TD is the most valuable Canadian brand for the third year running, while Crown Royal leads for growth and strength

TD has retained its position as the most valuable Canadian brand for the third consecutive year, according to the latest Canada 100 2025 report by Brand Finance. Despite a 10% decline in brand value this year to CAD23.4 billion, attributed to lower long-term revenue forecasts, TD continues to demonstrate resilience in a shifting economic landscape. According to Brand Finance research in Canada, TD achieves best-in-class scores for Familiarity, Consideration, and Preference, outperforming all Canadian competitors across key brand funnel metrics, reinforcing its status as the most recognised and preferred bank in the country.

The total brand value of the top 100 Canadian brands stands at CAD342.1 billion, a 3.7% decline from last year. While the Canadian economy showed signs of renewed momentum during the valuation period, growing uncertainty, driven by trade tensions with the United States and an upcoming federal election, poses a risk to future brand performance.

Crown Royal is the standout performer in this year’s ranking, with brand value up 78% to CAD3.2 billion, making it the fastest-growing brand in Canada. It also claims the title of the country’s strongest brand, achieving a Brand Strength Index (BSI) score of 90.7 out of 100. Brand Finance research reveals perfect 10 scores across key perception metrics, including price acceptance, preference, and reputation, driven by the brand’s focus on premiumization, innovation, and expanding consumer appeal.

Banking continues to dominate as Canada’s most valuable sector, contributing one-third of the total brand value in the ranking. RBC ranks second overall with a stable brand value of CAD22.4 billion, supported by its integration of HSBC Bank Canada. Four additional banking brands feature in the top 10: Brookfield (up 9% to CAD17.2 billion) in 4th, Scotiabank (down 1% to CAD14.3 billion) in 6th, BMO (down 4% to CAD14.1 billion) in 7th and CIBC (up 12% to CAD11.9 billion) in 9th.

Retail brand Circle K moved up to third place overall, with brand value up 11% to CAD17.2 billion. In the insurance sector, Canada Life climbed 8% to CAD17.1 billion, while Manulife recorded the fastest growth among the top 10, up 22% to CAD9.5 billion, driven by strong performance in Asia. TELUS remains Canada’s most valuable telecoms brand, and sits in 8^th overall, following the global rebrand of its international division.

Laurence Newell, Managing Director, Brand Finance Americas, commented:

’’This year’s results reflect a more cautious outlook for Canadian brands, with total brand value down amid rising political and economic uncertainty. However, even in a challenging environment, many brands are distinguishing themselves through stronger perceptions and strategic positioning. As risks mount, brand strength remains a key differentiator, helping businesses build trust, drive preference, and maintain long-term brand value.”

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.

Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 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 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.

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 is a regulated accountancy firm and a committed leader in the standardisation 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.

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 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 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.