Once a Canadian and Ontario student loans go to collections or are transferred with the CRA, do they still incur

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Customer: Once a Canadian and Ontario student loans go to collections or are transferred with the CRA, do they still incur interest?
Answered by Joey in 1 min 1 year ago
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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes only. I am licensed Canadian lawyer; however, you would need to retain a lawyer to take any legal action and/or preserve any of your legal rights. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

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Joey, Expert

Good evening – sorry to hear about the situation. Generally speaking, interest continues to accrue while the loans are in collections.

Customer
Would that be the interest that the government assigns? because they have waived interest for Canada Student Loans until 2023 and wondering if that applies to loans in collection?
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Joey, Expert

If it was waived, then it shouldn't. You should contact CRA to setup a payment arrangement as soon as possible and confirm they are not charging you interest.

Customer
Ok. Thanks
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Joey, Expert

Did you have any further questions about this issue?

Customer
No thats it. Thanks.
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Joey, Expert

Thank you for using JustAnswer. I wish you the best of luck. If you have any follow up questions about this matter, please do not hesitate to reach out to me.

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