Police are investigating whether one of Canada's richest men may have killed his wife before committing suicide, according to reports.

Barry Sherman, 75, the founder of pharmaceutical giant Apotex, and his wife Honey, were discovered hanging side by side near their indoor swimming pool in Toronto.

Canada’s Globe and Mail and Toronto Sun newspapers reported that police were investigating whether Sherman killed his wife and hung her body before killing himself.

A police source told the Toronto Sun: "Forensics need to be done and post-mortems on the bodies, but at this stage it appears there was no forced entry and no evidence of anybody else in the house."