r. 291 Repayment

(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.

Repayment terms

(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.