With the bankruptcy of the iconic Eaton's retailer, the famed store that was originally constructed in Winnipeg was emptied in late 2001. Various alternative uses for the building (including residential condominiums) were suggested, but ultimately the arena was deemed to be the most viable and beneficial to the city's struggling downtown by Winnipeg Mayor Glen Murray and True North. After a small, but emotional resistance to losing the Western Canadian landmark Eaton's building by some locals and the Save the Eaton's Coalition, which inspired a "group hug" of the "Big Store" by a reported 180 people in 2001, the store was demolished in 2002 to make way for the new entertainment complex.

The arena officially opened on November 16, 2004, replacing the aging Winnipeg Arena, which had been in operation since 1955. In recognizing Eaton's history, red bricks were incorporated into the design of the arena façade, evoking the memory of their store that had once graced Portage Avenue. An original store window and Tyndall stone surround is mounted in the arena concourse to house a collection of Eaton's memorabilia. In addition, two war memorials were incorporated into the building. The Timothy Eaton statue that was once a main feature of the store is also housed in the arena near the spot where it stood in the Eaton's building.

Originally known as the "True North Centre" during its planning and construction stages, it was named MTS Centre as part of a naming rights agreement with Manitoba Telecom Services (MTS). It was renamed Bell MTS Place on May 30, 2017 following Bell Canada's acquisition of MTS. On June 15, 2021, True North announced that the naming rights had been sold to Canada Life under a 10-year agreement

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