Rental security deposits are managed in accordance with federal real estate laws and regulations. In addition, most provinces have legislation that mandates how deposits are to be handled, and we are in compliance with those as well.
Last Month’s Rent
Laws vary by province regarding the collection of a last month’s rent. If collected, the last month’s rent is typically held by your Real Property Management Service office until the rent becomes due. These funds can only be applied to the last months rent once a tenant moves out. Landlords must pay interest on the deposit annually. The interest owed to a tenant will be equivalent to the Government guideline increase for the year. Real Property Management’s Accounting department automatically performs this service.
Refundable Key Deposit
The Refundable Key Deposit is taken, to account for the keys given to the tenant(s) upon move in. These funds will be mailed back to a tenant upon return of the unit keys.