Absolutely. In budget 2023, we illustrated an example. We talked about an individual named Hannah, who took out a $5,000 loan with a two-year amortization period—paying it back over two years. At the new rate—lowered to 35%—as compared with the current rate, Hannah will have saved $775 over the course of the loan.
I spoke a little bit earlier about the impact of payday lending. It really depends on the province in which the individual lives.