Canadian Tire

History of Canadian Tire Bank / Canadian Tire Financial Services

  • 1960s - Midland Shoppers Credit Limited, a small financial services firm offering third-party credit card processing for local retailers, began adding Canadian Tire stores to its client list
  • 1968 - Midland became a wholly-owned subsidiary of Canadian Tire Corporation, Limited (“CTC”) and was renamed Canadian Tire Acceptance Limited (“CTAL”). CTAL issued the Canadian Tire credit card which can only be used at Canadian Tire stores and gas bars¹. CTAL was later renamed Canadian Tire Financial Services Limited (“CTFS”) and then Canadian Tire Services Limited.
  • 1995 - CTFS became the first non-deposit taking financial institution worldwide to launch a Mastercard² credit card. Canadian Tire Receivables Trust (“CTRT”) was established to fund the ensuing growth in credit card receivables through both Senior and Subordinated Term ABS and ABCP Notes
  • 2003 - Canadian Tire Bank ("CTB"), a federally regulated Schedule I chartered bank, was established; CTFS’ credit card operations were transferred into CTB; and the name of CTRT was changed to Glacier Credit Card Trust
  • 2007 - CTB added non-redeemable, Canadian Deposit Insurance Corporation eligible deposits as a source of funding
  • 2014 - 20% of the Financial Services business was sold by CTC to Scotiabank, which also provided CTB with $2.25B in committed credit facilities 
  • 2018 - Canadian Tire’s loyalty and credit card program was enhanced by enabling members to collect and redeem My Canadian Tire Money® across most of CTC's retail banners. The name of the program was changed to Triangle™ Rewards and most of CTB’s credit cards offered are Triangle™-branded Mastercard products.
  • 2023 - 20% of the Financial Services business was repurchased by CTC from Scotiabank and the committed credit facilities were reduced to $1.1B with expiry in April 2025
1 These cards are no longer issued but a relatively small number of legacy cards remain outstanding making up only approximately 0.02% of the receivables in the securitized pool as at September 30, 2023

² Mastercard is a registered trademark of MasterCard International Incorporated. CTB is a licensee of the Mastercard trademark.