v256.0 · stock markets · CA · verified 2026-04
Canada stock markets + capital markets
Stock markets in Canada — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
TSX (Toronto Stock Exchange) — Senior Market, world's 7th-9th largest · TSX Venture Exchange (junior + small-cap) · NEO Exchange (now Cboe Canada since 2022) · CSE (Canadian Securities Exchange) · 2,000+ listings total · USD 4T+ market cap
Market cap + indices
| Total market cap | USD 4T+ TSX + Venture · Major mining + energy + financial concentration |
| Major indices | S&P/TSX Composite (broader, 250 stocks) · S&P/TSX 60 (large-cap, 60 stocks) · S&P/TSX SmallCap · S&P/TSX Capped Composite · S&P/TSX Venture Composite · Various sector sub-indices |
Listing + trading mechanics
| Listing requirements | TSX Senior: CAD 30M+ pre-tax profit · CAD 50M+ market cap · 3-yr operating history · TSX Venture: lower bars, market-cap-based · CSE: even lighter · IPO via prospectus + provincial securities commission approval · MJDS (Multi-Jurisdictional Disclosure System) facilitates Canada-US dual listing |
| Trading hours | 9:30 AM - 4:00 PM ET · Pre-market 7:00 AM - 9:30 AM · After-hours 4:00 PM - 5:00 PM · Open Mon-Fri · Holidays per TSX calendar (Canada Day, Civic Holiday, Family Day, etc.) |
Foreign investor access
Open · No restrictions · Direct brokerage account · 25% dividend withholding (15% via US tax treaty, 15% via UK, India, others) · 0% capital-gains for non-residents (most cases) · Strong US investor presence given proximity
IPO market (2024)
CAD 1B raised 2024 IPOs (CVCA) — limited IPO activity · 2024: Minimal · 2023: Lithium Royalty Corp, Galaxy Digital · Canadian companies increasingly choosing US listings (Shopify, Lightspeed initially Canadian, now dual)
Dividend + capital-gains tax
Canadian residents: Dividend tax credit reduces effective rate · Capital gain: 50% inclusion rate (rate raised to 66.67% June 2024 for >CAD 250K annual gains and corporate gains) · TFSA + RRSP tax-advantaged wrappers · Provincial top-ups significant
Regulator + custody/clearing
| Regulator | CSA (Canadian Securities Administrators) — voluntary association of 13 provincial + territorial regulators (OSC Ontario largest) · Bank of Canada + OSFI for banking · IIROC self-regulatory (broker-dealers) · Pillar Two effective Jan 2024 |
| Custody + clearing | CDS (Canadian Depository for Securities, now TMX Group subsidiary) · CDCC (Canadian Derivatives Clearing Corp) · T+1 settlement May 28, 2024 (aligned with US transition) · RBC + TD + Scotiabank + BMO + CIBC major custodians · CDS-DTCC linkage |
Recent changes (2023-2026)
2024-25: T+1 settlement May 28, 2024 · Capital-gain inclusion rate raised 50%→66.67% June 2024 (controversial, opposition pledging to reverse) · Pillar Two QDMTT effective Jan 2024 · Bank of Canada rate cuts 2024 · Canadian companies continuing trend to US listings · Mining + AI startups dual-listing trend
Source: official Canada securities regulator · Last verified 2026-04
See also: Canada country profile · stock markets atlas