A recent study published by the Bank of Canada titled "Redefining Financial Inclusion in the Digital Age: Impact on Central Bank Digital Currencies" examines the challenges CBDCs will address in Canada. The study notes that while financial inclusion in Canada is high, with 98% of Canadian adults having access to bank accounts and debit cards, underbanked Canadians may still face barriers and challenges and have to turn to alternative providers that charge higher fees for their services, including payday lenders and check cashers. In Canada, the use of cash plays a key role in financial inclusion, but has decreased significantly, from about 53% of transactions in 2009 to less than 21% in 2021. Despite this, cash is still accepted by a wide variety of institutions. While Canada's financial ecosystem is inclusive, CBDCs may help address some challenges that are not dependent on the system itself.