C.D. Howe Institute Receives $2M Gift from Esteemed Entrepreneur and Philanthropist Stephen J.R. Smith

September 29, 2025 – The C.D. Howe Institute is honoured to announce it has received a $2 million gift from esteemed Canadian entrepreneur, philanthropist, and long-time Institute board member Stephen J.R. Smith towards its new office and operations.

The largest single donation in the C.D. Howe Institute’s history, the Chairman and CEO of Smith Financial Corporation’s generous contribution will support Canada’s most influential think tank’s move to its new headquarters on the eighth floor of 110 Yonge Street in Toronto this fall, as well as its policy research, events and engagement with decisionmakers.

“In recognition of Stephen’s support, I am pleased to announce that the Institute’s Atrium, the heart of its new premises on 110 Yonge Street, will be named in his honour,” says William B.P. Robson, President and CEO of the C.D. Howe Institute.

Throughout his career, Mr. Smith has been an innovator in the development and utilization of various securitization techniques to finance mortgage assets and the development and application of information technology in the financial services industry.

In 1988, Mr. Smith co-founded First National Financial Corporation – serving as its CEO until 2022, at which time he was named Executive Chairman. Additionally, from 2010 to 2023, he held the role of Chair of Canada Guaranty Mortgage Insurance Company.

In addition to his work with the C.D. Howe Institute, where he has been a board member since 2012, he is the Chairman of Peloton Capital Management; Glass, Lewis & Co.; Fairstone Bank of Canada; and Historica Canada. On the latter, he is the creator of the Heritage Minutes and publisher of The Canadian Encyclopedia.

Mr. Smith’s service also spans being a board member for the Rideau Hall Foundation, and a Honourary Governor of the Royal Ontario Museum.

“We thank Stephen for his support and dedication to the C.D. Howe Institute over the past decade and are grateful for this bright new chapter his gift will help the Institute usher in,” says Robson.

For more information contact: Lauren Malyk, Manager of Communications, C.D. Howe Institute, lmalyk@cdhowe.org.

The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. Widely considered to be Canada's most influential think tank, the Institute is a trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review.