About the Canadian Bankers Association (CBA)
The CBA serves as the voice of more than 60 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their over 280,000 employees. The CBA provides parliamentarians and governments at all levels with a centralized point of contact to discuss a full range of matters relating to banking in Canada.
About the Canadian Banking Sector
Canada’s banking sector plays a pivotal role in the country’s economic growth and well-being.
Banks are among the largest taxpayers, progressive employers, contributors to the growth and success of Canadian businesses, both large and small, and are good corporate citizens committed to a sustainable future.
From urban centres to the heart of rural communities, long-term economic growth is supported by Canada’s banks. Our country’s banks champion a sustainable economic future for all Canadians and help them realize their ambitions. Contributing 3.6% to Canada’s GDP, representing approximately $70 billion, and supporting over 280,000 Canadian jobs, banks are pivotal to the economy and our shared prosperity.
Well-Regulated, Competitive Sector
All banks in Canada are governed by the Bank Act and are subject to federal regulatory oversight by the Office of the Superintendent of Financial Institutions and the Financial Consumer Agency of Canada. And all banks operating in Canada that accept retail deposits are members of the Canadian Deposit Insurance Corporation, which protects Canadians’ deposits up to a maximum of $100,000 per insured account.
And Canadians benefit from a national system of large, broadly-held banks with a vast network of branches and full range of digital services serving customers across the country. This national system means that customers have access to similar products at the same price regardless of where they live in Canada.
Affordable Access to Banking Services
The banking sector is highly competitive. In fact, of the more than 80 banks operating in Canada, more than 40 offer financial products and services to Canadian consumers, including bank accounts, credit cards, loans and investments.
More than 99% of adult Canadians have an account with a financial institution, so the accessibility of banking services in Canada is incredibly high. Anyone can open a bank account in Canada if they meet the requirements that are set out in the Bank Act. You can open a bank account even if:
• you don’t have money to put in the account right away,
• you have been bankrupt, or
• you have no credit history.
Banks have worked hard to ensure that there are low-cost accounts, priced at $4 or less per month, for those who need or want them.