30 Largest Credit Unions in Canada

Province	Credit Union	Assets (In Million $)	Total Loans (In Million $)	Total Deposits (In Million $)	Members
QC, ON	Desjardins	$371,372	$328,237	$330,698	5,125,577
BC	Vancity	$29,045	$24,612	$25,146	544,926
AB	Servus and Connect First*	$28,268	$24,625	$22,895	604,381
ON	Meridian Credit Union	$27,053	$23,739	$19,663	391,023
BC	Coast Capital Savings	$21,795	$18,347	$18,062	599,286
BC	First West Credit Union	$14,353	$11,908	$11,977	257,231
MB	Access Credit Union	$12,666	$10,947	$10,772	206,259
MB	Steinbach Credit Union	$9,801	$8,433	$8,553	111,395
BC	Beem Credit Union	$8,501	$6,844**	$7,130**	163,746
ON	Alterna Savings	$8,073	$6,855	$5,623	182,022
SK	Affinity Credit Union	$8,029	$6,001	$6,800	128,052
BC	Prospera Credit Union	$8,025	$6,096	$6,635	113,871
ON	DUCA Financial	$7,738	$6,929	$5,963	94,533
SK	Conexus Credit Union	$7,018	$5,577	$5,627	142,574
MB	Assiniboine Credit Union	$6,178	$5,090	$5,420	143,979
ON	Libro Credit Union	$6,101	$5,237	$5,162	118,459
ON	FirstOntario Credit Union	$6,063	$5,481	$4,973	125,966
NB	UNI Financial Cooperation	$5,395	$4,160	$4,198	156,132
BC	Blueshore Financial	$5,277	$4,539	$5,059	33,101
ON	Windsor Family Credit Union	$5,174	N/A	N/A	73,724
MB	Cambrian Credit Union	$4,903	$3,797	$4,366	69,979
SK	Innovation Credit Union	$3,999	$3,194	$3,305	65,218
BC	Coastal Community Credit Union	$3,356	$2,837	$2,965	83,385
ON	Your Neighbourhood Credit Union	$2,571	$2,321	$1,861	50,071
AB	Vision Credit Union	$2,484	$1,730	$2,084	37,399
ON	Caisse Populaire Alliance	$2,453	$2,110	$1,997	56,446
ON	Kawartha Credit Union	$2,254	$2,003	$1,881	58,527
ON	Kindred Credit Union	$2,155	$1,866	$1,780	28,821
SK	Cornerstone Credit Union	$2,114	$1,392	$1,814	28,733
MB	Caisse Financial Group	$2,046	$1,679	$1,796	34,507
*Due to the merger of Servus Credit Union and Connect First Credit Union, their individual numbers have been added together.
** Due to the mergers of Gulf and Fraser Credit Union and Interior Savings Credit Union, their most recent available numbers for loans and deposits have been added together.

Banks vs. Credit Unions

Parameter	Bank	Credit Union
Deposits	$3,668B	$593B
Residential Mortgages	$1,642B	$269B
Other Loans	$1,479B	$320B
Branches	5,605	2,055

🍁 The Landscape of Credit Unions in Canada With over 11 million members and over half a trillion dollars in deposits and loans, credit unions are a vital part of Canada’s financial ecosystem.

Key Highlights

🔹 Desjardins Dominates:
Desjardins alone is larger than all other credit unions combined.

🔹 Scale Compared to Major Banks:
The total loans and deposits of all credit unions combined are roughly equivalent to those of CIBC, the 5th largest bank in Canada.
However, it’s important to note that Canada’s top five banks have substantial international operations, which contribute significantly to their overall scale.

🔹 Branch Numbers:
While banks hold 5 to 6 times more deposits and loans than credit unions, their number of branches is only 2.7 times higher than those of credit unions combined.

🔹 Regulation and Deposit Insurance:
Excluding UNI, Coast Capital, Innovation credit unions and small part of Desjardins all others are provincially regulated, and their deposits are insured by provincial governments.
In Alberta, British Columbia, Manitoba, and Saskatchewan, all deposits are insured with no limit.

🔹 Regional Concentration:
5 of the 30 largest credit unions are based in Manitoba, despite the province accounting for less than 4% of Canada’s population.

Credit unions play a crucial role in Canada’s financial ecosystem, offering localized, member-focused services. However, their scale remains modest compared to the Big 5 banks.