Early Life and Career
Stephen J.R. Smith was born in Ottawa, Ontario, Canada, on June 2, 1951. He attended St. Patrick's College High School. Smith began his career in the corporate world, holding various positions at Hawker Siddeley Canada Inc. before becoming an entrepreneur. However, in 1984, he declared personal bankruptcy.
Rise to Success
In 1988, Smith co-founded First National Financial Corporation with Moray Tawse. Initially, the company had only 10 employees. Smith and First National developed the software MERLIN, which assists in mortgage approval. First National quickly grew to become one of the largest non-bank lenders of mortgages in Canada. Smith's leadership and the success of First National propelled him to prominence in the financial sector. First National was acquired by investment groups in a CA$2.9 billion deal.
Key Business Strategies
Smith's key business strategy has been to invest in the Canadian mortgage market, co-founding First National Financial Corp., and acquiring other lenders. He also co-owns Canada Guaranty Mortgage Insurance and acquired lender Home Trust in 2023, merging it with Fairstone Bank of Canada in 2025. Smith's ability to anticipate market trends and make strategic investments has been critical to his financial success.
Philanthropy
Smith is a dedicated philanthropist who has made significant contributions to education and cultural organizations. He established the Stephen J.R. Smith Bursary in 1997 to support students in Electrical Engineering and Economics. In 2015, he donated $50 million to Queen's University, which renamed its business school the Smith School of Business in his honor. In 2023, he donated an additional $100 million to Queen's University's Faculty of Engineering and Applied Science.