Canada Student Financial Assistance Regulations

40 (1) The Minister shall pay to the appropriate authority or other body authorized by the Minister for a province the amount it requires to make Canada Study Grants to qualifying students for a loan year under this Part.

(2) Each appropriate authority or other body shall provide to the Minister at the end of each loan year, or on request of the Minister during a loan year, an accounting of all grants made to qualifying students by that appropriate authority or other body during that loan year or other period identified by the Minister.

(3) An appropriate authority or other body shall repay to the Minister any money provided for a loan year that is not given as grants in accordance with this Part. The overpayment shall become a debt due to Her Majesty in right of Canada on the day after the last day of that loan year.