In April, Canada reported its largest trade surplus since before President Donald Trump imposed tariffs in February 2025, driven by crude oil—it increased from $1.8 billion in March to $2.7 billion in April. Additionally, Canada’s biggest banks, led by TD Bank (no. 1 on the list) and Royal Bank of Canada (no. 8), had surprisingly strong earnings throughout 2025. According to CBC, while some of this is due to one time deals like TD Bank’s sale of Charles Schwab in February, a majority is due to higher net interest margins (they charge consumers higher interest for borrowing money than they pay for people to keep money in a savings account). Of the non-interest revenues, Canadian banks also made money from underwriting and advising deals from large businesses and wealth management fees, both of which are highly profitable if the stock market is performing well overall. And it was—the Canadian stock market hit record highs in 2025, according to Morningstar.