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TD on the rise as it overtakes RBC to claim title as Canada’s most valuable brand

30 March 2023
This article is more than 1 year old.
  • TD dethrones RBC as the most valuable brand in Canada 
  • Agnico Eagle soars higher as Canadian mining & mineral brands grow  
  • Bombardier begins recovery after having found its footing  
  • Rogers and Shaw brand values slip  
  • A&W becomes the strongest Canadian brand, earning AAA rating 
  • TD has the highest Sustainability Perceptions Value at CAD1.9 billion 

View the full Brand Finance Canada 100 2023 report here 

TD dethrones RBC to become the most valuable brand in Canada at $27.5 billion 

TD (brand value up 27% to CAD27.5 billion) has remained resilient to widespread challenges and achieved impressive brand value growth, becoming Canada’s most valuable.  

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The Canada’s top 100 most valuable and strongest brands are included in the annual Brand Finance Canada 100 2023 ranking

TD’s positive re-evaluation of revenues and forecasts, in comparison to last year’s leader, RBC’s (brand value down 15% to CAD19.9 billion) dampened outlook and forecasted revenues, have helped drive TD’s brand value increase and allowed it to reclaim the throne as Canada’s most valuable brand, a position it previously held in 2013, 2020, and 2021. 

Laurence Newell, Managing Director, Brand Finance, North America commented:  

“Although Canadian banks may be known for their conservative style which protects Canadian assets from international crises, increased interconnectedness between Canadian and American banking sectors will increasingly tie the fate of the Canadian economy and banking closer to that of its American neighbours.’” 

TD’s important M&A activity in the United States, paired with important investments in various real estate projects across the country, have successfully extended the TD brand and increased brand awareness and familiarity across North America.” 

Agnico Eagle soars higher as Canadian Mining & Mineral brands grow 

Agnico Eagle wins the title of the fastest growing Canadian brand. Its brand value has increased 115% to CAD738.8 million. Although October 2022 saw global gold prices fall, prices have more recently stabilised and continue to grow in the new year. Resultantly, Canadian mining brands across the board are seeing increases in brand value, according to the Brand Finance annual Global Brand Equity Monitor study. 

Bombardier begins recovery after re-finding its footing  

Following difficult results in 2021, Bombardier is seemingly back up and running, seeing an increase of 38% in brand value to over CAD1.4 billion in 2023. 

Corporate consolidation as well as moving past the sale of various business units to European and Japanese brands have allowed Bombardier to recalibrate its business focus to what it does best: high quality private aircraft. 

Rogers and Shaw brand values slip  

As the controversial merger between Rogers (brand value down 8% to CAD6 billion) and Shaw (brand value down 24% to CAD2.1 billion) still awaits approval by federal regulators because of deadline push backs, both brands have taken a considerable hit to brand value and brand strength according to the 2023 edition of the Brand Finance Canada 100 Report. 

A&W becomes the strongest Canadian brand, earning AAA rating 

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors. 

Fast-food restaurant chain, A&W (brand value down 2% to CAD647.3 million), has become Canada’s strongest brand with a Brand Strength Index score of 87 out of 100, with a corresponding AAA rating. This is a 2-point increase year-on-year and means that it has overtaken last year’s strongest brand, Canada Life (brand value up 10% to CAD14.7 billion), which now sits in second with a Brand Strength Index score of 86/100.  

TD has the highest Sustainability Perceptions Value at CAD1.9 billion 

TD has the highest sustainability perceptions value of any Canadian brand, CAD1.9 billion. As Canada’s most valuable brand, TD has considerable scope for impact due to the scale of its operations. It is important to note that TD’s position at the top of the table is not an assessment of its overall sustainability performance. Instead, it highlights the value that TD has tied up in the sustainability perception of stakeholders.  

View the full Brand Finance Canada 100 2023 report here 

Media Contacts

Florina Cormack-Loyd
Communications Director - North America
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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