In 1968, Canadian Tire purchased Midland Shoppers Credit Limited, a small company founded in 1961 to provide third-party credit processing for local retailers in the Niagara Region. After its acquisition, the company was renamed to Canadian Tire Acceptance Limited, and later Canadian Tire Financial Services Limited. Canadian Tire Bank, a Schedule 1 bank under the Bank Act, was founded in 2003 and took over financial services previously provided by CTFS. In addition to MasterCardcredit card services, Canadian Tire Bank also launched high interest savings accounts, tax free savings accounts, and GIC products. In 2014, Scotiabank signed a deal to buy a 20 percent stake in Canadian Tire's financial services business, which includes Canadian Tire Bank, for $500 million in cash as part of a strategic partnership between the two companies under which Scotiabank was also permitted to buy up to an additional 30% at the then fair market value within 10 years.
MasterCard
In 1995, the bank issued the Canadian Tire Options MasterCard nationally with a reward program for purchases of products from Canadian Tire and, later, launched its Gas Advantage MasterCard product whereby the cardholder earned a tiered discount of 2¢–10¢ per litre on gasoline purchases from Canadian Tire based on the previous month's gas purchases. In 2008, it embedded the card with Mastercard's PayPass "tap-and-go" technology. These cards remain currently offered by Canadian Tire Bank. In 2006, the bank began a pilot program of the Cash Advantage MasterCard. Its reward program allowed cardholders to earn up to 1.5% cash back based on the amount of eligible annual purchases made on their card. In 2007, it created the Vacation Advantage MasterCard with cardholders rewarded with points that could be redeemed for any vacation-related purchase. In 2009, it issued the Curve MasterCard nationwide, so named for the distinctly curved chape of the lower right-hand corner of the card. It had no annual fee and had a reward program that allowed cardholders to earn up to 3.5% cash back, based on the amount of eligible annual purchases made on their card. Cardholders could earn double cash back at Canadian Tire and Mark's Work Wearhouse stores. In late 2010, both the Vacation Advantage and Curve MasterCards were removed from Canadian Tire's credit portfolio. In spring 2018, the cards were rebranded under the Triangle Rewards name, to match up with Canadian Tire's new customer loyalty program.
Insurance
CTB currently markets only payment protection insurance underwritten by Assurant, and identity theft insurance offered in a partnership arrangement with Sigma Loyalty Group who, in turn, partners with Intersections, Inc., to underwrite the policies under its Identity Guard product offering. It had previously sold term life and travel insurance underwritten by Canada Life, but later stopped marketing those products.
Retail banking
In October 2006, CTB began to offer more traditional banking services over the phone or online. Such offerings currently include:
