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Bill C-28

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R.S., c. S-23; 1991, c. 47; 1993, cc. 12, 28

AMENDMENTS TO CANADA STUDENT LOANS ACT

21. The Canada Student Loans Act is amended by adding the following after section 2:

APPLICATION

Certificates of eligibility

2.1 (1) No certificate of eligibility may be issued under this Act after the day on which section 12 of the Canada Student Financial Assistance Act comes into force.

Alternative payments

(2) No payment may be made under section 16 of this Act for the loan year in which section 14 of the Canada Student Financial Assistance Act comes into force, or for any following loan year.

22. The Act is amended by adding the following after section 7:

Payments in respect of errors

7.1 Subject to the regulations, the Minister may pay to a lender the amount of the loss sustained by it as a result of a loan made to a qualifying student if an error concerning the rate of interest or the amount to be repaid was made by the lender in drawing up the agreement for the loan and the Minister considers that the error was inadvertent and that the loss was not affected by the error.

1993, c. 12,
s. 6

23. Section 9 of the Act is repealed.

24. The portion of section 10 of the Act before paragraph (c) is replaced by the following:

Special interest-free periods

10. Where a special interest-free period is granted under any regulations made pursuant to section 11,

    (a) the borrower may, during that period, be required to pay only a portion of the interest in respect of that period;

    (b) the Minister shall pay to a lender, in respect of that period, interest at the rate prescribed or determined pursuant to paragraph 17(e); and

1993, c. 12,
s. 7

25. Section 11 of the Act is replaced by the following:

Regulations

11. The Governor in Council may make regulations providing for the establishment and operation of a program to provide special interest-free or interest-reduced periods to borrowers, including the terms and conditions of the granting or termination of the periods, the making, continuation or alteration of agreements between borrowers and lenders when the periods are granted or terminated and the authorization of lenders to grant or terminate the periods and otherwise administer the program.

26. Paragraph 17(h) of the Act is replaced by the following:

    (h) prescribing, for the purpose of section 7 or 7.1, the method of determining the amount of any loss sustained by a lender;

27. The Act is amended by adding the following after section 22:

Repeal

23. This Act is repealed on a day to be fixed by order of the Governor in Council.

CONSEQUENTIAL AMENDMENTS

R.S., c. 1 (5th Supp.)

Income Tax Act

28. (1) Subparagraph (a)(i) of the definition ``designated educational institution'' in subsection 118.6(1) of the Income Tax Act is replaced by the following:

      (i) a university, college or other educational institution designated by the Lieutenant Governor in Council of a province as a specified educational institution under the Canada Student Loans Act, designated by an appropriate authority under the Canada Student Financial Assistance Act, or designated by the Minister of Higher Education and Science of the Province of Quebec for the purposes of An Act respecting financial assistance for students of the Province of Quebec, or

(2) Subparagraph (a)(ii) of the definition ``qualifying educational program'' in subsection 118.6(1) of the Act is replaced by the following:

      (ii) a benefit, if any, received by the student by reason of a loan made to the student in accordance with the requirements of the Canada Student Loans Act or An Act respecting financial assistance for students of the Province of Quebec, or by reason of financial assistance given to the student in accordance with the requirements of the Canada Student Financial Assistance Act, or

COMING INTO FORCE

Coming into force

29. This Act or any provision of this Act shall come into force on a day or days to be fixed by order of the Governor in Council.

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