Chapitres 1-14 du CSC — fondamentaux des marchés canadiens.
The Toronto Stock Exchange (TSX) is the dominant Canadian senior equity market, operated by the TMX Group. As of 2026 it lists ~1 500 companies with combined market cap exceeding CAD 4.0 trillion. The flagship index, the S&P/TSX Composite Index, weights ~230 large/mid-cap names with a heavy concentration in Financials (~30%), Energy (~17%) and Materials (~12%).
The TSX Venture Exchange (TSXV) caters to early-stage, emerging mining, technology and life-sciences companies. The NEO Exchange, launched in 2015, is an alternative exchange focused on innovative listings and ETFs. CSE (Canadian Securities Exchange) is another alternative listing venue.
The Bank of Canada (BoC) conducts monetary policy with an explicit inflation target of 2% (range 1-3%) defined jointly with the federal government since 1991 and renewed every 5 years. Tools:
"The Bank of Canada's primary mandate is to preserve the value of money by keeping inflation low, stable and predictable."
Source: Bank of Canada, Monetary Policy Framework — bankofcanada.ca/core-functions/monetary-policy
GoC bonds are the federal government debt with maturities 2, 5, 10, 30 years. Coupons typically semi-annual. The 10-year GoC yield is the standard "risk-free" reference. Real Return Bonds (RRBs) are inflation-linked GoC bonds (the Canadian equivalent of US TIPS), with semi-annual coupons adjusted for CPI.
| Issuer | Risk premium vs GoC | Example |
|---|---|---|
| Province of Ontario, Québec, BC, Alberta | +30-80 bps | Province of Ontario 10-year |
| Municipal | +50-100 bps | City of Toronto debentures |
| Crown Corporation (e.g., CMHC, Canada Post) | ~+10-30 bps | CMHC Mortgage-Backed Securities |
| Corporate IG (Royal Bank, TD, Enbridge) | +100-250 bps | RBC 10-year |
| Corporate HY | +400-700 bps | Stelco, Bombardier |
P = Σ C/(1+y/2)^t + F/(1+y/2)^n with semi-annual coupons; clean price excludes accrued interest, dirty price includes it. Yield-to-Maturity (YTM) is the IRR.
A GoC 10-year bond with coupon 3.5% (semi-annual), face value CAD 1 000, trades at CAD 985.30. Calculate approximate YTM.
Solution: Approx YTM ≈ [Coupon + (F-P)/n] / [(F+P)/2] = [35 + (1000-985.30)/10] / [(1000+985.30)/2] = [35 + 1.47] / 992.65 = 3.674%. Iterative refinement gives 3.68%.
Preferred shares are popular Canadian instruments due to favorable tax treatment of dividends (Dividend Tax Credit) for Canadian residents. Features:
| Feature | Description | Effect on price |
|---|---|---|
| Cumulative | Missed dividends accumulate | Protects holder |
| Retractable | Holder can force redemption at par | Price floor near par |
| Callable | Issuer can redeem at premium | Caps upside |
| Convertible | Convertible to common | Embedded call option |
| Rate reset | Reset every 5y to GoC 5y + spread | Interest rate sensitive |
An investment fund is a pool of money from many investors managed according to a stated objective. In Canada, the dominant legal form is the open-end mutual fund trust. Net Asset Value (NAV) = (Assets − Liabilities) / Units outstanding. Funds price daily at 4:00 PM Eastern; orders received before cutoff trade at end-of-day NAV.
Le système bancaire canadien repose sur 6 grandes banques (Big 6) qui détiennent ~85% des actifs bancaires nationaux :
| Banque | Actifs (CAD Md) | Marché capitalisation | Filiales wealth |
|---|---|---|---|
| Royal Bank of Canada (RBC) | ~2 100 | ~CAD 230 Md | RBC DS, RBC Direct Investing |
| Toronto-Dominion Bank (TD) | ~2 000 | ~CAD 180 Md | TD Wealth, TD Direct Investing |
| Bank of Nova Scotia (Scotia) | ~1 400 | ~CAD 90 Md | Scotia Wealth, Scotia iTRADE |
| Bank of Montreal (BMO) | ~1 400 | ~CAD 90 Md | BMO Nesbitt Burns, BMO SmartFolio |
| CIBC (Canadian Imperial) | ~1 000 | ~CAD 60 Md | CIBC Wood Gundy, CIBC Investor Edge |
| National Bank (NBC) | ~470 | ~CAD 40 Md | NBF, NBDB |
The Bank of Canada uses Standing Purchase and Resale Agreements (SPRAs) to inject overnight liquidity (when the overnight rate trades above target) and Sale and Repurchase Agreements (SRAs) to drain liquidity (when below target). These operations maintain the overnight rate within the 50-bp operating band.
BoC undertook two major QE programs:
BoC entered QT in April 2022, allowing bonds to roll off the balance sheet without reinvestment. Balance sheet contracted from CAD 575 Md to CAD 320 Md by end 2024.
| Sector | % of GDP | Employment % |
|---|---|---|
| Services | ~70% | ~78% |
| Manufacturing | ~10% | ~9% |
| Construction | ~7% | ~7% |
| Resources (oil, gas, mining, forestry) | ~8% | ~3% |
| Agriculture | ~2% | ~2% |
| Public administration | ~6% | ~7% |
The Bank of Canada, as fiscal agent of the Government of Canada, conducts Treasury auctions via competitive bidding. Three instrument families:
| Instrument | Maturity | Auction frequency | Settlement |
|---|---|---|---|
| Treasury Bills (T-Bills) | 3, 6, 12 months | Bi-weekly (Tuesdays) | T+1 |
| 2-year, 5-year nominal bonds | 2y, 5y | Quarterly | T+1 |
| 10-year, 30-year nominal bonds | 10y, 30y | Quarterly | T+1 |
| Real Return Bonds (RRBs) | 30y typically | Quarterly | T+1 |
Approximately 10 primary dealers are eligible to bid at auction:
| Province | Credit rating (S&P) | Spread vs GoC (5y) | Spread vs GoC (10y) |
|---|---|---|---|
| Ontario | A+ | +45 bps | +55 bps |
| Québec | AA- | +35 bps | +45 bps |
| British Columbia | AA | +25 bps | +35 bps |
| Alberta | AA- | +30 bps | +40 bps |
| Saskatchewan | AA | +30 bps | +40 bps |
| Manitoba | A+ | +50 bps | +60 bps |
| Nova Scotia | AA- | +45 bps | +55 bps |
| New Brunswick | A+ | +55 bps | +65 bps |
| Sector | Weight (2025) | Top constituents |
|---|---|---|
| Financials | ~30% | RBC, TD, BMO, Scotia, CIBC, Manulife, Sun Life, NBC |
| Energy | ~17% | Suncor, Canadian Natural Resources, Enbridge, TC Energy, Cenovus |
| Materials | ~12% | Nutrien, Barrick, Teck, Franco-Nevada, Wheaton Precious |
| Industrials | ~13% | CN Rail, CP Kansas City Southern, Waste Connections, WSP Global |
| Information Technology | ~9% | Shopify, Constellation Software, OpenText, Lightspeed |
| Communication Services | ~5% | BCE, Telus, Rogers |
| Consumer Discretionary | ~4% | Magna, Restaurant Brands International, Aritzia |
| Consumer Staples | ~4% | Loblaws, Metro, Saputo, Alimentation Couche-Tard |
| Utilities | ~4% | Fortis, Emera, Hydro One |
| Real Estate | ~2% | RIOCAN, Choice Properties, Allied Properties |
| Health Care | ~0.5% | Tilray, Canopy Growth |
Canada has one of the world's largest preferred share markets (~CAD 70 Md outstanding) thanks to favorable tax treatment of Canadian dividends (Dividend Tax Credit). Five main categories:
| Type | Description | Issuer typically |
|---|---|---|
| Perpetuals | No maturity, fixed dividend forever | Big banks |
| Retractable | Holder can force redemption at par | Mid-cap REITs, utilities |
| Rate Reset | Reset every 5y to GoC 5y + spread | Banks, energy companies |
| Convertible | Convertible to common at fixed ratio | Less common in Canada |
| Floating Rate | Quarterly reset to Canadian prime rate | Rare |
| Term | Definition |
|---|---|
| TMX Group | Toronto Stock Exchange Group (operates TSX, TSXV) |
| TSX Composite | S&P/TSX Composite Index — main benchmark |
| S&P/TSX 60 | Top 60 large cap Canadian stocks |
| NEO Exchange | Alternative Canadian exchange (since 2015) |
| CSE | Canadian Securities Exchange (smaller listings) |
| RRB | Real Return Bond (inflation-indexed) |
| GoC | Government of Canada (bonds) |
| BoC | Bank of Canada (central bank) |
| SPRA / SRA | Standing Purchase Resale Agreement / Sale Resale Agreement |
| Pref shares | Preferred shares (Canada market specialty) |
| Dividend Tax Credit (DTC) | Federal + provincial credit on Canadian dividends |
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