🍁 In Simple Terms
Immigration loans stopped carrying interest from the day this section came into force. Interest that had already piled up on an unpaid loan kept accruing right up to the day before, then stopped. Anyone repaying now is paying back principal only.
Affects: Foreign nationals and permanent residents in Canada
Legal Text: IRPR Regulation 293
(1)A loan made under this Part bears no interest as of the day on which this section comes into force.
Unpaid loan
(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)
Explore the Law
Browse all IRPA sections and IRPR regulations with plain-language summaries.