The primary exchange for established Canadian companies.
6-12 months
$500K-$2M
Tier 1
Established, profitable Canadian companies
Financial requirements
Governance requirements
Public float requirements
Pre-filing
Filing
Review period
Approval & trading
Listing fees
Ongoing costs
Professional fees
Phase 1: Planning
Phase 2: Filing
Phase 3: Review
Phase 4: Listing
TSX requires companies to demonstrate profitability or a realistic path to profitability. Specific thresholds include: minimum $2M-$4M public float, positive earnings in at least one of the past two years (or strong evidence of sustainable profitability), and minimum book value. Revenue requirements typically range from $5M-$10M annually, though this varies by industry. The exchange also requires 3+ years of continuous business operations with audited financial statements prepared under IFRS or GAAP.
The typical TSX listing timeline spans 6-12 months from initial decision to trading commencement. The process breaks down as: pre-filing phase (2-3 months for assembling advisors and preparing documents), filing phase (2-3 months for prospectus and supporting documents), TSX review period (2-4 months for TSX and provincial securities commissions to review and request comments), and final closing (2-4 weeks for final preparations and pricing). Delays can extend timelines if TSX raises material concerns requiring significant revisions.
TSX is Canada's primary exchange for established, profitable companies, while TSXV (TSX Venture Exchange) targets growth-stage and emerging companies. TSX typically requires profitability and 3+ years of operations, whereas TSXV accepts companies with strong growth potential but minimal history. TSX listings attract institutional investors and larger capital raises ($50M+), while TSXV focuses on smaller companies ($5M-$50M raises). TSXV has lighter regulatory requirements, faster listing timelines (4-8 months), and lower costs ($300K-$1M vs $500K-$2M for TSX), but trades at lower valuations with smaller investor base.