Canada 100 2023

The annual report on the most valuable and strongest Canadian brands

Brand Finance Canada 100 2023

TD on the rise as it overtakes RBC to claim title as Canada’s most valuable brand

  • TD dethrones RBC as the most valuable brand in Canada
  • Agnico Eagle soars higher as Canadian mining & mineral brands grow
  • Bombardier begins recovery after having found its footing
  • Rogers and Shaw brand values slip
  • A&W becomes the strongest Canadian brand, earning AAA rating
  • TD has the highest Sustainability Perceptions Value at CAD1.9 billion

TD dethrones RBC to become the most valuable brand in Canada at $27.5 billion

TD (brand value up 27% to CAD27.5 billion) has remained resilient to widespread challenges and achieved impressive brand value growth, becoming Canada’s most valuable.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The Canada’s top 100 most valuable and strongest brands are included in the annual Brand Finance Canada 100 2023 ranking.

TD’s positive re-evaluation of revenues and forecasts, in comparison to last year’s leader, RBC’s (brand value down 15% to CAD19.9 billion) dampened outlook and forecasted revenues, have helped drive TD’s brand value increase and allowed it to reclaim the throne as Canada’s most valuable brand, a position it previously held in 2013, 2020, and 2021.

Laurence Newell, Managing Director, Brand Finance, North America commented:

“Although Canadian banks may be known for their conservative style which protects Canadian assets from international crises, increased interconnectedness between Canadian and American banking sectors will increasingly tie the fate of the Canadian economy and banking closer to that of its American neighbours.’”

“TD’s important M&A activity in the United States, paired with important investments in various real estate projects across the country, have successfully extended the TD brand and increased brand awareness and familiarity across North America.”

Agnico Eagle soars higher as Canadian Mining & Mineral brands grow

Agnico Eagle wins the title of the fastest growing Canadian brand. Its brand value has increased 115% to CAD738.8 million. Although October 2022 saw global gold prices fall, prices have more recently stabilised and continue to grow in the new year. Resultantly, Canadian mining brands across the board are seeing increases in brand value, according to the Brand Finance annual Global Brand Equity Monitor study.

Bombardier begins recovery after re-finding its footing

Following difficult results in 2021, Bombardier is seemingly back up and running, seeing an increase of 38% in brand value to over CAD1.4 billion in 2023.

Corporate consolidation as well as moving past the sale of various business units to European and Japanese brands have allowed Bombardier to recalibrate its business focus to what it does best: high quality private aircraft.

Rogers and Shaw brand values slip

As the controversial merger between Rogers (brand value down 8% to CAD6 billion) and Shaw (brand value down 24% to CAD2.1 billion) still awaits approval by federal regulators because of deadline push backs, both brands have taken a considerable hit to brand value and brand strength according to the 2023 edition of the Brand Finance Canada 100 Report.

A&W becomes the strongest Canadian brand, earning AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Fast-food restaurant chain, A&W (brand value down 2% to CAD647.3 million), has become Canada’s strongest brand with a Brand Strength Index score of 87 out of 100, with a corresponding AAA rating. This is a 2-point increase year-on-year and means that it has overtaken last year’s strongest brand, Canada Life (brand value up 10% to CAD14.7 billion), which now sits in second with a Brand Strength Index score of 86/100.

TD has the highest Sustainability Perceptions Value at CAD1.9 billion

TD has the highest sustainability perceptions value of any Canadian brand, CAD1.9 billion. As Canada’s most valuable brand, TD has considerable scope for impact due to the scale of its operations. It is important to note that TD’s position at the top of the table is not an assessment of its overall sustainability performance. Instead, it highlights the value that TD has tied up in the sustainability perception of stakeholders.