Financial Services

Key Industries

Winnipeg stands out as one of North America's most cost-effective cities for financial services operations. Home to leading firms in banking, leasing, insurance, securities, mutual funds and venture financing, Winnipeg offers a strategic advantage for businesses. Its central location and time zone, coupled with a highly skilled labour force, make it an ideal location for financial services firms with global clientele.

Our affordable energy resources help keep operational costs low. Additionally, Winnipeg serves as a prime nearshore jurisdiction for backend services, administration and insurance—providing seamless support to businesses worldwide.

Discover why Winnipeg is a premier hub for financial services

Collaborative business environment
Low labour costs and support programs
Highly skilled and growing workforce
Diverse, secure and stable economy

Education and training

University of Manitoba: An Asper MBA equips graduates with the knowledge, skills and experience needed to excel in the financial services industry.
The Warren Centre at University of Manitoba: The Warren Centre is one of the oldest and most successful Actuarial programs in North America. The centre’s graduates are highly sought after by companies such as Canada Life and Wawanesa
Chartered Professional Accountants: This designation offers highly rewarding careers with ample opportunities for advancement in public accounting, the corporate world, government and not-for-profit entities.

Winnipeg Success Stories

Telpay

First in Canada to develop electronic bill payments—eliminating the need for traditional paper cheques—Winnipeg-based Telpay was founded in 1985 and has since evolved into Canada’s biggest independent electronic bill payment company.

Payworks

Payworks has been headquartered in Winnipeg since its inception in 2001, with regional presences in 10 offices across Canada. Payworks provides workforce management solutions to more than 17,000 clients across Canada in all industries, currently has more than 200 employees and is growing.

Canada Life

Canada Life has been providing insurance and financial services to Canadians, calling Winnipeg home for more than 175 years. It offers a wide range of products and services, including insurance, wealth management and healthcare benefits—in Canada, the United Kingdom, Isle of Man, Germany, and through Irish Life in Ireland.

Wawanesa

Wawanesa Insurance is a Canadian mutual company owned by its policyholders. It is one of the largest property and casualty insurers in Canada and also operates in the United States. Wawanesa has a rich history dating back to September 25, 1896, when it was founded in the town of Wawanesa, Manitoba. Today, executive offices are located in Winnipeg, Manitoba, Canada.

Access Credit Union

Access Credit Union serves more than 203,000 members across Winnipeg and Southern Manitoba, offering a wide range of personal and business banking solutions. With a strong commitment to community support and financial empowerment, it provides valuable wealth management advice and competitive rates.

Assiniboine Credit Union

Assiniboine Credit Union (ACU) was founded in 1943 by employees of the Winnipeg Electric Company to provide fair financial services to Manitobans during challenging times. Today, ACU remains deeply rooted in Winnipeg and Manitoba, serving more than 140,000 members with a commitment to community prosperity and sustainable growth.

Johnston Group

Johnston Group, based in Winnipeg, provides comprehensive employee benefit solutions to more than 30,000 Canadian businesses, ranging from small enterprises to large organizations. As a proud member of the Manitoba community, they have been recognized as one of Canada’s Best Managed Companies for their commitment to excellence and local engagement.

Fast Facts

1,054

Financial services companies
(Winnipeg, 2023)
31,977

Financial services employees
(Manitoba, 2023)
CST

Central location and time zone
Big 6

Banks with major operations in Winnipeg
$4.24B

Total financial services GDP
(Manitoba, 2022)

Public Sector Support

For more information on tax breaks and credits, visit our Incentives page.

Corporate Income Tax Break: Manitoba is one of the few provinces offering a complete tax holiday (0% corporate tax) on the first $500,000 of income, making it attractive for startups and small businesses.
Scientific Research and Experimental Development Credit (SR&ED): Provides up to 50 per cent reimbursement on eligible research and development activities. This can be combined with the federal SR&ED credit (up to 35 per cent for Canadian-controlled private corporations), leading to effective tax relief of up to 50 per cent on eligible expenditures.
Manitoba's Venture Capital Tax Credit (SBVCTC): One of the most generous rates in Canada, the SBVCTC offers a 45 per cent tax credit on the investment amount, up to $67,500 per investor per year (based on a $150,000 investment).

Key Network

CPA Manitoba

Under The Chartered Professional Accountants Act of Manitoba, CPA Manitoba has the responsibility to regulate all matters including competency, professional conduct, discipline and the provision of professional services by its members, candidates, students, professional corporations and firms.

Insurance Brokers Association of Manitoba

The Insurance Brokers Association of Manitoba is an organization representing approximately 2,000 insurance brokers from all communities across our province. The Association’s efforts – to ensure that insurance brokers remain the primary provider of insurance services in Manitoba while speaking with a collective voice as the insurance authority in Manitoba and keeping consumer’s best interests in mind

Risk Management Association

Founded in 1914, The Risk Management Association (RMA) is a not-for-profit, member-driven professional association, whose sole purpose is to advance the use of sound risk principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk and operational risk.