Immigration and Refugee Protection Regulations (SOR/2002-227)

Regulations are current to 2013-04-29

Marginal note:Deferred repayment

  • 292. (1) If repaying a loan, in accordance with the requirements of section 291, that was made to a person under section 289 would, by reason of the person's income, assets and liabilities, cause the person financial hardship, an officer may, to the extent necessary to relieve that hardship but subject to subsection (2), defer the commencement of the repayment of the loan, defer payments on the loan, vary the amount of the payments or extend the repayment period.

  • Marginal note:Maximum extension

    (2) A repayment period shall not be extended beyond

    • (a) an additional 24 months, in the case of a loan referred to in paragraph 289(b); and

    • (b) an additional six months, in the case of any other loan.

  • SOR/2009-163, s. 13(F).
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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

    • (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.

  • (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.
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