Finance
General Industry Profile
Greater Montréal has a high calibre financial sector, which employs nearly 100,000 people in more than 3,000 companies. Montréal's finance sector can notably count on a pool of qualified labour, which is supported by a cutting-edge university sector, as well as by one of the most effective business environments. All sectors of finance are represented in Montréal: banks and other financial intermediaries, insurance, securities, pension funds and asset management consulting.
Key Figures
- 100,000 employees divided among 3,000 companies
- More than 25,000 financial specialists
- 8,000 finance students, 1,000 of whom are working towards Master's and Doctoral Degrees and more than 2,000 graduates per year
Benefits of the Region
Labour
- With more than 25,000 finance specialists, Greater Montréal has qualified and abundant human capital
- Greater Montréal can count on four universities offering specialized programs in finance, notably in financial engineering, financial mathematics, etc
- 30 academic research units in sectors such as derivative products, pension plan administration, financial engineering, etc
Incentives
A company running an international finance centre (IFC) in Montréal benefits from the following tax benefits:
- A partial tax exemption (75%) in Québec on revenue from the operation of the IFCA partial tax exemption (75%) on capital deriving from IFC operations
- A partial exemption (75%) from the contribution to the Fonds des services de santé du Québec (FSS) on the payroll expenditures attributable to IFC operations
The governments of Canada and Québec offer numerous tax incentives to companies in the financial sectors, in particular tax credits for R&D, which total up to 20% for the federal government and 17.5% for the Québec government.
In addition to the R&D tax credits, numerous other tax and financial incentives are offered to companies. Please contact us to determine if you are eligible for one of the following programs:
- Financial aid for the creation of jobs and training
- Investment plan feasibility study
- Strategic Investment Support Program (PASI)
- Economic Projects Support Program (PSPE)
- PR@M Industry
Costs
According to the study Competitive Choices conducted by KPMG in 2008, regarding costs, Greater Montréal offers a business environment that is among the most competitive and cost-effective in North America. In fact, Montréal ranks first among the 20 largest centres of Canada and the United States for lowest total operating costs, taking into account labour costs, industrial and office space costs and energy costs.
The excellent quality-to-cost ratio offered in Greater Montréal is:
- A strategic asset since selecting an establishment site is strongly linked to the cost factor, and more particularly so during a period of economic downturn
- An incentive for companies that are looking for a site that is located close to major North American markets
Presence of support and control organizations (source: IFC)
- Financial Market Authority
- Canada Deposit Insurance Corporation
- Office of the Superintendent of Financial Institutions
- Investment Dealers Association of Canada
- Ministère des Finances du Québec
Main Leaders
The ten largest financial sector employers in the region of the Montréal region include:
- Mouvement des Caisses Desjardins: the top financial institution of Québec and the largest co-op-style financial company in Canada. Mouvement Desjardins employs more than 12,000 people and has 350 locations in the Montréal region
- National Bank of Canada: the sixth largest bank in Canada and the second principal financial institution in Québec, with 8,600 employees and 140 locations in Greater Montréal
- RBC Financial Group Canada's most popular bank employs more than 4,600 employees and has 100 locations in the Montréal region
- BMO Financial Group: a financial institution that employs more than 3,200 employees, with 100 locations in Greater Montréal
- Power Corporation of Canada an international portfolio management company, principally in the financial services and communications sectors that employs more than 3,200 people in the Montréal region
- TD Financial Group: a financial institution that employs more than 3,000 employees, with 70 locations in Greater Montréal
- Laurentian Bank of Canada: a financial institution that employs more than 2,000 employees, with 75 locations in the Montréal region
- CIBC Bank: a financial institution that employs more than 1,750 employees, with 70 locations in Greater Montréal
- Standard Life Canada: a financial institution that employs more than 1,500 employees, with 10 locations in the Montréal region
- Sun Life Financial: a financial institution that employs more than 1,400 employees, with 10 locations in Greater Montréal
