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

  • (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.