# List of banks and credit unions in Canada Canonical: https://web4.xpay.bi/en/wiki/wp-en-2101917/ Language: en Published: 2026-10-30T19:18:41.370Z Updated: 2026-10-30T19:18:41.370Z 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". ## Key facts ## Overview 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". ## Big Five The top five Canadian banks are collectively referred to as the "Big Five" due to their dominant position and significant influence within the country's banking and financial industry. This term has been used for many years to characterize these major banks, and it highlights their substantial market share and impact on Canada's economy. The financial sector of Canada is especially concentrated in these banks, which has been seen as a result of protectionist policies of the government and the country's small and dispersed population. These banks grew at an extraordinary rate of 10.7 percent per year, on average, from 2008 to 2018 compared with 3.64 percent for the five largest U.S. banks. While most Canadian banks operate only within Canada, the Big Five are best described as Canadian multinational financial conglomerates that each have a large Canadian banking division. ## Big Six National Bank of Canada, which began as a regional bank in Quebec but expanded nationally, is the sixth largest Canadian bank. In 2025, it acquired Canadian Western Bank. In 2022, Canada’s Big Six held about 93% of all banking assets in the country. It is the same share they held a decade earlier, and a decade before that. RBC’s $13.5-billion takeover of HSBC’s Canadian division, announced in November 2022, gave it around $134 billion in HSBC assets and increased the 93% share of assets the Big Six have to almost 95%. ## Domestic systemically important bank (D-SIB) A domestic systemically important bank (D-SIB) is a bank that could disrupt the domestic economy should it fail. Canada's Big Six are designated as D-SIBs. D-SIBs are so important to the functioning of the financial system and the economy, that they cannot be wound up under a conventional bankruptcy and liquidation process should they fail. The failure of any one of Canada’s D-SIBs, with the potential loss of financial services, even for a short period of time, could have a serious impact on Canada’s economy. ## Desjardins The Autorité des marchés financiers, which oversees Quebec’s financial sector, designated Desjardins Group as a D-SIB. ## Global systemically important bank (G-SIB) A global systemically important bank is a bank whose systemic risk profile is deemed to be of such importance that the bank’s failure would trigger a wider financial crisis and threaten the global economy. The Basel Committee has developed a formula for determining which banks are G-SIBs, deploying criteria including size, interconnectedness and complexity. National regulators subject banks determined to be G-SIBs to stricter prudential regulation such as higher capital requirements and extra surcharges, or more stringent stress tests. In Canada, the Office of the Superintendent of Financial Institutions designated Royal Bank of Canada and Toronto-Dominion Bank as G-SIBs as well as D-SIBs. ## Digital banking and fintech trends In recent years, Canada has experienced a steady shift toward digital banking services, driven by changing consumer preferences and technological innovation. A growing share of Canadians now use digital-only banking platforms for at least part of their financial activities, reflecting increased demand for low-cost, mobile-first services. Established banks have responded by expanding their digital offerings and investing in online infrastructure, while digital-first institutions such as Tangerine Bank and EQ Bank have gained traction through competitive pricing and simplified user experiences. This trend is expected to accelerate alongside the development of open banking frameworks in Canada. ## Constitutional jurisdiction Under the Canadian Constitution, the federal Parliament has exclusive jurisdiction over "Banking, Incorporation of Banks, and the Issue of Paper Money." It also has exclusive jurisdiction over "Savings Banks". That means that all banks are subject to exclusive federal regulation. Provinces do not have the authority to regulate banking. The provinces do have jurisdiction to regulate other types of financial institutions, such as credit unions and trust companies. ## 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 Bank Act (Canada). ## Schedule I banks (domestic banks) Under the Bank Act, Schedule I are banks that are not a subsidiary of a foreign bank, even if they have foreign shareholders. There are 35 domestic banks, including four federally regulated credit unions as of April 2, 2026. ## 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 February 10th, 2026, there were 15 of these banks in Canada. ## Full service The following banks are not authorized to accept deposits in Canada of less than $150,000. As of February 10th, 2026, there were 27 such banks in Canada. ## Sources - List of banks and credit unions in Canada · Wikipedia: https://en.wikipedia.org/?curid=2101917 Source: Wikipedia contributors — https://en.wikipedia.org/?curid=2101917&oldid=1381967291 Licence: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation notice: Reformatted for XPay; the source may be abridged, restructured or translated. Consult the cited revision for the original.