What are the best IB Boutiques in Canada ?

The independent, non-bank advisory business model is much more difficult to replicate in Canada compared to the US because the M&A environment isn't nearly as robust. All else held constant, fewer companies that are typically smaller in size means lower fees, making the independent business model less enticing. In addition, the heavy weighting towards natural resources by default carves a niche for independents. While independents crush it during good times for O&G and M&M, it makes them more sensitive to fluctuations in the commodities markets(when oil prices tanked, tons of independents went belly up).

I think its important to make the distinction between larger independents(CanGen, GMP, Cormark, EightCap etc) and some of the smaller ones on the street that focus on junior/medium sized corporate finance mandates for resource sectors. The larger independents are more stable during turbulent times because they have a global presence and have other business segments (PWM, PE, etc) act as a buffer for their capital markets business. If you are interested in true boutiques, Calgary(O&G) and Vancouver(M&M) might be places to look if you're interested in either sector. Hiring for the latter will be demand driven, so keep an eye out for opportunities because they'll come and go relatively quickly.