Canadian Tire Services Ltd. (CTSL),

doing business as A trade name, trading name, or business name is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is fictitious business name. Registering the fictitious name with ...

Canadian Tire Bank (), is the financial services

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of the Canadian Tire retail chain. The bank is based in

Oakville, Ontario Oakville is a town and List of municipalities in Ontario#Lower-tier municipalities, lower-tier municipality in Regional Municipality of Halton, Halton Region, Ontario, Canada. Generally seen as a commuter suburb of Toronto, it is located on Lake ...

, and has additional business operations in

St. Catharines St. Catharines is the most populous city in Canada's Niagara Region, the eighth largest urban area in the province of Ontario. As of 2021, St. Catharines has an area of and 136,803 residents. It lies in Southern Ontario, south of Toronto ac ...

and Welland, Ontario. Between 1968 and 2016 (with some branding continuing until 2018), Canadian Tire Services Ltd. was known as Canadian Tire Financial Services Ltd. (CTFS or CTFSL).

History

In 1968, Canadian Tire purchased Midland Shoppers Credit Limited, a small company founded in 1961 to provide third-party credit processing for local retailers in the Niagara Region. After its acquisition, the company was renamed "Canadian Tire Acceptance Limited (CTAL)", and later "Canadian Tire Financial Services Limited". Canadian Tire Bank (CTB), a Schedule 1 (domestic, deposit-taking) bank under the Bank Act, was founded in 2003 and took over financial services that had been provided by CTFS. In addition to MasterCard credit card services, Canadian Tire Bank also launched high interest savings accounts, tax-free savings accounts, and GIC products. In 2014,

Scotiabank The Bank of Nova Scotia (), operating as Scotiabank (), is a Canadian multinational corporation, multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five (banks), Big Five banks, it is the ...

signed a deal to buy a 20 percent stake in Canadian Tire's financial services business, which includes Canadian Tire Bank, for $500 million in cash as part of a strategic partnership between the two companies under which Scotiabank was also permitted to buy up to an additional 30% (or sell back to Canadian Tire its 20% stake) at the then fair market value within 10 years. In 2023, Canadian Tire repurchased the 20 percent stake that Scotiabank had owned for $895 million, restoring its ownership to 100%.

MasterCard

In 1995, the bank issued the Canadian Tire Options MasterCard nationally with a reward program for purchases of products from Canadian Tire and, later, launched its Gas Advantage MasterCard product whereby the cardholder earned a tiered discount of 2–10¢ (in Canadian currency) per litre on gasoline purchases from Canadian Tire based on the previous month's gas purchases. In 2008, it embedded the card with Mastercard's PayPass " tap-and-go" technology. These cards continue to be offered by Canadian Tire Bank. In 2006, the bank began a pilot program of the Cash Advantage MasterCard. Its reward program allowed cardholders to earn up to 1.5% cash back based on the amount of eligible annual purchases made on their card. In 2007, it created the Vacation Advantage MasterCard, with cardholders rewarded with points that could be redeemed for any vacation-related purchase. In 2009, it issued the Curve MasterCard nationwide, so named for the distinctly curved shape of the lower right-hand corner of the card. It had no annual fee and had a reward program that allowed cardholders to earn up to 3.5% cash back, based on the amount of eligible annual purchases made on their card. Cardholders could earn double cash back at Canadian Tire and

Mark's Work Wearhouse Mark's (known as La Ouérasse and L'Équipeur since 1990 in Quebec) is a Canadian clothing and footwear retailer specializing in casual and industrial wear. Beginning in 1977 as Mark's Work Wearhouse in Calgary, Alberta, it evolved from an i ...

stores. (Mark's is a clothing and footwear retailer that has been a subsidiary of Canadian Tire since 2002.) In late 2010, the Vacation Advantage and Curve MasterCards were removed from Canadian Tire's credit portfolio. On May 1, 2018, the cards were rebranded under the Triangle Rewards name, to match up with Canadian Tire's new customer loyalty program. On March 11, 2022, Canadian Tire announced that Triangle Mastercard holders would earn 10¢ by using their card on fuel purchases at any gas station across the nation. This period ended June 19, 2022 and the Canadian Tire Triangle Mastercard now earns 5¢ on fuel purchases.

Insurance

CTB markets

payment protection insurance Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled ...

underwritten by

Assurant Assurant, Inc. is a global provider of risk management products and services with headquarters in Atlanta. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, ...

, and identity theft insurance offered in a partnership arrangement with Sigma Loyalty Group who, in turn, partners with Intersections, Inc., to underwrite the policies under its Identity Guard product offering. It used to sell

term life ''Term Life'' is a 2016 American action drama film based on the graphic novel of the same name. It is directed by Peter Billingsley from a screenplay by A.J. Lieberman. The film stars Vince Vaughn, who also produces the film, Hailee Steinfeld, J ...

and

travel Travel is the movement of people between distant geographical Location (geography), locations. Travel can be done by Pedestrian, foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without Baggage, luggage, a ...

insurance underwritten by Canada Life, but later stopped marketing those products.

Retail banking

In October 2006, CTB began to offer more traditional banking services over the phone or online. Such offerings included, as of 2019: *

Savings account A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditi ...

s * Tax-free savings accounts * Guaranteed investment certificates The bank used to offer mortgages, but in October 2009, CTB sold its residential real estate secured lending portfolio of approximately 1,000 mortgages valued at approximately $167 million to

National Bank of Canada The National Bank of Canada () is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the largest bank in Quebec, and the se ...

and no longer offers mortgage products. All deposit products are automatically insured to applicable limits by the federal

crown corporation Crown corporation () is the term used in Canada for organizations that are structured like private companies, but are directly and wholly owned by the government. Crown corporations have a long-standing presence in the country, and have a sign ...

Canada Deposit Insurance Corporation The Canada Deposit Insurance Corporation (CDIC; ) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' de ...

(CDIC).

References

External links

* {{Canadian banks

Bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

Scotiabank 2003 establishments in Ontario Canadian companies established in 2003 Banks established in 2003 Banks of Canada Companies based in Oakville, Ontario Supermarket banks Online banks Financial services brands Financial services companies of Canada Companies based in Ontario Online financial services companies of Canada