The company was formed in 1855 in Toronto by John Herbert Mason (1827–1911).

[1] In 1899, Permanent merged with Western Canada Loan and Savings, Freehold Loan and Savings, and the London and Ontario Investment Company.

On 10 July 1899, the operations of the four companies were amalgamated into a new corporation called the Canada Permanent and Western Canada Mortgage Corporation.

In 1913, Canada Permanent Mortgage incorporated a subsidiary trust company called the Canada Permanent Trust Company.

[6] On 31 December 1985, Genstar merged Canada Permanent's operations into Canada Trust, creating the country's sixth-largest financial institution.