Edward Mahler Ballon was born on February 14, 1925, in Montreal, Quebec.

He was a Canadian businessman and educator. He attended Selwyn House School, St. Andrew's College, and McGill University in Montreal. He left McGill from 1943 to 1945 to serve as a lieutenant in the Royal Navy. After returning to student life, he became president of the McGill Student Society and captain of the track team. Ballon excelled in running, particularly in the mile, and competed nationally and internationally. In 1950, he earned his MBA from the Harvard Business School. Later in his career, he served as Chairman of the Board of Selwyn House, spent thirty-four years on the Board of Governors of St. Andrew's, and held positions such as President of the McGill Graduate Society and member of its Board of Governors. Additionally, Ballon taught marketing at the University of Toronto Business School, served as an executive for the Hudson's Bay Company, and was Vice President of Retail Operations for Henry Birks & Sons for twenty years. After "retirement," he became the Executive Director of the Business Fund for Canadian Studies in the United States. Ballon had a passion for racquet sports, sailing, the monarchy, bridge, and maintaining long-term friendships. He was known by various titles such as The Admiral, Professor, and Sir Edward. He was remembered for his notable election campaign at McGill, his engaging yet sentimental poetry, his sense of fair play, right-wing politics, and his bold flirting.

In 1958, he married Heather and they had five children. Ballon died on April 26, 2014, in Toronto, Ontario.