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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)
Revision as of 18:32, 30 June 2016
, 18:32, 30 June 2016→C. Return of Security Deposit and Pet Damage Deposit
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When a tenant moves out, he or she must provide his or her 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 after the date at which the tenancy ends, or the date the landlord receives the tenant’s forwarding address, which '''must be in writing, whichever is later'''. | When a tenant moves out, he or she must provide his or her 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 after the date at which the tenancy ends, or the date the landlord receives the tenant’s forwarding address, which '''must be in writing, whichever is later'''. | ||
If a landlord does not comply with s 38(1) of the RTA (fails to return deposits within 15 days, and fails to file for dispute resolution) and the tenant still has a valid right to the deposit, (the tenant may apply for dispute resolution) the landlord may not make a claim against the security deposit or any pet damage deposit, and must pay the tenant double the amount of the security deposit, pet damage deposit, or both (s 38(6)). | If a landlord does not comply with s 38(1) of the RTA (fails to return deposits within 15 days, and fails to file for dispute resolution) and the tenant still has a valid right to the deposit, (the tenant may apply for dispute resolution) the landlord may not make a claim against the security deposit or any pet damage deposit, '''and must pay the tenant double the amount of the security deposit, pet damage deposit''', or both (s 38(6)). | ||
Interest on a security deposit is calculated from the date the tenant pays the deposit to the day before the security deposit is paid back to the tenant. If the deposit is disputed at dispute resolution, the interest is calculated from the date the tenant paid the deposit up until the date the Arbitrator orders its return (usually the date of the hearing). 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. The current and past rates are: Jan 1/2009 - Dec 31/2013 - 0.00% compounded annually Jan 1/2008 - Dec 31/2008 - 1.50% compounded annually Jan 1/2006 - Dec 31/2007 - 0.50% compounded annually Jan 1/2002 - Dec 31/2005 - 0.00% compounded annually Jan 1/2001 - Dec 31/2001 - 3.00% compounded annually Jan 1/2000 - Dec 31/2000 - 2.00% compounded annually Jan 1/99 - Dec 31/99 - 2.25% compounded annually Jan 1/98 - Dec 31/98 - 1.50% compounded annually Jan 1/97 - Dec 31/97 - 0.25% compounded annually Jan 1/96 - Dec 31/96 - 3.00% compounded annually Jan 1/95 - Dec 31/95 - 3.50% compounded annually Jan 1/94 - Dec 31/94 - 1.00% compounded annually Jan 1/93 - Dec 31/93 - 2.75% compounded annually Jan 1/92 - Dec 31/92 - 3.50% compounded annually Jan 1/91 - Dec 31/91 - 8.25% compounded annually Jan 1/90 - Dec 31/90 - 9.00% compounded annually Jan 1/89 - Dec 31/89 - 7.75% compounded annually Jan 1/88 - Dec 31/88 - 5.25 % compounded annually Feb 1/87 - Dec 31/87 - 5.25% compounded the last day of that period July 1/84 - Jan 31/87 - 8.00% per annum April 1/83 - June 30/84 - 8.00% compounded annually June 1/80 - March 31/83 - 12.00% compounded annually Dec 1/74 - May 31/80 - 8.00% compounded annually NOTE: A tenant has only one year from the time the tenancy ends to supply the landlord with his or her 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. The RTB website provides a Deposit Interest Calculator which calculates the interest payable on a security deposit during any specific time period: www.rto.gov.bc.ca/content/calculator/calculator.aspx. 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. D.Extra Deposits and Non-Refundable Fees The RTA allows landlords to charge a deposit for additional access devices (a device so long as it is not a tenant’ s only means of entry to one’ s building). | |||
