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Canadian Tire Financial Services

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Title: Canadian Tire Financial Services  
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Subject: Concentra Financial, Quebec Bank, Canadian Commercial Bank, Conexus Credit Union, Citizens Bank of Canada
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Canadian Tire Financial Services

Canadian Tire Financial Services
Type Public
Industry Financial Services
Founded 1968
Headquarters 3475 Superior Court, Oakville, Ontario
Employees (Full-time equivalent, 1400)
Parent Canadian Tire
Website Canadian Tire Financial Services
A Canadian Tire store in Oakville, Ontario, Canada

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


  • CTFS began in 1961 as Midland Shoppers Credit Limited, a small company offering third-party credit processing for local retailers[1]
  • In 1968, Midland was servicing Canadian Tire stores and eventually was purchased by Canadian Tire and 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 (Canada). 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 Magazine.[2]
  • 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 per cent stake in Canadian Tire's Financial Services business for $500 million in cash as part of a strategic partnership between the two companies.[3]


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

In 2006, the Cash Advantage MasterCard was placed into pilot. 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, the Vacation Advantage MasterCard was created with cardholders rewarded with points that could be redeemed for any vacation related purchase.[4]

In 2009, the no fee Curve MasterCard was first issued 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 have been 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.[5]


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.[6]

Retail banking

In October 2006, Canadian Tire Bank began to offer more traditional banking services over the phone or online.[7]

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.


  1. ^ "About Us". Canadian Tire Financial Services. Retrieved 15 November 2011. 
  2. ^ YEREMA, RICHARD ( "The Top 100". Retrieved 15 November 2011. 
  3. ^ "Scotiabank, Canadian Tire strike $500M financial services deal". Retrieved 8 October 2014. 
  4. ^
  5. ^
  6. ^
  7. ^

External links

  • Canadian Tire Financial Services
  • CTB Retail Banking
  • Canadian Tire Roadside Assistance
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