Immigration and Refugee Protection Regulations
Marginal note:Rate of interest
293 (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
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
(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
(c) if the amount of the loan is more than $2,400, beginning on the first day of the thirty-seventh month after
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.
(5) The interest on a loan made under section 289 shall be calculated daily and, if a monthly installment referred to in subsection 291(2) is paid late or in part or is not paid, shall be compounded monthly.
(6) For greater certainty, the applicable rate of interest in respect of a loan made under section 289 remains the same until the loan is repaid in full.
- SOR/2006-116, s. 1
- Date modified: