Rahul Sharma (Editor)

Canadian Tire Financial Services

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Type  Subsidiary
Website  www.ctfs.com
Founded  1968
Industry  Financial services
Headquarters  Toronto, Canada
Parent organization  Canadian Tire
Canadian Tire Financial Services httpscanadiantirescene7comisimageCanadianT
Number of employees  1400 full-time equivalent

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Canadian Tire Financial Services (CTFS) (French: Services financiers Canadian Tire), operating as Canadian Tire Bank, is the financial services arm of the Canadian Tire retail chain. Based in Oakville, CTFS has business operations in Oakville, St. Catharines and Welland.


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  • CTFS began in 1961 as Midland Shoppers Credit Limited, a small company offering third-party credit processing for local retailers
  • In 1968, Canadian Tire purchased Midland and it became a wholly owned subsidiary of Canadian Tire Corporation, Limited. At this time it was renamed Canadian Tire Acceptance Limited and since has been renamed Canadian Tire Financial Services Limited (CTFS).
  • In 1995, CTFS became the first non-deposit taking financial institution worldwide to launch a MasterCard.
  • In 2003, Canadian Tire Bank was established, a Schedule 1 bank under the Bank Act. Canadian Tire Bank provides high interest savings accounts, tax free savings accounts, and GICs. In addition, all of CTFS’ credit card portfolio was transferred to Canadian Tire Bank.
  • In 2008, CTFS was named one of “Canada’s Top 100 Employers” by Mediacorp Canada Inc. as announced in Maclean’s.
  • As of 2011, CTFS and Canadian Tire Bank employ more than 1,600 people, with offices in Welland, St. Catharines, and Oakville, Ontario.
  • In 2014, Scotiabank signed a deal to buy a 20 percent stake in Canadian Tire's Financial Services business for $500 million in cash as part of a strategic partnership between the two companies.
  • MasterCard

    In 1995, the bank issued the Canadian Tire Options MasterCard nationally with a reward program with Canadian Tire ‘Money’ and a discount on gas based on the previous month’s purchases. In 2008, it embedded the card with PayPass Technology and is now issued by Canadian Tire Bank.

    In 2006, the bank began a pilot program of the Cash Advantage MasterCard. Its reward program allows cardholders to earn up to 1.5% cash back based on the amount of eligible annual purchases made on their card. In 2007, it created the Vacation Advantage MasterCard with cardholders rewarded with points that could be redeemed for any vacation related purchase.

    In 2009, it first issued the no fee Curve MasterCard nationwide, so named as its shape is a distinct curved. Its reward program allows cardholders to earn up to 3.5% cash back based on the amount of eligible annual purchases made on their card. Cardholders can earn double cash back at Canadian Tire and Mark's Work Wearhouse stores. In late 2010, both the Vacation Advantage and Curve MasterCards were removed from Canadian Tire's credit portfolio.

    In addition to the Canadian Tire Options MasterCard and Cash Advantage MasterCard, Canadian Tire Financial Services also offers the Gas Advantage MasterCard. The Gas Advantage MasterCard creates tiered discounts of 2¢-10¢ per liter on gasoline when customers fuel their vehicle at Canadian Tire Gas Bars. The Gas Advantage MasterCard offers some of the same in-store financing options as the Options MasterCard.


    CTFS offers a range of insurance products underwritten by third party insurance companies, including credit protection insurance, term life insurance and accident insurance, and travel insurance.

    Retail banking

    In October 2006, Canadian Tire Bank began to offer more traditional banking services over the phone or online.

  • High interest savings account
  • Tax Free Savings Account
  • Guaranteed Investment Certificates
  • Mortgages (In October 2009, Canadian Tire Bank sold its lending portfolio to National Bank of Canada and no longer offers mortgage products.)
  • All deposit products are eligible for insurance from the Canadian Deposit Insurance Corporation.

    Roadside assistance

    Canadian Tire Roadside Assistance, formerly Universal Travel Auto Club and later Canadian Tire Auto Club, was launched in 1981 by CTFS.


    Canadian Tire Financial Services Wikipedia

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