Toronto's financial district from the CN Tower

This is a list of banks in Canada, including chartered banks, credit unions, trusts, 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 and New Brunswick.

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'' and '' Canada Bank Act''.

Schedule I banks (domestic banks)

Under the Canada Bank Act, 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 This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks". The "Big Five" Canada's "big five" 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 * Farm Credit Canada – 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 (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 ( caisses populaires 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 (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. 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.https://www.desjardins.com/ressources/pdf/2016022501-e.pdf

Defunct and merged banks

Credit agencies

* Equifax Canada *

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
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 Banking in Canada banks Canada Credit unions of Canada