I'll perhaps just back up momentarily to reiterate why I think it is wise to consider these together. The context at the time of drafting these amendments means we are now at a place in time in which we can narrow it down to exactly how three pieces of these amendments will have the effect of enacting the waiver of interest accrual on Canada student loans and Canada apprentice loans.
I was indicating that members of this committee may recall that an initial one-year interest-free period was announced in the fall economic statement. Budget 2021 announced an extension on that initial waiver of interest accrual for one year, so these amendments in Bill C-30 were being drafted at the time when Bill C-14 , the act to implement provisions of the economic statement, had not yet received royal assent. In effect, what is now having the effect of implementing a two-year interest-free period is three subclauses of clause 267, which are the coordinating amendments, specifically subclauses 267(2), 267(5) and 267(8), which will modify the new provisions in the three acts governing Canada student loans and Canada apprentice loans.
Those new provisions were created by Bill C-14 and will be replaced with the new language that makes the one-year interest-free period a two-year interest-free period, such that no students or apprentices would see interest accrue on their loans starting in April of this year and ending in March 2023.
I will pause there and be happy to take any questions.