History
- CTFS began in 1961 as Midland Shoppers Credit Limited, a small company offering third-party credit processing for local retailers
- In 1968, Midland was servicing Canadian Tire stores and eventually was purchased by Canadian Tire and became a wholly owned subsidiary of Canadian Tire Corporation, Limited. At this time it was renamed Canadian Tire Acceptance Limited and since has been renamed Canadian Tire Financial Services Limited (CTFS).
- In 1995, CTFS became the first non-deposit taking financial institution worldwide to launch a MasterCard.
- In 2003, Canadian Tire Bank was established, a Schedule 1 bank under the Bank Act (Canada). Canadian Tire Bank provides high interest savings accounts, tax free savings accounts, and GICs. In addition, all of CTFS’ credit card portfolio was transferred to Canadian Tire Bank.
- In 2008, CTFS was named one of “Canada’s Top 100 Employers” by Mediacorp Canada Inc. as announced in Maclean’s Magazine.
- As of 2011, CTFS and Canadian Tire Bank employ more than 1,600 people, with offices in Welland, St. Catharines, and Oakville, Ontario.
Read more about this topic: Canadian Tire Financial Services
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