Toronto's financial district from the CN Tower

This is a list of banks in Canada, including chartered banks,

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...

trusts A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the "settl ...

, and other

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

companies that offer banking services and may be popularly referred to as "banks".

The "Big Five"

Canada's "big five" banks, and a few statistics (2013): The term "Big Six" is frequently used as well and includes the

National Bank of Canada The National Bank of Canada (french: Banque Nationale du Canada) is the sixth largest commercial bank in Canada. It is headquartered in Montreal, and has branches in most Canadian provinces and 2.4 million personal clients. National Bank is the ...

(2013 market cap of $8.9B), though its operations are primarily focused in the provinces of

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...

and

New Brunswick New Brunswick (french: Nouveau-Brunswick, , locally ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. It is the only province with both English and ...

Banks by legal classification

Banks in Canada are classified by their ownership as domestic banks, subsidiaries of foreign banks, or branches of foreign banks. For a greater explanation of the classifications, see ''

Banking in Canada Banking in Canada is one of Canada's most important industries with several banks being among its largest and most profitable companies. It is dominated by a small number of large banks, with the six largest combining for 90% of the market shar ...

'' and ''

Canada Bank Act The ''Bank Act'' (1991, c. 46) (the ''Act'') is an act of the Parliament of Canada respecting banks and banking. History The ''Bank Act'' was originally passed in 1871. The terms of the ''Act'' provide for a statutory review of the ''Act'' ...

''.

Schedule I banks (domestic banks)

Under the

, Schedule I are banks that are not a subsidiary of a foreign bank, i.e., domestic banks, even if they have foreign shareholders. There are 35 domestic banks, included 2 federally regulated Credit Unions as of June 21, 2021. RBC Place Ville-Marie

Schedule II banks (subsidiaries of foreign banks)

Schedule II banks are banks allowed to accept deposits and which are subsidiaries of a foreign bank. As of December 2022, there were 15 of these banks in Canada.

Schedule III banks (branches of foreign banks)

Full service

The following banks are not authorized to accept deposits in Canada of less than $150,000. As of August 2016, there were 28 such banks in Canada.

Lending only

The following banks are prohibited from accepting deposits or borrowing money except from financial institutions. There were four such banks in Canada as of August 2016.

Government-owned financial institutions

Bank of Canada The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: Ca ...

(Central Bank) *

Business Development Bank of Canada The Business Development Bank of Canada (BDC; french: Banque de développement du Canada) is a Crown corporation and national development bank wholly owned by the Government of Canada, mandated to help create and develop Canadian businesses thro ...

Farm Credit Canada Farm Credit Canada (FCC; known as Farm Credit Corporation until 2001) is Canada's largest agricultural term lender. This organization's purpose is to enhance rural Canada by providing specialized and personalized financial services to farming ope ...

– Government-owned Farm Credit is not a deposit-taking bank. It is, however, a major lender to the agriculture and agri-food industries. *

ATB Financial ATB Financial is a financial institution and Crown corporation wholly owned by the province of Alberta, the only province in Canada with such a financial institution under its exclusive ownership. Originally established as Alberta Treasury Br ...

(Government of Alberta Crown Corporation)

Credit unions

Canada has a strong

co-operative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...

financial services sector, which consists of

credit unions A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

(

caisses populaires A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisio ...

in Quebec and other French speaking regions). At the end of 2001 Canada's credit union sector consisted of 681 credit unions and 914 ''caisses populaires'', with more than 3,600 locations and 4,100 automated teller machines. By the end of 2019, consolidation reduced this number to 251 credits unions and caisses populaires outside Quebec, according to the

Canadian Credit Union Association The Canadian Credit Union Association (CCUA; french: Association canadienne des coopératives financières) is the national trade association for credit unions in Canada (outside the province of Quebec). Founded in 1953, it rebranded to its curre ...

(CCUA). Canada has the world's highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population. While the sector is active in all parts of the country, it is strongest in the western provinces and in Quebec. In Quebec 70 per cent of the population belongs to a caisse populaire, while in Saskatchewan close to 60 per cent belongs to a credit union.

Credit unions outside Quebec

As of 31 December 2021, the 220 credit unions and caisses populaires outside Quebec reported combined assets of $292.3 billion:

Desjardins

Most caisses populaires in Quebec (and some outside the province) are part of a network which operates as the

Desjardins Group The Desjardins Group (french: Mouvement Desjardins) is a Canadian financial service cooperative and the largest federation of credit unions (french: caisses populaires) in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Des ...

. Desjardins Group owns and operates a range of subsidiaries, including a securities brokerage, a venture capital firm, and a bank based in Florida. As of 31 December 2015, Desjardins Group's consolidated assets totalled $248.1 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 co ...

.https://www.desjardins.com/ressources/pdf/2016022501-e.pdf

Defunct and merged banks

Credit agencies

Equifax Canada Equifax Canada Inc is one of two agencies (the other being TransUnion Canada) providing credit bureau and information reports for businesses, including the financial sectors. Owned by Equifax of Atlanta, Georgia, Equifax Canada is based in Toron ...

TransUnion Canada Based in Burlington, Ontario, TransUnion Canada is one of two credit reporting agencies in Canada. Like their main competitor, Equifax Canada, they now market their credit reports directly to consumers, in addition to their core business of provid ...

References

External links

* http://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx List of banks regulated by the

Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions (OSFI; french: Bureau du surintendant des institutions financières, BSIF) is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute ...

List of Canadian banks via the Canada Revenue Agency website

Credit Union Central of Canada's Publications

Bank locations in Canada

List of banks in Canada

Information about Banks in Canada
{{Americas topic, List of banks in * Lists

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

Banking in Canada

banks A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

Credit unions of Canada