The Employee Promissory Note is a specialized financial instrument used in Canadian business contexts when an employer extends a loan to an employee. This document type is commonly utilized for various purposes such as relocation assistance, educational support, equipment purchases, or emergency financial aid. The Employee Promissory Note must comply with Canadian federal and provincial regulations, including employment standards, interest rate regulations, and privacy laws. It serves to protect both employer and employee interests by clearly documenting the loan terms, repayment obligations, and the relationship between the debt and employment status. The document becomes particularly important in situations involving employment termination, loan default, or wage deductions, and must be structured to ensure enforceability under Canadian law while maintaining fairness to both parties.
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1. Parties: Identification of the employer (lender) and employee (borrower) with full legal names and addresses
2. Background: Context of the promissory note, including employment relationship and reason for the loan
3. Definitions: Key terms used throughout the document including 'Principal Amount', 'Interest Rate', 'Maturity Date', etc.
4. Promise to Pay: Clear statement of the debt obligation, principal amount, and basic repayment commitment
5. Interest Rate: Specification of interest rate, calculation method, and compounding frequency
6. Payment Terms: Details of payment schedule, installment amounts, and payment methods
7. Prepayment Rights: Terms regarding early repayment rights and any associated penalties or benefits
8. Events of Default: Circumstances constituting default and consequences thereof
9. Employment Relationship: Impact of employment termination or status changes on the loan repayment
10. Representations and Warranties: Employee's confirmations regarding their understanding and ability to repay
11. Governing Law: Specification of applicable Canadian jurisdiction
12. Execution: Signature blocks and date of execution
1. Security: Terms of any collateral or security provided for the loan - include when the loan is secured
2. Wage Deduction Authorization: Authorization for employer to deduct payments from wages - include when payroll deduction is the payment method
3. Loan Forgiveness Terms: Conditions under which portions of the loan may be forgiven - include when loan includes forgiveness provisions
4. Co-Signer Provisions: Terms applying to any co-signer - include when a guarantor is required
5. Insurance Requirements: Required insurance coverage on any secured assets - include when loan is secured by specific assets
6. Tax Implications: Acknowledgment of tax consequences - include when loan terms have specific tax implications
7. Dispute Resolution: Alternative dispute resolution procedures - include when specific dispute resolution mechanisms are desired
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Schedule B - Loan Calculation Details: Breakdown of loan amount, including any fees or charges incorporated into principal
3. Schedule C - Security Details: Description of any collateral or security arrangements
4. Appendix 1 - Wage Deduction Form: Standard form for payroll deduction authorization if applicable
5. Appendix 2 - Loan Statement: Initial loan statement showing principal amount and terms
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Relevant Teams
Human Resources
Finance
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Payroll
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Risk Management
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Treasury
Employee Relations
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Relevant Roles
Chief Financial Officer
Human Resources Director
Finance Manager
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Compensation Specialist
Employee Relations Manager
Chief Executive Officer
Corporate Controller
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Treasury Manager
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