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    SLynne's Avatar
    SLynne Posts: 2, Reputation: 1
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    #1

    Jul 10, 2007, 10:11 AM
    Statute of limitations in Canada for a personal loan
    Hello,

    What is the statute of limitations in Ontario, Canada for a small personal loan?

    For example, I lend someone $300. They disappear for 5 years and then move back into town. How long from the date of the loan do I have to claim? Lets say the loan took place on Jan 01, 1995?

    Thanks.
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
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    #2

    Jul 10, 2007, 11:55 AM
    You couldn't sue them unfortunately, it's about 6 years SOL on loans.

    You could get a collection agency if you have proof of the loan. They might not be able to get the money back but could affect this person's credit rating.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #3

    Jul 10, 2007, 03:58 PM
    The SOL in Ontario is 6 years for loans prior to Jan 1, 2004 and 2 years on or after Jan. 1, 2004

    The SOL would start when the loan became in default.

    So if you loaned them the money in 1995 and they had until 1997 to pay you back, the SOL would start in 1997 and would have run until 2003.
    SLynne's Avatar
    SLynne Posts: 2, Reputation: 1
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    #4

    Jul 11, 2007, 08:32 AM
    Thank you for the information it is very helpful.
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