The festival was introduced to Canada by immigrants from Caribbean Islands. Much of the music associated with the event, such as steel pan, soca and calypso originated from Trinidad and Tobago. Caribana reflects the Carnival events that take place in several Caribbean Islands, such as the Caribbean Islands Carnival. The entire event, which is one of the first Caribbean Carnivals along with those in New York City, Notting Hill and Boston to be held outside of the Caribbean region, brings in over one million people to Toronto and over $400 million into Ontario's economy, annually.[2]
Following a trademark law dispute between the original operators of the festival, who still owned the Caribana name, and the current organizers, the festival was renamed Scotiabank Toronto Caribbean Carnival in May 2011.[3] In 2016, the name was changed to "Toronto Caribbean Festival" after Scotiabank ended its sponsorship.