As a
potential trade war between Canada and the United States looms, many Canadians are flexing their buying power to support homegrown businesses while steering clear of American brands.
Luckily, coffee is one thing most people don’t have to think twice about. After all, Tim Hortons has thousands of locations across the country and proudly slaps maple leaves on all its branding.
But despite it being embedded into our cultural identity, Tim Hortons might not be as Canadian as you think.
The chain started as a small donut shop founded by an Ontario-born hockey player over 60 years ago, but its ownership evolution and current operations tell a more complicated story.
Forbes describes Tim Hortons as a “North American restaurant chain” with more than 5,700 system-wide restaurants in Canada, the United States and worldwide. For context, there are 659 Tim Hortons restaurants in the United States, according to data service provider ScrapeHero, and over 4,000 in Canada.
So yes, the brand’s footprint is undeniably largest in Canada. But who’s calling the shots — and where are the profits going?
Who really owns Tim Hortons?
For most of the past six decades, Tim Hortons has been a Canadian company headquartered in Ontario and traded on the Toronto Stock Exchange.
Over the years, the coffee franchise has changed hands. Wendy’s bought it in 1995 before divesting in 2006.
In 2014, Tim Hortons merged with Burger King to form a new parent company:
Restaurant Brands International (RBI). The deal was backed by 3G Capital, a Brazilian-American investment firm, which took a 51% majority stake, according to BBC News. Tim Hortons’ existing shareholders kept 22%, while Burger King’s got 27%.
As part of the merger, Burger King’s CEO, Daniel Schwartz, took over as CEO of RBI, while Tim Hortons’ then-CEO Marc Caira moved into a vice-chairman role. The newly formed RBI was headquartered in Oakville, Ontario, and began trading on both the Toronto and New York stock exchanges.
Fast forward to today, and RBI has become a global fast-food powerhouse, also controlling chains like Popeyes and Firehouse Subs. The company’s headquarters are in Toronto, but 3G Capital remains the biggest player with a 32% stake, meaning major decisions are influenced from beyond Canada’s borders.
As for its staple product, Tim Hortons sources its coffee from small farmers in growing regions like Colombia and Guatemala, according to its website. But that’s one thing “buy Canadian” advocates can’t hold against them — after all, coffee is not generally grown in Canada.
What Tim Hortons had to say
MTL Blog reached out to Tim Hortons and RBI for clarification on the company’s current ownership and operations. A Tim Hortons spokesperson responded, emphasizing the brand’s Canadian identity.
“There’s been some debate about what makes a company truly Canadian, so let’s set the record straight — Tim Hortons is Canadian. Period. We wear the maple leaf proudly, and our roots, investments, and impact across this country are undeniable.”
They highlighted several key points to make their case:
- Corporate headquarters — Tim Hortons’ main office is in downtown Toronto, employing over 400 Canadians.
- Canadian operations — The flagship coffee roastery is in Ancaster, Ontario, with over $150 million invested in five large distribution centres and three manufacturing plants across the country.
- Franchise ownership — Approximately 1,500 Canadian small business owners operate the over 4,000 Tim Hortons locations in Canada, employing over 100,000 people.
- Community investment — In 2024, the company raised $44.1 million for charitable causes in Canada, including Smile Cookie, Camp Day and the Special Olympics Donut campaign.
“Yes, we’re part of Restaurant Brands International (RBI), a global company, but RBI has a global office in Canada, by choice, and its foundation is built on the success and legacy of Tim Hortons,” the representative told us.
Canadian enough?
If a Canadian beer company brews its product here but packages it in the United States, is it still Canadian? Most people would argue that it is. But what about a coffee chain that was founded in Canada, still operates here, yet is largely controlled by a foreign investment firm?
According to Karl Moore, an associate professor of strategy and organization at McGill University, the reality is simple.
“If you’re owned by Americans, you’re no longer Canadian in the way that you were before. There is a change, and it’s a fact,” Moore said in an interview with MTL Blog.
But ownership is just one piece of the puzzle. Moore, who also hosts a weekly radio show interviewing some of the world’s top CEOs, argues that what truly defines a company’s nationality isn’t just where its headquarters are — it’s who’s making the decisions.
“You might have foreign owners, so the profits may be going out of the country, but at one level, it doesn’t really matter that much,” he explained. “It’s where the decision-making is made and who makes the decisions that is the central concern.”
As a result, Tim Hortons’ branding could shift as its ownership influences evolve.
“The positioning is Canadian in Canada and other parts of the world, but that may not be as useful in the U.S. That may evolve over time as they open more stores,” Moore notes.
At the moment, Tim Hortons still feels Canadian. Its history is wrapped in maple leaves and hockey sticks, many of its franchises are run by local owners, and its presence is woven into Canadian daily life. But behind the scenes, things are not so red and white.
Whether that makes it truly Canadian depends on what you think matters more — the Timbit in your hand or the boardroom pulling the strings.
This interview has been condensed and edited for clarity.
