Difference between revisions of "Security Deposits in Residential Tenancies (19:IV)"

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).