Which firms are Canada's most valuable brands in 2023?

Banking and telecommunications dominate a new analysis of Canada’s most valuable brands in 2023.

The annual Kantar BrandZ Top 40 Most Valuable Canadian Brands includes rigorous analysis of the financial strength and performance of publicly listed companies, along with their ‘brand equity’ or the perception and emotion that consumers attach to a brand.

Taking the top spot this year is RBC which has a total value of US$34.7 billion, well ahead of second placed TD at $25.5 billion. RBC has topped the rankings since they began in 2019 and in 2023 it saw positive movement across all metrics, driven mostly by being perceived as more salient and meaningful to customers.

"We're honoured to once again be named Canada's most valuable brand and grateful for the continued trust of those we serve. For over 150 years, RBC has been committed to supporting our clients and communities by bringing them the advice and support that help make ideas and dreams happen—no matter how big or small. This incredible recognition is a testament to the work and dedication of our employees, who make our best moments possible every day," said Dave McKay, RBC’s president and CEO.

Three other financial services firms make it into the Top 10, BMO, Scotiabank, and CIBC. However, they rank below Lululemon, Bell, Telus, and (apart from BMO) Rogers. Dollarama completes the top 10.

Find out the CIBC’s notable achievements in this article.

"Much of the movement in this year's report involved value retail brands, reflecting the significant behavioural shifts among Canadian shoppers,” said Scott Megginson, president, Kantar Canada.   “Research showed that value, convenience, and word-of-mouth resulted in brand value growth for the fastest risers and new entrants compared to the remaining brands in this year's Top 40.

Emerging trends

The report gives investors some signals about the trends that are driving the biggest Canadian brands including:

• Green fashion: demand for sustainable materials, ethical production, and circular business models – Canada is a world leader in this regard
• Inclusive design: recognizing the 22% of the Canadian population living with disabilities and ensuring products and services are accessible to the largest number of people
• Health and wellbeing: leading the conversation on mental health, especially among young Canadian consumers
• Electric mobility: EV and infrastructure investment by the Canadian government, presenting opportunity for tech and auto industry firms

The Kantar BrandZ Top 10 Most Valuable Canadian Brands 2023

_{*reflects acquisitions.}