Mr. Speaker, today marks the 100th anniversary of the Canadian Co-operative Association, one of this country's largest economic and social movements.
From its beginnings in Hamilton, Ontario, the Co-operative Union of Canada was formed to encourage the sharing of information, mutual self-help and concerted action among Canadian co-operatives. Today there are 8,800 co-operatives and credit unions across the country. Collectively, they have more than 17 million memberships, over $275 billion in assets and employ more than 150,000 people.
They differ from traditional businesses in that they are owned by the members who use their services. Their history, of course, shows they are often formed during difficult economic times, making them as relevant today as they have ever been. Since most co-ops are locally based, they not only provide jobs but also generate wealth which remains in the community. Co-ops are without a doubt one of Canada's greatest single success stories.
On behalf of all members of the House, congratulations to the Canadian Co-operative Association on this its 100th anniversary.