Scholars studying migration processes through the transnational prism have expanded the concept of ‘diaspora’ with a new meaning as a transnational, hybrid identity and condition, which has displaced the classical interpretation constructed around ethnicity and territory. By analyzing the activities of the Ukrainian Canadian Congress, which represents the organised Ukrainian community in Canada, an old‐type diaspora, this paper argues that transnationality and hybridity have always been the inner attributes of diaspora identity and experience and stresses the importance of an essential characteristic of diaspora: the conscious effort to maintain a distinctive collective identity. Only if a community succeeds in maintaining its collective identity throughout multigenerational change can it qualify as a diaspora. These two dimensions – the self‐consciousness of diaspora as a distinctive group and the survival of its distinctive identity through multigenerational change – set diasporas apart from transnational communities.