Difference between revisions of "Security Deposits in Residential Tenancies (19:IV)"
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If the landlord abides by all the regulations concerning the condition inspections but the tenant did not participate in the condition inspection on both opportunities, then the tenant loses their right to claim their deposit back. | If the landlord abides by all the regulations concerning the condition inspections but the tenant did not participate in the condition inspection on both opportunities, then the tenant loses their right to claim their deposit back. | ||
== '''C. Return of Security Deposit and Pet Damage Deposit''' == | == '''C. Return of Security Deposit and Pet Damage Deposit''' == | ||
When a tenant moves out, they must provide their landlords with a forwarding address in writing. The security deposit must be returned to the tenant, '''with interest''', or the landlord must file for dispute resolution to retain the deposit, within 15 days of the later of the following two: the date at which the tenancy ends, or the date the landlord receives the tenant’s forwarding address, which '''must be in writing.''' | When a tenant moves out, they must provide their landlords with a forwarding address in writing. The security deposit must be returned to the tenant, '''with interest''', or the landlord must file for dispute resolution to retain the deposit, within 15 days of the later of the following two: the date at which the tenancy ends, or the date the landlord receives the tenant’s forwarding address, which '''must be in writing.''' | ||
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Interest on a security deposit is calculated as follows. For each one-year period beginning on January 1, the rate will be 4.5% below the prime lending rate of the principal banker to the province on January 1st of that year, compounded annually. There is an online deposit interest calculator at http://www.housing.gov.bc.ca/rtb/WebTools/InterestOnDepositCalculator.html | Interest on a security deposit is calculated as follows. For each one-year period beginning on January 1, the rate will be 4.5% below the prime lending rate of the principal banker to the province on January 1st of that year, compounded annually. There is an online deposit interest calculator at http://www.housing.gov.bc.ca/rtb/WebTools/InterestOnDepositCalculator.html | ||
:'''NOTE:''' Prime interest has been below 4.5% since 2008. Therefore, damage deposits paid in or after October 2008 have not accrued any interest (as of June 2022). | :'''NOTE:''' Prime interest has been below 4.5% since 2008. Therefore, damage deposits paid in or after October 2008 have not accrued any interest (as of June 2022). | ||
:'''NOTE:''' A tenant has only one year from the time the tenancy ends to supply the landlord with their forwarding address. If the tenant fails to forward the address within the one year limit the landlord may retain the security or pet damage deposit or both. | :'''NOTE:''' A tenant has only one year from the time the tenancy ends to supply the landlord with their forwarding address. If the tenant fails to forward the address within the one year limit the landlord may retain the security or pet damage deposit or both. | ||
:'''NOTE:''' A landlord does not have to return a deposit within 15 days if the tenant’s right to the return of the deposit (pet or security) has been extinguished for failing to participate in the condition inspection procedures. | :'''NOTE:''' A landlord does not have to return a deposit within 15 days if the tenant’s right to the return of the deposit (pet or security) has been extinguished for failing to participate in the condition inspection procedures. | ||
:'''NOTE:''' A pet damage deposit may be used only for damage caused by a pet to the residential property unless the tenant agrees otherwise. | :'''NOTE:''' A pet damage deposit may be used only for damage caused by a pet to the residential property unless the tenant agrees otherwise. | ||
=== 2. Change of Landlord === | === 2. Change of Landlord === | ||