Historically, trusts were one of the four main financial institutions in Canada, along with banks, insurance companies, and investment brokerages.
[2] By the turn of the century, 14 trust companies had received charters.
[3] For much of the 20th century, Canada's trust companies were controlled by the major banks through interlocking directorates.
[4] Until 1991, Canadian banks were barred from performing trust duties.
Since 1991, most of Canada's major trust companies have been acquired by banks.