in Toronto, Canada. Celestica’s global manufacturing network comprises more than 40 locations in 11 countries in the Americas, Europe and Asia, supplying a wide variety of leading OEMs...
, Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts
Four Seasons Hotels, Inc. is a Canadian-based international ultra-luxury, five-star hotel management company. Travel + Leisure magazine and Zagat Survey rank the hotel chain's 84 properties among the top luxury hotels worldwide...
, Rogers Communications
Rogers Communications
Rogers Communications Inc. is one of Canada's largest communications companies, particularly in the field of wireless communications, cable television, home phone and internet with additional telecommunications and mass media assets...
, MDS Inc.
MDS Inc.
Nordion Inc. is a global specialty health science company that provides products used for the prevention, diagnosis and treatment of disease. The company supplies medical isotopes, targeted therapies and sterilization technologies to more than 60 countries around the world.Nordion is headquartered...
and many others. Many other companies are also based in the Greater Toronto Area
Greater Toronto Area
The Greater Toronto Area is the largest metropolitan area in Canada, with a 2006 census population of 5.5 million. The Greater Toronto Area is usually defined as the central city of Toronto, along with four regional municipalities surrounding it: Durham, Halton, Peel, and York...
outside of the city limits, such as Nortel
Nortel
Nortel Networks Corporation, formerly known as Northern Telecom Limited and sometimes known simply as Nortel, was a multinational telecommunications equipment manufacturer headquartered in Mississauga, Ontario, Canada...
, IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
Canada, Citibank Canada
Citibank Canada
Citibank Canada is a unit of Citigroup of New York City. The Canadian unit has been operating since 1954, with Canadian headquarters in Toronto...
and Magna International
Magna International
Magna International Inc. , is an automotive supplier headquartered in Aurora, Ontario, Canada. It is Canada's largest automobile parts manufacturer, and one of the country's largest companies. It owns the Magna Steyr automobile production company of Austria....
.
Other companies with head offices in Toronto:
- BMG Music CanadaBMG Music CanadaBMG Music Canada was the Canadian division of BMG, located in Toronto, Ontario, Canada.Previously working for Henri Dès albums, it acquired the Lanoraie, Quebec-based Interdisc Distribution Inc...
(media - music) - Canadian operations - Brookfield Asset ManagementBrookfield Asset ManagementBrookfield Asset Management Inc. is a Toronto, Ontario-based asset management company that manages a global portfolio of assets valued at over $150 billion...
(property management) - Global HQ - Coca-Cola CompanyThe Coca-Cola CompanyThe Coca-Cola Company is an American multinational beverage corporation and manufacturer, retailer and marketer of non-alcoholic beverage concentrates and syrups. The company is best known for its flagship product Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton in Columbus, Georgia...
(non-alcoholic beverages) - Canadian operations - Cookie Jar Group (children's entertainment and films) - Global HQ
- Fairmont Hotels and ResortsFairmont Hotels and ResortsFairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...
(hotelier) - Global HQ - McClelland & Stewart (media-publisher) - Global HQ
- McDonald's CanadaMcDonald's CanadaMcDonald's Restaurants of Canada, Ltd. is the Canadian branch of the popular fast-food restaurant chain McDonald's. One of Canada's largest fast-food restaurant chains, the franchise sells food items including hamburgers, chicken, french fries and soft drinks all across the country...
(fast food restaurants) - Canadian operations - Manulife FinancialManulife FinancialManulife Financial Corporation , is a Canadian insurance company and financial services provider. Manulife Financial's global head office is located in Toronto, Canada and the Company has operations in 21 countries and territories worldwide.The Company operates in Canada and Asia through the brand...
(insurance and financial services) - Global HQ - NortelNortelNortel Networks Corporation, formerly known as Northern Telecom Limited and sometimes known simply as Nortel, was a multinational telecommunications equipment manufacturer headquartered in Mississauga, Ontario, Canada...
(telecom) - Global HQ - NelvanaNelvanaNelvana Limited is a Canadian entertainment company founded in 1971 known for its work in children's animation. It was named by founders Michael Hirsh, Patrick Loubert and Clive A. Smith after a Canadian comic book superheroine created by Adrian Dingle in the 1940s...
(children's entertainment and films; part of Corus EntertainmentCorus EntertainmentCorus Entertainment Inc. is a publicly traded Canadian media and entertainment conglomerate.Corus is a leading Canadian specialty television and radio producer, with additional assets in pay television, advertising services, television broadcasting, children's book publishing and children's...
) - Global HQ - Oxford PropertiesOxford PropertiesOxford Properties is an investor, owner, developer and manager of commercial real estate of more than . of commercial & industrial space, more than half of it in the city of Toronto and its suburbs, from where the company is based, but also has regional head offices in New York and London...
(property management) - Global HQ - Porter AirlinesPorter AirlinesPorter Airlines is a regional airline headquartered at Billy Bishop Toronto City Airport on the Toronto Islands in Toronto, Ontario, Canada. Porter operates regularly scheduled flights between Toronto and locations in Canada and the United States using Canadian-built Bombardier Dash-8 Q 400...
(regional airline) - Rogers CommunicationsRogers CommunicationsRogers Communications Inc. is one of Canada's largest communications companies, particularly in the field of wireless communications, cable television, home phone and internet with additional telecommunications and mass media assets...
(media - radio, television, cellular) - Onex Corporation (private equity and investment firm) - Global HQ
- Sirius CanadaSirius CanadaSirius Canada is a Canadian company, a partnership between Slaight Communications, the Canadian Broadcasting Corporation and Sirius Satellite Radio, which was one of three services licensed by the CRTC on June 16, 2005 to introduce satellite radio service to Canada.On November 24, 2010, following...
(satellite radio) - Canadian operations - Sunwing AirlinesSunwing AirlinesSunwing Airlines Inc. is an airline headquartered in Toronto, Ontario, Canada, offering scheduled and chartered services to Canada, the United States, Mexico, the Caribbean, Europe, Central America, South America as well as domestic services during the summer season.It is a subsidiary of Sunwing...
, a discount vacation airline operating Boeing 737Boeing 737The Boeing 737 is a short- to medium-range, twin-engine narrow-body jet airliner. Originally developed as a shorter, lower-cost twin-engine airliner derived from Boeing's 707 and 727, the 737 has developed into a family of nine passenger models with a capacity of 85 to 215 passengers...
s and Boeing 767Boeing 767The Boeing 767 is a mid-size, wide-body twin-engine jet airliner built by Boeing Commercial Airplanes. It was the manufacturer's first wide-body twinjet and its first airliner with a two-crew glass cockpit. The aircraft features two turbofan engines, a supercritical wing, and a conventional tail...
s. - Toyota Motor Manufacturing CanadaToyota Motor Manufacturing CanadaToyota Motor Manufacturing Canada Inc. is a Canadian automotive manufacturer and is a wholly owned subsidiary of Toyota Motor Corporation...
(automaker) - Canadian operations - XM Radio CanadaXM Radio CanadaXM Radio Canada was the operating name of Canadian Satellite Radio Holdings Inc. , a Canadian communications and media company, which was incorporated in 2002 to broadcast satellite radio in Canada...
(satellite radio) - Canadian operations
Prior to its dissolution, Canada 3000
Canada 3000
Canada 3000 Inc. was a Canadian discount charter airline offering domestic and international flights. It was the largest charter airline in the world at the time of its operation, with over 90 destinations worldwide, although it changed to scheduled service in 2000 after the Canadian Airlines and...
, an airline, was headquartered in the city, near Toronto Pearson International Airport
Toronto Pearson International Airport
Toronto Pearson International Airport is an international airport serving Toronto, Ontario, Canada; its metropolitan area; and the Golden Horseshoe, an urban agglomeration that is home to 8.1 million people – approximately 25% of Canada's population...
.
See also
- Economy of OntarioEconomy of OntarioThe economy of Ontario is rich and diversified. Ontario is the largest economy in Canada, its GDP being nearly twice that of neighbouring Quebec, the second largest economy...
- Greater Toronto AreaGreater Toronto AreaThe Greater Toronto Area is the largest metropolitan area in Canada, with a 2006 census population of 5.5 million. The Greater Toronto Area is usually defined as the central city of Toronto, along with four regional municipalities surrounding it: Durham, Halton, Peel, and York...
- Golden HorseshoeGolden HorseshoeThe Golden Horseshoe is a densely populated and industrialized region centred around the Greater Toronto Area at the western end of Lake Ontario in Southern Ontario, Canada, with outer boundaries stretching south to Lake Erie and north to Georgian Bay. Most of it is also part of the Quebec City...
- Great Lakes MegalopolisGreat Lakes MegalopolisThe Great Lakes Megalopolis consists of the group of North American metropolitan areas which surround the Great Lakes region mainly within the Midwestern United States, the Southern Ontario area of Canada, along with large parts of Pennsylvania, New York, and Quebec...