Province of Manitoba
Setting interest rates is a federal responsibility, but the Criminal Code has provisions for provinces to set rates on payday loans. Manitoba has applied for the appropriate federal designation on this new rate. A number of other provinces also set rates for payday loans.
|Province |Maximum that can be charged on the principal |Maximum annual percentage rate for a |
| |of a $100 loan |12-day loan |
|Nova Scotia |$31 |943% |
|(in force) | | |
|British Columbia |$23 |700% |
|(in force) | | |
|Alberta (in force) |$23 |700% |
|Saskatchewan (announced) |$23 |700% |
|Ontario (in force) |$21 |639% |
|Manitoba |$17 |517% |
DOC: Pay Day Loans.FS
Contact: Rachel
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