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The Letter to Borrow Money From Friend serves as a crucial document in personal lending situations within the Canadian legal framework. It's designed for scenarios where individuals prefer to borrow from friends rather than traditional financial institutions, while still maintaining legal protection for all parties involved. The document should comply with Canadian federal and provincial regulations, including interest rate limitations under the Criminal Code of Canada and provincial contract laws. This type of letter typically includes essential elements such as loan amount, repayment terms, interest rates (if any), and signatures of both parties. While maintaining a friendly tone, the letter creates a legally binding agreement that can be enforced if necessary. It's particularly useful in situations where the loan amount is significant enough to warrant formal documentation but the parties wish to avoid the complexity and formality of commercial loan agreements.

1. Date and Location: Current date and place where the letter is written

2. Lender's Information: Full name and address of the person lending the money

3. Formal Greeting: Appropriate salutation to the lender

4. Loan Amount Declaration: Clear statement of the amount being borrowed in both numbers and words

5. Purpose of Loan: Brief explanation of why the money is being borrowed

6. Repayment Terms: Specific details about how and when the money will be repaid, including any interest if applicable

7. Acknowledgment of Debt: Clear statement acknowledging this is a legitimate debt that will be repaid

8. Signature Block: Space for both parties to sign and date the letter