Payday loans by province and territory
Thirteen jurisdictions, one federal price cap, and a handful of local rules that change how much you can borrow and how long you have to back out.
How the rules fit together
Since January 1, 2025, the Criminal Code caps most consumer loans at 35% a year. Payday loans get an exemption only when three things line up: the loan is $1,500 or less, it's for 62 days or less, and it's made by a lender licensed in a province the federal government has designated. In those provinces, the federal regulations also cap the cost at $14 per $100 borrowed and limit the fee for a bounced payment to $20.
Nine provinces have a designated regime. Quebec and the three territories don't, so the 35% cap applies there and licensed payday lending isn't available. Each province adds its own layer on top: a limit tied to your net pay, a cooling-off period, rules on repeat borrowing and rollovers.
The rules side by side
Use this as a starting point. The figures were checked in October 2026, but provincial rules change, and your loan agreement must spell out your exact rights.
| Province or territory | Maximum cost | Loan size limit | Cancellation window | Regulator |
|---|---|---|---|---|
| Ontario | $14 per $100 | 50% of your net pay | 2 business days | Consumer Protection Ontario |
| British Columbia | $14 per $100 | 50% of your net pay | 2 business days | Consumer Protection BC |
| Alberta | $14 per $100 | Tied to your net pay | 2 business days | Service Alberta (consumer protection) |
| Saskatchewan | $14 per $100 | Tied to your net pay | As short as the next business day | Financial and Consumer Affairs Authority (FCAA) |
| Manitoba | $14 per $100 | 30% of your net pay | 48 hours (Sundays and holidays excluded) | Manitoba Consumer Protection Office |
| Quebec | Not offered (35% APR cap) | — | — | Office de la protection du consommateur |
| New Brunswick | $14 per $100 | 30% of your net pay | 48 hours (Sundays and holidays excluded) | Financial and Consumer Services Commission (FCNB) |
| Nova Scotia | $14 per $100 | Tied to your net pay | 2 business days | Service Nova Scotia |
| Prince Edward Island | $14 per $100 | Tied to your net pay | Short cancellation window; check your agreement | PEI Consumer, Corporate and Financial Services |
| Newfoundland and Labrador | $14 per $100 | 50% of your net pay | 2 business days | Digital Government and Service NL |
| Yukon | Not offered (35% APR cap) | — | — | Financial Consumer Agency of Canada (federal guidance) |
| Northwest Territories | Not offered (35% APR cap) | — | — | Financial Consumer Agency of Canada (federal guidance) |
| Nunavut | Not offered (35% APR cap) | — | — | Financial Consumer Agency of Canada (federal guidance) |