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Apprentice Loans Regulations

Version of section 4 from 2023-12-08 to 2024-05-01:


Marginal note:Payment-deferred period

  •  (1) For the purpose of subsection 8(2) of the Act, the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid by the borrower starts on the day on which the loan is made and ends on the earlier of

    • (a) the last day of the 19th month after

      • (i) in the event that no interest has accrued prior to the first day of a technical training period for which confirmation of enrolment is submitted to the Minister, the last day of that period,

      • (ii) in the event that interest started accruing prior to the first day of a technical training period for which confirmation of enrolment is submitted to the Minister, the last day of that period, if the apprentice pays to the Minister the unpaid interest accrued to the day before the first day of that period,

      • (iii) in the event that interest started accruing prior to the day on which confirmation of enrolment is submitted to the Minister for a technical training period that began prior to the day on which interest started accruing, the last day of that period if the apprentice

        • (A) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of enrolment is submitted to the Minister, or

        • (B) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal,

      • (iv) in the event that no interest has accrued prior to the day on which confirmation of continued apprenticeship is submitted to the Minister, the day on which the confirmation of continued apprenticeship is submitted, and

      • (v) in the event that interest started accruing prior to the day on which confirmation of continued apprenticeship is submitted to the Minister, the day on which the confirmation of continued apprenticeship is submitted, if the apprentice

        • (A) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which confirmation of continued apprenticeship is submitted, or

        • (B) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal; and

    • (b) the last day of the month in which an applicable day, as defined in any of paragraphs 6(2)(a) to (l), occurs in relation to the borrower.

  • Marginal note:Loan received erroneously

    (2) Despite paragraph 1(b), if an event described in paragraph 6(2)(a) occurs in respect of an apprentice loan made to a borrower and, subsequent to that event, the borrower erroneously receives an apprentice loan, the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid by the borrower ends on the last day of the technical training period for which the apprentice loan was made.

  • Marginal note:Exception — continuation of payment-deferred period

    (3) Despite paragraph (1)(b), if, before the last day of the apprenticeship program in which the borrower is registered at the time the event occurs, an event described in any of paragraphs 6(2)(b) to (f) occurs in respect of an apprentice loan made to a borrower, the period during which no amount on account of principal or interest in respect of an apprentice loan is required to be paid ends on the earlier of

    • (a) the last day of the apprenticeship program, and

    • (b) the last day of the 36th month after the applicable day for the event or, if that day falls during a technical training period, the last day of that period.

  • SOR/2019-215, s. 4
  • SOR/2022-141, s. 6
  • SOR/2023-273, s. 19

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