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Immigration and Refugee Protection Regulations

Version of section 293 from 2006-03-22 to 2006-05-31:


Marginal note:Rate of interest

  •  (1) A loan made under this Part bears interest at a rate equal to the rate that is established by the Minister of Finance for loans made by that Minister to Crown corporations and that is in effect

    • (a) on the first day of January in the year in which the loan is made, in the case of a loan made to a person in Canada who has no other outstanding loans under this Part; and

    • (b) on the first day of January in the year in which the person for whose benefit the loan is made enters Canada, in any other case.

  • Marginal note:Interest on loans under paras. 289(a) and c)

    (2) The interest on a loan made under paragraph 289(a) or (c) accrues beginning

    • (a) 30 days after the day on which the loan is made, in the case of a loan made to a person in Canada who has no other outstanding loans under this Part; and

    • (b) 30 days after the day on which the person for whose benefit the loan is made enters Canada, in any other case.

  • Marginal note:Interest on loans under par. 289b)

    (3) The interest on a loan made under paragraph 289(b) accrues

    • (a) if the amount of the loan is not more than $1,200, beginning on the first day of the thirteenth month after

      • (i) the day on which the loan is made, in the case of a loan made to a person in Canada who has no other outstanding loans under this Part, and

      • (ii) the day on which the person for whose benefit the loan is made enters Canada, in any other case;

    • (b) if the amount of the loan is more than $1,200 but not more than $2,400, beginning on the first day of the twenty-fifth month after

      • (i) the day on which the loan is made, in the case of a loan made to a person in Canada who has no other outstanding loans under this Part, and

      • (ii) the day on which the person for whose benefit the loan is made enters Canada, in any other case; and

    • (c) if the amount of the loan is more than $2,400, beginning on the first day of the thirty-seventh month after

      • (i) the day on which the loan is made, in the case of a loan made to a person in Canada who has no other outstanding loans under this Part, and

      • (ii) the day on which the person for whose benefit the loan is made enters Canada, in any other case.

  • Marginal note:Existing loan

    (4) If a loan that was made to a person under section 289 has not been repaid and a subsequent loan is made under that section to that person, the subsequent loan bears interest at a rate equal to the rate of interest payable on the previous loan.

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