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Difference between revisions of "Security Deposits in Residential Tenancies (19:IV)"
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Security Deposits in Residential Tenancies (19:IV) (view source)
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{{REVIEWED LSLAP | date= | {{REVIEWED LSLAP | date= July 1, 2022}} | ||
{{LSLAP Manual TOC|expanded = landlord}} | {{LSLAP Manual TOC|expanded = landlord}} | ||
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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:''' 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. | ||
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== '''D. Extra Deposits and Non-Refundable Fees''' == | == '''D. Extra Deposits and Non-Refundable Fees''' == | ||
The ''RTA'' allows landlords to charge a | The ''RTA'' allows landlords to charge some non-refundable fees to a to a tenant in accordance with section 7 of the RTA. For example, a landlord may charge for the direct cost of additional building access devices that are requested by the tenant. | ||
Administration fees for returned cheques ($25) or moving between rental units on a single property can only be charged if the tenancy agreement specifically allows for it (RTR, s 7(1)(d)). | Administration fees for returned cheques ($25) or moving between rental units on a single property can only be charged if the tenancy agreement specifically allows for it (RTR, s 7(1)(d)). | ||
