O. Reg. 216/12: PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001
filed July 20, 2012 under Ministry of Training, Colleges and Universities Act, R.S.O. 1990, c. M.19Skip to content
ontario regulation 216/12
made under the
Ministry of Training, Colleges and Universities Act
Made: July 18, 2012
Filed: July 20, 2012
Published on e-Laws: July 20, 2012
Printed in The Ontario Gazette: August 4, 2012
Amending O. Reg. 268/01
(PRESCRIBED FINANCIAL INSTITUTIONS AND ONTARIO STUDENT LOANS MADE AFTER JULY 31, 2001)
1. Subsection 2 (1) of Ontario Regulation 268/01 is amended by adding the following definitions:
“eligible employment” means paid employment in Ontario or voluntary work in Ontario or a combination of both totalling a minimum of 30 hours a week;
“eligible not-for-profit entity” means an eligible not-for-profit entity within the meaning of section 30.2;
2. The Regulation is amended by adding the following sections:
30.1 (1) Despite subsection 30 (1), an individual is not required to pay interest under a student loan agreement, a master student loan agreement or a consolidated loan agreement until the first day of the 13th month immediately following the month in which the individual ceased to be a qualifying student where the Minister determines that the individual is employed in or does voluntary work that is eligible employment with an eligible not-for-profit entity.
(2) To be eligible for a determination under subsection (1), an individual must submit a completed application form, as approved by the Minister, to the service provider before the end of the six-month period set out in subsection 30 (1).
(3) The application form shall include an attestation, in a form approved by the Minister, that is to be completed by a person who is authorized by the governing body of the eligible not-for-profit entity to complete the attestation form on behalf of the entity which,
(a) verifies that the individual is employed by or doing voluntary work for the eligible not-for-profit entity and that the individual’s employment or voluntary work falls within the meaning of the definition of eligible employment as set out in subsection 2 (1); and
(i) evidence of the eligible not-for-profit entity’s status as a registered charity, in the case of an entity that is a registered charity, or
(ii) the eligible not-for-profit entity’s corporation number or legal name, in the case of an entity that is not a registered charity but is a corporation incorporated as a not-for-profit corporation or similar entity.
Eligible not-for-profit entity
30.2 (1) An entity is an eligible not-for-profit entity for the purposes of this Regulation if,
(a) the entity is a registered charity within the meaning of the Income Tax Act (Canada) and is in good standing with the Canada Revenue Agency; or
(b) the entity is a corporation incorporated as a not-for-profit corporation or similar entity under an Act of Canada or a province or territory of Canada and is in good standing under the Act.
(2) The following are not eligible not-for-profit entities for the purposes of this Regulation:
1. The Government of Canada or a municipal, provincial or territorial government in Canada or an agency of any such government.
2. A local board within the meaning of subsection 1 (1) of the Municipal Act, 2001 and a local board within the meaning of subsection 3 (1) of the City of Toronto Act, 2006.
3. A district social service administration board within the meaning of subsection 1 (1) of the District Social Services Administration Boards Act.
4. A community care access corporation within the meaning of subsection 1 (1) of the Community Care Access Corporations Act, 2001.
5. An elementary, secondary or post-secondary educational institution, whether or not it receives regular operating grants from Canada or a province or territory of Canada.
6. A public hospital within the meaning of the Public Hospitals Act or a private hospital within the meaning of the Private Hospitals Act.
(3) A registered charitable foundation associated with an entity described in subsection (2) may be an eligible not-for-profit entity for the purposes of this Regulation.
(4) Where an individual is employed by or does voluntary work for an entity described in subsection (2) and the entity is a registered charity that meets the requirements of clause (1) (a), the individual may be deemed to meet the requirements of eligible employment with an eligible not-for-profit entity if the Minister is satisfied that the individual’s employment or voluntary work consists entirely or predominately of administering or promoting the charitable activities of the entity.
(5) For the purposes of subsection (4), examples of administering or promoting charitable activities include raising charitable donations and administering charitable funds.
3. This Regulation comes into force on the later of August 1, 2012 and the day it is filed.