Promissory Note
A promissory note for loans between individuals or businesses in Canadian common-law provinces. Sets the principal, interest (none, simple, or compound), repayment (lump sum, installments, interest-only balloon, or on demand), late fees, prepayment, acceleration on default, optional security or guarantor, and governing law. Reflects the Interest Act (Canada) annual-rate disclosure requirement and the Criminal Code cap on the criminal rate of interest. Quebec is civil law and is covered by the French-language templates.
Document preview
What you'll be asked
01Province & Parties
Governing province or territory · Lender (payee) name · Lender address · Borrower (maker) name · Borrower address · Borrower is · Add a co-borrower (second maker)? · Co-borrower (maker) name · Co-borrower address
02Loan Terms
Principal amount (CAD) · Principal in words · Date funds are advanced · Interest · Annual interest rate (%) · Compounding frequency
03Repayment
Repayment structure · Maturity / final due date · Installment amount (CAD) · Installment frequency · First payment date · Prepayment · Prepayment penalty terms
04Default & Security
Charge a late fee? · Late fee type · Late fee (amount or %) · Grace period before late fee (days) · Accelerate full balance on default? · Is the note secured by collateral? · Collateral description · Include a personal guarantor? · Guarantor name and address
Frequently asked questions
Is this Promissory Note valid under Canadian law?
Yes. This document is drafted for Canadian law and adapts to your situation from your answers. It is still a template — for anything high-stakes, have it checked by a qualified professional.
Do I need a lawyer or an account?
No. Answer 31 guided questions, pay once, and download instantly. No account, no subscription.
How long does it take?
About 5 minutes. The questionnaire has 31 questions and the document is assembled as you go.
What formats do I get?
PDF and Word (.docx), downloadable immediately after payment.
Can I edit it afterwards?
Yes. The Word file is fully editable, and you can re-run the questionnaire to generate a new version.