🍁 In Simple Terms
Government immigration loans issued under this Part no longer accrue interest from the day this section came into force. Any interest that had already accumulated on unpaid loans before that date continued to accrue up until the day before the section took effect.
Affects: Foreign nationals and permanent residents in Canada
Legal Text — IRPR Regulation 293
(1)293 (1) A loan made under this Part bears no interest as of the day on which this section comes into force.
(2)(2) The interest on any loan that has not been repaid before that day continues to accrue until the day preceding that day.
In Practice
Related Regulations
Official Source: Justice Canada — IRPR r. 293 (authoritative, may differ from this display)
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