Credit unions in Canada
Canada has a large share of working-age people who use credit unions—more than one-third. Most members are in Quebec, where credit unions are called caisses populaires (people’s banks), and in western Canada.
Credit unions are mainly regulated and incorporated at the provincial or territorial level. Legislation exists in every province, but not in the three northern territories. They operate in all provinces, and in Quebec the caisses populaires must be federated with Desjardins.
Since 2012, federal credit unions have been allowed under the Bank Act. The first federal credit union, the Caisse populaire acadienne ltée (UNI Financial Cooperation), opened in 2016. The second, Coast Capital Savings, received federal approval in 2018 and is based in British Columbia. Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan in 2023.
As of September 20, 2024, there were 392 credit unions or caisses populaires in Canada. Outside Quebec, 188 independently operated credit unions hold combined assets of about CAD 312.3 billion. Major independents include Vancity, Coast Capital Savings, Meridian Credit Union, Servus Credit Union, First West Credit Union, Alterna Savings and Credit Union, Access Credit Union, Steinbach Credit Union, Beem Credit Union, and Desjardins Ontario Credit Union. About 188 of these are part of provincial or regional centrals that connect to the Canadian Credit Union Association, the national trade association. They run around 1,630 branches, serve over 6 million members, and hold about CAD 312.3 billion in assets.
In Quebec, 204 caisses are federated with Desjardins as of September 2024. Desjardins serves nearly 5.2 million members from 425 locations, with about CAD 371.4 billion in assets.
Most credit unions are provincially incorporated and insured by provincial schemes; federally incorporated credit unions are insured by the Canada Deposit Insurance Corporation.
Credit unions have a history of innovation in Canadian financial services, and they were often first to bring new products and services to market.
This page was last edited on 3 February 2026, at 18:54 (CET).