Consumer Lending Regulators in Canada by Province and Territory

Consumer lending in Canada is licensed and supervised by provincial and territorial regulators, not by a single federal body. Each province has a consumer protection authority that licenses lenders, enforces cost-of-borrowing limits and handles complaints.

While the Criminal Code sets the federal criminal rate of interest and the payday cost-of-borrowing cap, day-to-day licensing and supervision of consumer lenders is provincial. Each province and territory has a consumer protection regulator that issues licences, inspects lenders, enforces disclosure and cost rules, and receives complaints.

Federal bodies with a role

At the federal level, the Financial Consumer Agency of Canada (FCAC) oversees banks and federally regulated financial consumer protections, the Office of the Superintendent of Financial Institutions (OSFI) supervises federally regulated financial institutions, and the Bank of Canada sets the policy interest rate. The Canada Revenue Agency and the Office of the Superintendent of Bankruptcy handle tax and insolvency matters. None of these issues provincial payday lending licences.

Check your province

Use the table below to find the regulator for your province or territory and follow the link to its official website before you borrow or complain.