Canada's Banking Architecture
Canada's banking system is built on three pillars: chartered banks, credit unions, and other financial institutions, all overseen by robust regulatory frameworks.
As Canada's central bank, the Bank of Canada conducts monetary policy, issues currency, and works to preserve the value of money by keeping inflation low and stable.
The Big Six Banks
Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada dominate the landscape.
Royal Bank of Canada
RBC
Toronto-Dominion Bank
TD
Bank of Nova Scotia
BNS
Bank of Montreal
BMO
Canadian Imperial Bank
CIBC
National Bank of Canada
NBC
Member-owned financial cooperatives serving local communities, particularly strong in Quebec (caisses populaires) and western provinces.
Canada Deposit Insurance Corporation (CDIC) protects eligible deposits up to $100,000 per depositor per insured category at member institutions.