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 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 bars. 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 Mastercard¹ 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 - 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, CDIC eligible deposits as a source of funding
  • 2014 - 20% of the Financial Services business was sold to Scotiabank, which also provided CTB with $2.25B in committed credit facilities which currently expire in October 2022 
  • 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 TriangleTM Rewards and CTB’s credit cards are now called the TriangleTM Mastercard.
1 Mastercard is a registered trademark of MasterCard International Incorporated. CTB is a licensee of the Mastercard trademark.