Eligibility for CPA membership is defined in the Canadian Payments Act and the related federal regulations. The Bank of Canada and all banks operating in Canada are required to be members. In addition, credit union centrals, federations of caisses populaires, trust companies, loan companies and other deposit-taking institutions have been eligible for CPA membership since the Association’s creation in 1980.

As of November 2001, the Canadian Payments Act has expanded the list of eligible organizations to include life insurance companies, securities dealers that are members of the Investment Dealers Association or the Bourse de Montréal, and money market mutual funds that meet certain requirements regarding the investment of their holdings and have access to an immediate and reliable source of liquidity.

The CPA is now accepting membership applications from the newly eligible organizations and continues to liaise with their industry associations to provide information related to membership its application process.