Economy of Toronto

Toronto is a major international centre for business and finance. Generally considered the financial capital of Canada, Toronto has a high concentration of banks and brokerage firms on Bay Street, in the Financial District. The Toronto Stock Exchange is the world's eighth-largest stock exchange by market capitalization.[56] All the Big Five banks of Canada are headquartered in Toronto, as are a majority of Canada's corporations.[9]
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The city is an important centre for the media, publishing, telecommunications, information technology and film production industries; it is home to Thomson Corporation, CTVglobemedia, and Rogers Communications. Other prominent Canadian corporations in Toronto include Magna International, Celestica, Manulife Financial, Sun Life Financial, the Hudson's Bay Company, and major hotel companies and operators, such as Four Seasons Hotels and Fairmont Hotels and Resorts.

Although much of the region's manufacturing activities take place outside the city limits, Toronto continues to be an important wholesale and distribution point for the industrial sector. The city's strategic position along the Quebec City – Windsor Corridor and its extensive road and rail connections help support the nearby production of motor vehicles, iron, steel, food, machinery, chemicals and paper. The completion of the St. Lawrence Seaway in 1959 gave ships access to the Great Lakes from the Atlantic Ocean.

The city's debt stood at $2.7 billion at December 31, 2008, and is forecast to rise to more than $3.5 billion by 2016, before subsiding.

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