October 7, 2022, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C.
The Government of Canada announced in Budget 2021 its intention to consult on fighting predatory lending by lowering the criminal rate of interest. Vancity Community Foundation sent in a submission as part of this consultation by the Department of Finance.
We strongly support fighting predatory lending by lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders. We recognize that reducing the criminal rate of interest is but one measure among many needed across the country and by all levels of government to address affordability and indebtedness. Canada's usury (criminal) interest rate ceiling is one of the highest internationally.
Read the full submission here.