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Promissory Note (Ontario)
Free template from Minute Notary, an Ontario notary office. A promissory note is a borrower's signed, unconditional promise to repay a sum of money to a lender on a set date, in instalments or on demand. Prepare one for a personal loan in Ontario.
No charge until a notary signs it
Word files are editable. Review any changes carefully before signing or uploading.
Also known as
- Promissory note template
- Personal promissory note
- IOU note (Ontario)
+2 more names
- Demand promissory note
- Loan promissory note
The blanks fill themselves in as you type.
- Scope
- General template, not legal advice
- Formats
- PDF + editable Word downloads
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- Live preview as you type
Promissory Note (Ontario)
A compact preview of this template
01Borrower and lender
Borrower's full legal name
Amount borrowed, in Canadian dollars
How will the loan be repaid?
PROMISSORY NOTE
For value received, I, ______, of ______ (the “borrower”), promise to pay to ______, of ______ (the “lender”), or to the lender's order, the principal sum of ______ in Canadian dollars, with any interest set out below, on these terms:
Interest. The principal bears ______.
Repayment. The borrower will repay this note ______.
Place of payment. Payments are to be made to the lender as follows: ______, or in any other way the lender directs in writing.
Prepayment. The borrower may prepay all or part of the amount owing at any time without notice, bonus or penalty.
Default. The borrower is in default if any payment is not made within ______ days after it is due, or if the borrower becomes bankrupt or insolvent.
Acceleration. If the borrower is in default, the lender may, by written notice to the borrower, declare the whole unpaid principal and interest due and payable at once.
Waiver. The borrower gives up any right to presentment for payment, notice of dishonour and protest of this note.
Governing law. This note is governed by the laws of the Province of Ontario and the federal laws of Canada that apply in Ontario.
Signed at ______________________, Ontario, on ______________________.
______________________________ |
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Overview
About this document
- 01
What is a promissory note?
It is a one-sided promise: only the borrower signs, and only the borrower makes promises. The lender keeps the original as evidence of the debt.
A promissory note is a negotiable instrument, which means the lender may be able to transfer it to someone else. Ontario's Electronic Commerce Act, 2000 does not apply to negotiable instruments, so sign the note on paper in ink.
- 02
When you need one
Use a promissory note when:
- You lend money to a family member, friend or business partner and want the debt in writing.
- The loan is simple: an amount, an interest rate and a repayment plan.
- A borrower is repaying an existing debt over time and you both want the terms fixed.
- Someone, such as an estate trustee, may later need proof that the money was a loan and not a gift.
- 03
What to include
Have these ready:
- Full names and addresses of the borrower and the lender.
- The amount in Canadian dollars.
- Whether interest is charged and, if so, the rate as a yearly percentage.
- How it is repaid: one payment on a date, regular instalments, or on demand.
- How or where payments are made, and how many days late a payment can be before it is a default.
- 04
Official source and who accepts it
Promissory notes are governed by Part IV of the federal Bills of Exchange Act. If a written contract states interest per day, week or month without also stating the equivalent yearly rate, the federal Interest Act limits the interest that can be collected to 5 per cent a year. This template therefore states the rate as a yearly figure.
The Criminal Code makes it an offence to charge interest above a 35 per cent annual percentage rate. No office files or registers a private promissory note; the lender keeps the signed original.
- 05
Common mistakes
Avoid these:
- Writing the interest as a monthly rate with no yearly equivalent.
- Leaving the due date or payment schedule blank.
- Signing electronically instead of signing an original on paper.
- Using a note for a loan that needs more terms, such as property pledged as security; a loan agreement fits better.
- Losing the original. The lender should keep it safe and give the borrower a copy.
- 06
How to have it signed and witnessed in Ontario
Fill in the form on this page and print the PDF. This document is not sworn, so no oath is needed and no notary is required by law. Sign the original on paper in ink.
If you want a signature witnessed or a copy certified, book an in-person mobile visit with Minute Notary anywhere in Ontario. Everyone signing brings government-issued photo ID and signs in front of the notary, who can also certify copies of the signed original.
Good to know
Before you fill it in.
Short notes on this template. Worth a minute before you start.
- 01
Prepared for use in Ontario. A general template, not legal advice.
- 02
Signed in person: this document is witnessed, so the notary must be physically present.
- 03
Sign in front of the notary, who witnesses your signature and applies the seal.
Official sources
Frequently asked
Questions about the Promissory Note (Ontario)
- Does a promissory note need to be notarized in Ontario?
- No law requires it. Some lenders want a witness or a notary so the borrower cannot later deny signing. A notary can witness the borrower's signature in person and can certify copies of the signed original.
- Can I sign it online or by video?
- No. A notary in Ontario witnesses a signature in person, and Ontario's Electronic Commerce Act, 2000 does not apply to negotiable instruments such as promissory notes. Sign the original on paper.
- What is the difference between a promissory note and a loan agreement?
- A promissory note is signed only by the borrower and states the promise to pay. A loan agreement is signed by both parties and can add terms such as the loan's purpose, late charges and security. For a simple loan, a note is usually enough.
- What if the borrower does not pay?
- The note is evidence of the debt. The lender can demand payment and, if needed, start a court claim for the amount owing. Speak to a lawyer or paralegal early, because claims have time limits.
- What should the lender keep?
- The signed original note and a record of every payment received, with dates. Give the borrower a copy of the signed note.
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