As part of its bid to land a National Hockey League franchise for Ottawa, Terrace Corporation unveiled the original proposal for the arena development at a press conference in September 1989. The proposal included a hotel and 20,500-seat arena, named the Palladium, on 100 acres (0.40 km2) surrounded by a 500-acre (2.0 km2) mini-city, named "West Terrace". The site itself, 600 acres (2.4 km2) of farmland, on the western border of Kanata, had been acquired in May 1989 by Terrace. The large site had previously been a possible location for a new home for the Central Canada Exhibition, but the Exhibition's option on the property had expired.

The site was farmland and required a rezoning to proceed with construction. The then-City of Kanata supported the rezoning, but the provincial government and some local residents opposed the rezoning, forcing public hearings into the proposal by the Ontario Municipal Board. Rezoning approval was granted by the Board on August 28, 1991, with conditions. The conditions imposed by the board included a scaling down of the arena to 18,500 seats, a moratorium on development outside the initial 100-acre (0.40 km2) arena site, and that the cost of the highway interchange with highway 417 be paid by Terrace. A ground-breaking ceremony was held in June 1992 but actual construction did not start until July 7, 1994.

The two-year period was used seeking financing for the site and interchange by Terrace Corporation. The corporation received a $6 million grant from the federal government, but needed to borrow to pay for the rest of the costs of construction. On August 17, 1993, Bruce Firestone, the Senators owner, was replaced by Rod Bryden, a former high tech tycoon, who assumed control of Terrace Corporation. Bryden managed to borrow enough to pay for the $188 million project through a consortium of U.S. banks and Ogden Entertainment, but could not find financing for the highway interchange. Only after the provincial government provided a loan guarantee for the highway interchange financing did construction proceed.

Actual construction took 18 months, finishing in January 1996. The Palladium opened on January 15, 1996 with a concert by Canadian rocker Bryan Adams. The first NHL game took place two days later, with the Montreal Canadiens defeating the Senators 3–0. On February 17, 1996, the name 'Palladium' was changed to the Corel Centre (or Centre Corel in French), when Corel Corporation, an Ottawa software company, signed a 10-year deal for the naming rights.

When mortgage holder Covanta Energy (the former Ogden Entertainment) went into receivership in 2001, Terrace was expected to pay off the whole debt. The ownership was not able to refinance the arena, eventually leading to Terrace filing for bankruptcy in 2003. However, on August 26, 2003, billionaire businessman Eugene Melnyk finalized the purchase of the Senators and the arena. The arena and club became solely owned by Melnyk through a new company, Capital Sports Properties.

In 2004, the ownership applied to expand its seating. The City of Ottawa amended its bylaws in December 2004, and in 2005, the venue was allowed to increase its seating capacity to 19,153 and total attendance to 20,500 when including standing room.

Also in 2005, the arena became home to the Ottawa Sports Hall of Fame, with a display on the second-floor concourse. Information regarding over 200 inductees is detailed on individual plaques. The exhibits display had previously been located at the Ottawa Civic Centre since 1967. The space is donated by Scotiabank Place. In 2011, it was announced that the Hall of Fame exhibit will be moving to a permanent space at the Heritage Building of the Ottawa City Hall.

On January 19, 2006, the arena became known as Scotiabank Place (Place Banque Scotia in French) after reaching a new 15-year naming rights agreement with Canadian bank Scotiabank on January 11, 2006.


Interior of the Canadian Tire Centre in Ottawa, Canada.
In 2012, Scotiabank Place hosted the 2012 NHL All-Star Game and installed a new high-definition scoreboard. From 2012 through 2014, the arena was also a temporary home for the Ottawa 67's due to renovations occurring at TD Place Arena.

Following the 2012–13 season, Melnyk sought to end the arena's relationship with Scotiabank as the bank was not a financial backer of his team, and Scotiabank agreed not to contest the deal's termination provided the club would not sell naming rights to another financial institution. On June 18, 2013, the Ottawa Senators announced that it had sold naming rights to the arena to the Canadian Tire Corporation: the arena was officially renamed Canadian Tire Centre on July 1, 2013.

On September 7, 2017, it was announced that the capacity of Canadian Tire Centre had been decreased to 17,373. Team president Tom Anselmi argued that the venue was "probably a little bit too big for the market" and that reducing the capacity would lead to more sell-outs. After one season of the reduction, the Senators decided to again open up the covered seats, increasing the capacity to 18,652 for hockey.

The Senators have lobbied to replace Canadian Tire Centre with a new arena located on federal land in downtown Ottawa, receiving the right to do so in 2016. Reasons cited include being closer to the core of Ottawa, allowing much more accessibility to the team via public transit, and an under-capacitated Highway 417.

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