The Loan Agreement Between Family is essential for documenting financial arrangements between family members in Canada, providing legal protection while maintaining family relationships. This document is particularly relevant when family members wish to formalize significant monetary lending arrangements, ensuring compliance with Canadian federal laws such as the Interest Act and Income Tax Act, as well as provincial regulations. It should be used whenever one family member lends money to another and wants to establish clear terms, protect both parties' interests, and maintain proper documentation for tax purposes. The agreement includes crucial elements such as loan amount, interest rates, repayment terms, default provisions, and special considerations for family circumstances. It's designed to prevent future misunderstandings while satisfying legal requirements for enforceability across Canadian provinces and territories.
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1. Parties: Identifies the family member providing the loan (Lender) and the family member receiving the loan (Borrower), including their full legal names and addresses
2. Background: Explains the context of the family loan, establishing the relationship between parties and the purpose of the loan
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the principal amount being lent and the intended use of the funds
5. Interest Rate: States the interest rate (if any) and how it is calculated, ensuring compliance with the Interest Act
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and method of payment
7. Prepayment Rights: Specifies the borrower's right to repay the loan early and any conditions attached
8. Events of Default: Defines what constitutes a default and the consequences, written in family-appropriate language
9. Representations and Warranties: Basic statements about the borrower's ability to repay and the lender's authority to make the loan
10. Notices: How and where formal communications between the parties should be sent
11. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable province
12. Signatures: Space for dated signatures of both parties and witnesses if required
1. Security: Include when the loan is secured by specific assets or property
2. Life Insurance Requirement: Include when the lender requires the borrower to maintain life insurance as loan security
3. Co-Signer Provisions: Include when another family member is co-signing the loan
4. Loan Forgiveness: Include when there are specific conditions under which part or all of the loan may be forgiven
5. Family Member Death Provisions: Include terms addressing what happens if either party dies before the loan is fully repaid
6. Dispute Resolution: Include specific family-oriented dispute resolution procedures, such as family mediation
7. Tax Implications: Include when there are specific tax considerations that need to be acknowledged
8. Relationship Breakdown Provisions: Include terms addressing loan handling in case of divorce or separation if the borrower is married
1. Schedule A - Repayment Schedule: Detailed amortization table showing payment dates, amounts, and interest allocation
2. Schedule B - Security Details: Description of any assets securing the loan, including serial numbers or legal descriptions
3. Schedule C - Loan Statement: Template for periodic loan statements showing remaining balance and payment history
4. Appendix 1 - Proof of Funds: Documentation showing the source of loan funds
5. Appendix 2 - Purpose Declaration: Detailed description of loan purpose and intended use of funds
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