Here is a short overview of credit unions in Canada. More detailed information is available at http://www.fin.gc.ca/toce/2000/ccu_e.html#Overview Cheers, Ken Hanly Overview Canada has a strong credit union movement, which consists of both credit unions and caisses populaires, a form of credit union located predominantly in Quebec. Canada has the world's highest per capita membership in the credit union movement, currently with some 10 million members or about 33 per cent of the population. In 1997, 26 per cent of Canadians used a credit union or caisse populaire as their primary financial institution. The credit union movement has traditionally focused on consumer financial services, and is an important source of innovation and product development. In 1998, the movement accounted for about 12 per cent of the domestic assets of Canada's deposit-taking financial institutions. Although it plays a role in most areas of Canada, the movement is primarily active in Quebec, Saskatchewan and British Columbia. In Quebec and Saskatchewan, it accounts for about 40 per cent of market share. In British Columbia, it accounts for about 20 per cent. Credit unions and caisses populaires are an important source of financing for small and medium-sized enterprises. The vast majority of credit unions' loans are under $1 million. This industry is almost exclusively regulated at the provincial level in Canada. However, six provincial credit union centrals have chosen to register under federal legislation, in addition to being regulated provincially. Although most credit unions and caisses populaires rely on retained earnings for capital, legislation in some provinces allows them to issue preferred shares and non-voting shares. Canada's credit unions and caisses populaires play an important international role by providing technical expertise to developing credit union movements around the world.
