Wilson was not a candidate in the 1993 election, and he returned to Bay Street to head his own consulting and financial services firm. He later rejoined Royal Bank of Canada, and he was Chairman and CEO of RT Capital when that business was sold to UBS AG. Wilson served as Chairman of UBS Canada from 2001 to 2006. In recent years, he was a spokesman for a lobby group promoting public–private partnerships, and he was the Chairman of the Canadian Coalition for Good Governance. From 2003 to 2007, Wilson served as the Chancellor of Trinity College. In July 2012, he became the Chancellor of the University of Toronto, and he was re-elected to an additional three-year term in 2015. Wilson was a mental health advocate, having lost a son to depression and suicide. Wilson established the Cameron Parker Holcombe Wilson Chair in Depression Studies at the University of Toronto. He also sat on the board of directors for the Mental Health Commission of Canada. Wilson was active in many other organizations, including the NeuroScience Canada Partnership, the Centre for Addiction and Mental Health, the Canadian Cancer Society, the Canadian Council for Public-Private Partnerships, the Loran Scholars Foundation, the Canadian Coalition for Good Governance and the Canadian Institutes of Health Research. On 30 October 2003, Wilson was appointed as an Officer of the Order of Canada. He was promoted to Companion of the Order of Canada in 2010. On 9 April 2015, it was announced that Wilson was appointed as the new board chair of the Mental Health Commission of Canada. He was also a member of the Trilateral Commission.
On 16 February 2006, Prime Minister Stephen Harper announced the nomination of Wilson as Ambassador of Canada to the United States of America. He succeeded Frank McKenna in Washington, D.C. Wilson became the 22nd Canadian Ambassador to the United States on 13 March 2006, when U.S. President George W. Bush accepted his credentials.
In March 2008, it was alleged that Wilson told the Canadian media that U.S. presidential candidate Barack Obamawas not serious about his promise to opt out of the North American Free Trade Agreement. Liberal MP Navdeep Bains called on Wilson to step down as Canada's ambassador to Washington while the alleged leaks were investigated. Wilson publicly acknowledged that he spoke to then-CTV reporter Tom Clark, who first reported the leaks, before the story aired, but he refused to discuss what was said.
Personal life
Wilson was married to Margie Wilson and was predeceased by son Cameron, who suffered from depression and died by suicide in 1995. Following his son's death, Wilson devoted considerable time to advocate for mental health. The couple had two other children: son Geoff Wilson and daughter Lara O'Brien, both of whom married and have children. Wilson died from cancer on February 10, 2019.