The Canadian Credit Union Association (CCUA) welcomes the Federal Government’s leadership on providing Canadians access to affordable financial services with the release of the Federal Budget for 2023. 

The budget proposes an update to the definition of “Credit Union” in the income tax act that should remove a potential future tax liability from the sector worth tens or even hundreds of millions of dollars. 

This change helps to ensure that credit unions will be able to continue to offer a full and competitive suite of banking services to over 10 million Canadians and helps to counter the concentration of the financial services sector in Canada. 

CCUA has been actively lobbying for this issue for years, and this change could not have been accomplished without the support of our members through grassroots advocacy. 

The budget also reaffirmed the strength of the Canadian banking sector, known for its stability and resilience. Credit unions are an important part of the sector, as financial institutions that offer financial services that work solely to serve their members.  

We look forward to continuing to work closely with the Government of Canada to ensure a strong financial sector that provides choice and affordability for all Canadians. 

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