Since Canadian education is regulated provincially (not by the federal government), there is no national university accreditation system. Public institutions are given authority to grant degrees, diplomas and certificates through specific provincial regulations, and these institutions are therefore "recognized." Government recognition is a form of quality assurance, but is not official accreditation.
Another form of quality assurance is membership in national associations like the Association of Universities and Colleges of Canada (AUCC). The AUCC establishes standards of quality, and a school's membership means it has been evaluated as meeting those standards.
Professional accreditation means a specific university department or program has been evaluated as meeting the standards of the accrediting agency of a certain profession. Some accrediting agencies accredit university programs, and others accredit individual graduates of certain programs. Some examples of Canadian agencies that accredit academic programs are:
Christian universities may have separate accreditation from The Association for Biblical Higher Education (ABHE) and The Association of Theological Schools (ATS).
University accreditation assures you and your parents that the school's programs are delivered by qualified faculty and are up-to-date. A degree or other credential from an accredited university or university program can help make you more competitive on the job market.