Predatory lending is another issue that can be particularly damaging for low-income Canadians, newcomers, and seniors. Budget 2023 proposes to introduce changes to the Criminal Code to lower the criminal rate of interest from 47% APR to 35% APR, in line with the lowest cap among provinces, in Quebec. The government will also adjust the Criminal Code’s payday lending exemption to require payday lenders to charge no more than $14 per $100 borrowed, in line with the lowest cap among provinces, in Newfoundland and Labrador.
To make life more affordable for Canadians and protect the environment, Budget 2023 also proposes a right to repair for home appliances and electronics. This will allow Canadians to fix their own devices or take them to independent repair shops instead of having to buy new ones or pay high fees to manufacturers. This will save money, reduce waste, and create jobs in the repair sector.
Budget 2023 is a comprehensive plan that reflects the government’s commitment to helping Canadians make ends meet in these challenging times. By providing targeted relief, lowering fees, protecting consumers, and promoting sustainability, the government is building a more resilient and inclusive economy for all.