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- The landlord has seven business days (this does not include weekends or holidays) after a tenant has moved out to give the security deposit back to the tenant, or to give the tenant written notice of the landlord's claim on the tenant's security deposit.
- A security deposit can only be requested at the start of a lease. The only exception is if the Ministry of Social Services withdraws its guarantee of the security deposit. The landlord may then require the tenant to pay the security deposit. The ministry gives sufficient notice of its withdrawal to allow time for the landlord to collect the security deposit from the tenant.
- The total security deposit, including any pet deposit, key deposit or other deposit, cannot exceed one month's rent.
- Any provision for a landlord to automatically keep some or all of the security deposit is void.
- A landlord may insist on payment of one-half of the security deposit when entering into a tenancy agreement. The landlord may ask for the balance to be paid within two months after the tenant takes possession of the rental unit.
- A landlord must hold the security deposit in a trust account. A trust account must be separate from operating accounts.
- A tenant cannot apply the security deposit towards rent unless the landlord agrees in writing (S. 27 of the Act).
- At the end of a tenancy of five years or longer, the landlord is to pay interest to the tenant on the security deposit, calculated from the date the full deposit is received until payment is made to the tenant. See the link to Interest Rates on Security Deposits page. If the security deposit is in dispute, the ORT will calculate interest from the date the security deposit was paid in full to a maximum of 30 days after the tenancy ended.