Did you take a Payday Loan from Cash Store or Instaloans in Ontario after September 1, 2011?
In 2015 the six largest banks in Canada – TD, BMO, RBC, Scotia, CIBC and National Bank – generated $35 billion in profits, up from $29 billion in 2013. This perception of achievement, however, is misleading. Canadian banks are failing Canada’s low and moderate income residents. The banks’ focus on profits have led to service cuts, branch closures, and high fees, primarily impacting Canada’s low and moderate income earners.
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Internet Use and Accessibility for Low-Income Canadians
A Class Action Settlement has been reached. Please read this notice.
Ontario Class Action Settlements have been reached. Please read this notice.
ACORN Canada's comments on risks and consumer protection policy recommendations
Telecom Notice of Consultation CRTC 2015-134
Review of basic telecommunications services
14 July 2015
ACORN Canada engaged me to determine an appropriate fee structure for payday lenders that would reduce the current very high rates while still allowing at least some of the companies to continue to operate. This fee structure should replace the current rule of 60% maximum interest contained in the Criminal Code, thus allowing mainstream financial institutions to compete in the short-term lending field legally.
The payday lending industry is unique in Canada. In most of the country, this billion- dollar business is completely unregulated. And it makes money by openly breaking the law against criminal interest rates. While the Criminal Code clearly states that annual effective interest rates must not exceed 60%, payday lenders typically charge between 300% - 900% and, not infrequently, more than 1,000%. And yet, in spite of this flagrant violation of the law and the harm done to those who regularly borrow from Money Mart and its less well-known competitors,
virtually nothing is being done to crack down on this rapidly growing industry. It’s estimated that there are more than 1,200 payday lending “stores” across Canada. Some have more reprehensible lending and collection practices than others. But all of them share the same core business practice of breaking the law every single day.
As an organization of low and moderate income people, the issue of housing affordability is a priority concern for our members. Specifically, our members are concerned about the desperate need for deeply affordable rental housing that is affordable in the long term. Almost half of Ontario renters live in unaffordable housing. Yet since 1990, less than 9 per cent of new developments in the province have been rental housing. Urgent action is required to address this housing crisis, we call upon the provincial government to take leadership to create real affordable housing options.
Hamilton is in an affordable and livable housing crisis. This is a trend seen across most major Canadian cities, that will worsen with no government action. The City of Hamilton has a responsibility to protect the most vulnerable. If the city continues on its current path of protecting developers and landlords over working class communities, more and more tenants will lose affordable housing or be forced to remain in unsafe and unhealthy conditions.
New ACORN report illustrates how Burnaby’s self-made housing crisis works.
Toronto ACORN's Affordable City Platform
As rents skyrocket and vacancy rates plummet, low and moderate income Ottawa tenants are facing an affordability crisis that is pricing them out of their communities.
By introducing a National Housing Strategy (NHS) and making a commitment to a rights-based approach to housing, the Federal Government is taking a significant step towards tackling Canada’s housing crisis. ACORN members welcome this national plan. Yet, we acknowledge that there is a long way to go to overcome the systemic issues that have led to so many homeless and under-housed Canadians.
Surrey tenants cannot keep up with rising rents: the city is in the midst of an affordability crisis. Rents have been rising dramatically compared with household incomes and market rents are increasingly unaffordable to low income households.