Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

has significant per-capita membership in

credit unions A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts ( cheque accounts), credit ...

, representing more than a third of the working-age population. Credit union membership is largest in

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

, where they are known as ''caisses populaires'' (people's banks), and in western Canada.

Legislation

Responsibility for the incorporation and regulation of credit unions resides primarily at the provincial and territorial level in Canada. Credit union legislation exists in every province of Canada but does not currently exist in the three northern territories. Credit unions and ''caisses populaires'' operate in every province of Canada. In Quebec, ''caisses populaires'' are required to be formally federated with the

Caisses Populaires Desjardins The Desjardins Group (, ) is a Canadian financial service cooperative and the largest federation of credit unions () in North America. It was founded in 1900 in Lévis, Quebec, Lévis, Quebec by Alphonse Desjardins (co-operator), Alphonse Desjar ...

Federally regulated credit unions

Legislation was adopted under the federal ''Bank Act'' in 2012 to allow for the creation of federal credit unions. On July 1, 2016, the Caisse populaire acadienne ltée (later rebranded as

UNI Financial Cooperation Caisse populaire acadienne ltée, trade name, operating as UNI Financial Cooperation (), is a Francophone credit union () based in New Brunswick, Canada whose members are primarily Acadians. UNI's administrative headquarters are in Caraquet on the ...

), with its 155,000 members, became the first federal credit union in Canada. Coast Capital Savings announced the approval from OSFI to become the second federally regulated credit union in Canada beginning on November 1, 2018, the first federal credit union based in British Columbia. Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023.

Provincially regulated credit unions

As of September 20, 2024, there were 392 credit unions or ''caisses populaires'' operating in Canada.

Outside Quebec

As of September 20, 2024, there are 188 independently operated credit unions and ''caisses populaires'' operating in the nine provinces outside of Quebec holding combined consolidated assets of $312.3 billion

CAD Computer-aided design (CAD) is the use of computers (or ) to aid in the creation, modification, analysis, or optimization of a design. This software is used to increase the productivity of the designer, improve the quality of design, improve c ...

. The largest of these include

Vancity Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada , with ...

, Coast Capital Savings,

Meridian Credit Union Meridian Credit Union Ltd. is a Canadian credit union. It was formed on 1 April 2005 through the merger of Niagara Credit Union and HEPCOE (''Hydro Electric Power Commission of Ontario Employees'') Credit Union. It is insured by the Financia ...

Servus Credit Union Servus Credit Union is a member-owned, community-based financial institution based in Edmonton, Alberta, and in 2015 became the second-largest credit union in Canada and the largest credit union in Alberta. Servus has around 380,000 members, who ...

, First West Credit Union, Alterna Savings and Credit Union Limited, Access Credit Union,

Steinbach Credit Union Steinbach Credit Union (SCU) is a Canadian financial institution with over 113,000 consumer, business, and agricultural members. With more than $10 billion in assets, SCU is among the largest credit unions in Manitoba, and in the top 10 in Canad ...

Beem Credit Union
Desjardins Ontario Credit Union. 188 of these credit unions and ''caisses populaires'' were affiliated through a provincial or regional credit union central to

Canadian Credit Union Association The Canadian Credit Union Association (CCUA; ) is the national trade association for credit unions in Canada (outside the province of Quebec). Founded in 1953, it rebranded to its current name in January 2016 to reflect its "evolving role as an a ...

, the national trade association. These credit unions operated 1,630 branches across the country with over 6 million members and $312.3 billion in assets.

Within Quebec

Within Quebec there are 204 ''caisses'' that are formally federated with Desjardins as of September 2024. In 2024, the Desjardins caisses serve nearly 5.2 million members from 425 locations, with $371.4 billion in assets.

Insurance

Most credit unions in Canada are incorporated provincially and are insured by provincially established institutions. * Alberta �
Credit Union Deposit Guarantee Corporation (Alberta)
* British Columbia �
Credit Union Deposit Insurance Corporation (British Columbia)
* Manitoba �
Deposit Guarantee Corporation of Manitoba
* New Brunswick �
New Brunswick Credit Union Deposit Insurance Corporation
* Newfoundland and Labrador �
Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)
* Nova Scotia
Nova Scotia Credit Union Deposit Insurance Corporation
* Ontario –

Financial Services Regulatory Authority of Ontario The Financial Services Regulatory Authority of Ontario (FSRA; ) is a self-funding Crown agency which acts as the financial regulator for the Canadian province of Ontario. Established in 2016, FSRA officially succeeded its predecessor agencies � ...

* Prince Edward Island �
Credit Union Deposit Insurance Corporation (Prince Edward Island)
* Saskatchewan �
Credit Union Deposit Guarantee Corporation (Saskatchewan)
* Quebec �
Autorité des marchés financiers
Federally-incorporated credit unions are insured by the

Canada Deposit Insurance Corporation The Canada Deposit Insurance Corporation (CDIC; ) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' de ...

Credit union firsts in Canada

Credit unions have a history of innovation in Canadian financial services. Here are some of the products and services that credit unions were first to market: *First financial institutions to lend to women in their own names (in the 1960s) *First to offer daily interest savings *First full-service ABMs *First fully functional online banking *First loans based on borrower character *First payroll deduction service for deposits and loan payments *First open mortgages *First home equity lines of credit *First debit card service *First registered education plans *First cheque imaging service *First mobile branch with ATM for servicing small communities

References

{{Canadian banks