Toronto’s push to host defence bank sparks fury in Quebec

The city and province are pitching Hogtown as a haven of 'political stability,' but leaders in Montreal argue they’re using a referendum as a scare tactic

Published May 08, 2026  •  Last updated 2 hours ago  •  3 minute read

Toronto is pitching itself as a haven of “political stability” in a bid to become home of a multinational defence bank. Photo by Adobe Stock Image (Generated with AI)

The City of Toronto’s “political stability” is causing some instability in Quebec.

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Politicians in la belle province are complaining that local officials are using the spectre of another referendum on independence as a scare tactic to make Toronto the home of a multinational defence bank planned for Canada.

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Montreal is also in the running, as are Vancouver and Ottawa-Gatineau.

Montreal-based La Presse, in a report published Thursday morning, quoted one of its sources – clearly irritated with Hogtown – as saying everyone on the file in Quebec knows Toronto is using a potential referendum to “undermine” Montreal as a host city.

Montreal Mayor Soraya Martinez Ferrada suggested Toronto is exploiting “fear,” as did the province’s minister for Canadian relations, Postmedia reported later Thursday. Paul St-Pierre Plamondon, the leader of the pro-independence Parti Quebecois, said Toronto had put forward “unacceptable arguments.”

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La Presse, meanwhile, suggested the issue is dividing Liberal MPs from Ontario and Quebec.

Asked for comment, Hannah Jensen, a representative for the premier’s office, pointed the Toronto Sun to a statement by Premier Doug Ford that says Toronto, Ontario and Canada “have everything the Defence, Security and Resilience Bank needs to succeed.”

“If Canada is going to seriously compete to be the home of the DSRB, we need to make the best case possible to our allies. There can only be one choice for Canada: Toronto,” Ford said. (Canada was chosen to be the host country late last month.)

While the province shared with the Sun a 20-page document from December 2025 – which includes those remarks by Ford and twice features the phrase “political stability” – La Presse reported that the city and province prepared a 110-page document.

Asked about that discrepancy, Jensen said she couldn’t say because La Presse didn’t reach out to the premier’s office.

The City of Toronto also provided that 20-page document to the Sun, and had no explanation about a reported 110-page version.

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“The city is an active partner to the province, which is leading the effort to make Toronto the headquarters of the DSRB,” City Hall said in a brief statement.

Some political leaders in Montreal and elsewhere in Quebec have been put off by Toronto’s tactics in trying to host the multinational defence bank. Photo by Dave Sidaway/Postmedia Network

Referendums ‘not new’

The federal government will decide which city will be the home of the defence bank, which is meant to fund projects for NATO members and allies, such as those related to security, that traditional lenders might shy away from.

It’s expected the defence bank would create 3,500 specialized, high-pay jobs.

The 20-page pro-Toronto document pitches the city as an ideal host because of its financial sector, tech expertise and global connectivity.

It also makes a point to differentiate Toronto from Montreal specifically.

“While Montreal is a vital national economic centre and an important partner in Canada’s defence and innovation ecosystem, Toronto aligns more closely with the specific operational, financial and talent requirements of the DSRB,” the document says.

Toronto is “free of additional language or cultural compliance requirements,” the document adds. “It also has unparalleled political stability, both on a national and global scale.”

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For all the concerns in Quebec about their rival’s approach, two provincial ministers arguably helped prove Toronto’s point on Friday while appearing with Martinez Ferrada.

Bernard Drainville, the economy minister, said if the bank is based in Montreal, “ideally” its boss would speak French. Meanwhile, International Relations Minister Christopher Skeete said referendums “are not new in Quebec.”

In addition to the remarks from Ford, Toronto’s document also quotes Julie Dzerowicz, the Liberal MP for Davenport, and Mayor Olivia Chow as touting the city as the best home for the defence bank.

“Toronto boasts Canada’s largest hub for finance, international business, tech and innovation,” Chow said, according to the document. “Our talent pool is unmatched, with a highly skilled workforce across finance, technology and advanced disciplines.

“For Toronto, this represents an opportunity to serve a critical role on the global stage, while catalyzing investment and innovation in security, resilience and related industries.”

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