A government immigration loan becomes due one year after the borrower enters Canada (for transportation loans) or one year after the loan was made (for other loans). The full amount, including any interest, must be repaid within the period set out in the repayment schedule.
(1)Subject to section 292, a loan made under section 289 becomes payable (a)in the case of a loan for the purpose of defraying transportation costs, one year after the day on which the person for whose benefit the loan was made enters Canada; and (b)in the case of a loan for any other purpose, one year after the day on which the loan was made.
(2)Subject to section 292, a loan made under section 289, together with all accrued interest, if applicable, must be repaid in full, in consecutive monthly instalments, within (a)36 months after the day on which the loan becomes payable, if the amount of the loan is not more than $1,200; (b)48 months after the day on which the loan becomes payable, if the amount of the loan is more than $1,200 but not more than $2,400; (c)60 months after the day on which the loan becomes payable, if the amount of the loan is more than $2,400 but not more than $3,600; (d)72 months after the day on which the loan becomes payable, if the amount of the loan is more than $3,600 but not more than $4,800; and (e)96 months after the day on which the loan becomes payable, if the amount of the loan is more than $4,800.