22 Canadian Firms That Survived the 2008 Crash and Came Out Stronger

The 2008 financial crisis was like a global economic earthquake, and few countries escaped its tremors. Stock markets crashed hard, and businesses everywhere braced for impact. With its famously conservative banking system and fiscal restraint, Canada was also hit. Many Canadian companies got rattled. Some didn’t just survive; they came out stronger than ever. Here are 22 such firms.

Royal Bank of Canada (RBC)

RBC kept its cool during the financial meltdown. Unlike many U.S. and European banks, RBC avoided risky subprime mortgage exposure thanks to Canada’s conservative banking regulations and prudent risk management. RBC maintained a Tier 1 capital ratio of over 9% at the time, well above international standards. It even reported a profit of C$4.6 billion in 2008, down from previous years but still solid, making it one of the few major banks globally to remain profitable during the crisis. Its diversified portfolio—spanning retail banking, wealth management, and capital markets—provided stability.

TD Bank Group

TD Bank Group (TD) emerged stronger from the 2008 financial crisis due to its prudent risk management and strategic focus on retail banking. Under CEO Ed Clark, TD deliberately avoided high-risk financial instruments like structured products and subprime mortgages, which were central to the crisis. This conservative approach shielded the bank from significant losses and maintained its financial stability. During the downturn, it expanded into the U.S. market, buying New Jersey-based Commerce Bank in 2008 and growing its footprint across the eastern seaboard.

Scotiabank

Scotiabank, the most internationally inclined of the Big Five, weathered the storm by keeping its books clean and focusing on long-term global growth. At the time, it maintained a Tier 1 capital ratio above 9%, well above the Basel II minimum of 4%, ensuring strong capitalization. Instead of retreating, Scotiabank expanded globally during the aftermath, strengthening its footprint in Latin America and the Caribbean. In fact, between 2008 and 2010, it acquired several financial institutions, including Royal Bank of Scotland’s Chilean operations. By 2011, it was Canada’s most international bank, with over 70,000 employees in 50+ countries.

Bank of Montreal (BMO)

Despite being the oldest bank in Canada (established in 1817, back when beavers were still currency), BMO showed remarkable resilience. But post-crisis, BMO strategically expanded its U.S. presence. In 2011, it acquired Wisconsin-based Marshall & Ilsley, doubling its U.S. deposits and branches and significantly increasing its U.S. client base. By 2017, the U.S. personal and commercial banking segment accounted for 20% of BMO’s total net income, up from 10% in 2008, reflecting the bank’s successful diversification and growth strategy.

Canadian Imperial Bank of Commerce (CIBC)

While CIBC recorded significant writedowns—over C$9.3 billion from exposure to U.S. subprime mortgage investments—it took swift corrective action, including selling risky assets and bolstering its capital reserves. According to the Office of the Superintendent of Financial Institutions (OSFI), Canada’s conservative banking regulations and CIBC’s post-crisis restructuring helped it recover quickly. By 2010, CIBC’s Tier 1 capital ratio had risen to 13.9%, well above international standards.

Manulife Financial

As Canada’s largest insurance company, Manulife got a scare when investment income dropped like a puck off a bad slapshot. But it recalibrated. Under CEO Donald Guloien, Manulife improved capital management, boosted its core capital ratio to over 250% by 2012, and expanded aggressively into Asia. By 2013, it reported strong earnings recovery and re-established investor confidence. Today, with over $1 trillion in assets under management (as of 2024) and operations in 20+ countries, Manulife is a cautionary tale turned comeback story. Its post-crisis transformation is often cited as a benchmark for effective financial risk recalibration.

Sun Life Financial

Sun Life Financial, a Canadian financial services company founded in 1865, demonstrated remarkable resilience during the 2008 global financial crisis. Unlike many North American insurers, Sun Life did not require government bailouts, nor did it need to raise capital or suspend dividends during that tumultuous period. This stability was attributed to its diversified global operations and prudent risk management strategies. It focused on long-term insurance and asset management, which cushioned the blow. Post-2008, it expanded into Asia and the U.S. and strategically invested in digital services.

Brookfield Asset Management

If there were a championship belt for economic resilience, Brookfield would have it. Brookfield’s emphasis on infrastructure and real estate, sectors less affected by the subprime mortgage crisis, positioned it favorably. Its strong balance sheet and high-quality assets attracted institutional investors seeking stable opportunities during recovery. Brookfield capitalized on market conditions post-crisis by acquiring undervalued assets, further strengthening its portfolio. They followed the classic investor advice: buy low, hold long, smile smugly.

CN Rail

Canadian National Railway saw freight volumes drop, but its efficient operations and strong cost controls kept it chugging along. After the crisis, CN doubled down on automation, technology, and expansion into U.S. markets. By 2010, while competitors were still recovering, CN posted a net income of C$2.1 billion—up from C$1.2 billion in 2009. Its key profitability metric, operating ratio, dropped to an industry-leading 63.6% in 2010. In short, CN Rail didn’t just weather the storm—it laid more track right through it.

CP Rail

During the downturn, CP Rail took a slightly rougher ride, but new management and an aggressive cost-cutting strategy turned things around. The company’s adaptability was further proven when it successfully pursued key acquisitions in subsequent years, including the 2015 merger with Norfolk Southern, bolstering its position as a primary North American rail freight provider. Today, CP Rail is a global leader in freight transportation, continuing to thrive through innovation and strategic planning. It’s now a leaner, faster-moving operation with a firm grip on North American freight logistics.

Enbridge

While oil prices took a hit in the crisis, Enbridge’s long-term pipeline contracts provided stability. The company, primarily focused on oil and gas pipeline operations, navigated the global economic downturn with strategic diversification and financial fortitude. And, while many firms in the energy sector were buckling under the pressure of falling demand and oil prices, Enbridge leveraged its robust infrastructure, which included a wide array of pipelines transporting oil, natural gas, and renewable energy, as well as its expanding renewables portfolio. This diversification allowed Enbridge to maintain steady cash flows even as traditional energy markets struggled.

Suncor Energy

Founded in 1919 and a pioneer in oil sands, Suncor was tough-skinned when the crisis hit. While oil prices nosedived from $140 to $40 per barrel, Suncor tightened its toolbelt, slashed spending, and paused non-essential projects. But the real plot twist? In 2009, Suncor merged with Petro-Canada in a $19.2 billion deal—Canada’s biggest energy merger—turning it into an oil-pumping powerhouse. By 2010, it had doubled its production capacity and shaved billions in costs.

Canadian Natural Resources Ltd. (CNRL)

During the crash, CNRL didn’t panic-sell; instead, it scooped up assets (like a bargain hunter at a Black Friday sale), including stakes in Horizon Oil Sands and production properties. CNRL’s aggressive cost control and production growth strategy paid off as oil prices rebounded. Fast-forward to today: it’s among Canada’s top oil producers, with over 1.3 million barrels of oil equivalent per day as of 2023. Its stock paid dividends like clockwork, earning it fan-favorite status among investors. Moral of the story? When the going gets tough, CNRL buys a shovel and digs in.

Magna International

Magna International didn’t just survive the 2008 financial meltdown—it punched it in the carburetor and kept driving. Based in Aurora, Ontario, this auto parts juggernaut (think: they make everything from seats to sensors) buckled down while Detroit trembled. While the Big Three begged for bailouts, Magna revived innovation and global expansion. Fun fact: by 2010, Magna had more than 240 plants in 25 countries, but Canada wasn’t enough. The company wisely sold off its E-car division to focus on parts manufacturing and advanced vehicle systems.

Bombardier (Asterisk Alert!)

Bombardier didn’t soar post-crisis, but it deserves a spot for staying airborne. After surviving debt turbulence and a few awkward bailouts (bonjour, $1B from Quebec in 2015), it sold off its commercial planes (bye-bye CSeries, now Airbus A220), focused on luxury business jets, and emerged sleeker and more profitable. By 2022, it reported over $6.9B in revenue, mostly from its Global and Challenger jet lines. Oh, and it’s gone green(ish): their newer aircraft emit up to 25% less CO₂ than older models. From shaky wings to champagne-class cabins, Bombardier proves that even Canadian manufacturers can punch through turbulence—with style, subsidies, and a lot of engineering.

Shopify (Post-Crisis Bloomer)

Shopify, born in 2006 in Ottawa (because even startups like snow), was just a baby when the 2008 financial meltdown hit. While Wall Street was playing Jenga with the global economy, Shopify was quietly coding to e-commerce domination. Instead of crashing, it cashed in on a growing need: helping small businesses sell online while everyone else was busy panic-hoarding canned beans. Co-founders Tobias Lütke and Scott Lake originally wanted to sell snowboards online, but pivoted to create an online store platform, and by 2015, they IPO’d and made it rain like it was spring thaw.

OpenText

OpenText, a Waterloo-based enterprise software firm, kept innovating through the crisis, acquiring smaller tech firms and expanding its offerings. Founded in 1991 as a University of Waterloo spinoff, OpenText transformed from a humble search engine project (basically Google before Google made search cool) into a $4 billion revenue-generating machine by the 2020s. By embracing cloud, AI, and enterprise information management before it was trendy, it proved that Canadian tech could survive a crisis and dance through it in snow boots. Today, OpenText supports 150+ countries and boasts clients like 85% of the Fortune 500 — not bad for a company that started by indexing the Oxford English Dictionary.

CGI Group

Back in 2008, while global markets were doing the economic version of the limbo (“How low can you go?”), CGI Group — Canada’s quietly competent IT and consulting powerhouse — barely flinched. Founded in 1976 in Quebec, CGI (short for “Conseillers en Gestion et Informatique,” not “Cool Guys Incorporated,” unfortunately) had a knack for disciplined growth and steady leadership. And, when the financial world went sideways, CGI didn’t panic-buy toilet paper; it doubled down on what it does best — long-term government and enterprise contracts that kept cash flowing while others flailed.

Telus

Unlike telecom giants elsewhere that overleveraged, Telus kept its finances tidy. It focused on customer service, infrastructure investment, and mobile growth. In 2008, Telus had around $9.7 billion in revenue and held tight to its investment-grade credit rating (Moody’s: Baa1), a corporate equivalent of “still responsible with money.” It didn’t overextend into risky markets but doubled down on infrastructure and customer service. Smart? Yes. Sexy? Debatable. Survivable? Absolutely.

BCE Inc. (Bell Canada)

While global markets did somersaults, Bell tightened its belt, sharpened its focus, and said, “Let’s get digital.” The company doubled down on its wireless, internet, and media offerings—because Canadians still wanted to stream hockey, call grandma, and binge reruns of Corner Gas. In 2009, BCE generated $15 billion in revenue and nearly $2 billion in net income, proving it was more than just a dial tone in the storm. Even through economic mayhem, they kept investing in infrastructure—5G was a sparkle in their eye back then. Moral of the story: When the market crashes, ensure you’re selling the lifeline.

Loblaw Companies Limited

While consumer spending dipped during the crisis, people still needed groceries. Led by Galen Weston Jr. (the guy from those charming PC commercials), Loblaw began a massive overhaul in 2006 by integrating its supply chain and investing heavily in IT infrastructure. Good timing, right? Their cautious financial management and obsession with private-label brands like President’s Choice paid off. By 2010, profits were up, and they hadn’t even had to sell off their iconic Joe Fresh undies.

Metro Inc.

Metro, the Quebec-based grocery chain, also leaned into essentials. It focused on efficiency, local produce, and private-label brands. And, by sticking to the basics of supply chain efficiency, Metro didn’t just survive the economic downturn; it thrived, like a resilient plant pushing through a crack in the concrete. Today, they are a major player in Canada’s grocery scene, showing that sometimes the best way to win is by staying reliable and adapting to the times. So, hats off to Metro for turning a recession into an opportunity, like finding a sale at your local grocery store.

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