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fredr123 · 07-15-2008, 04:14 PM

Residential Tenancies Act, RSA 2004, c. R-17.1

Amount of security deposit
43(1) A landlord shall not require a tenant to provide a security deposit that is greater than one month’s rent under the residential tenancy agreement or that is greater than the rent that would be payable for one month under the residential tenancy agreement if the rent were payable monthly.
(2) A landlord shall not require a tenant to pay an increase in a security deposit.

Trust account
44(1) A landlord shall
(a) deposit each security deposit consisting of money received by the landlord into an interest‑bearing trust account at a bank, treasury branch, credit union or trust corporation in Alberta within 2 banking days after receiving the deposit, and
(b) ensure that the security deposit remains in trust until it is disposed of in accordance with this Act and the regulations.

Interest on security deposit
45(1) Subject to subsection (2), a landlord shall pay annually to the tenant interest calculated at the prescribed rate on a security deposit consisting of money.
(2) If a security deposit consists of money, a tenant and the tenant’s landlord may agree in writing that the interest on the security deposit shall not be paid annually and in that case the interest shall be compounded annually and be paid to the tenant on the expiration or termination of the tenancy.
(3) A landlord is entitled to retain any interest and profit resulting from the investment of a security deposit in excess of the amount of interest payable to the tenant under this section.
(4) If a landlord and tenant agree that interest is to be payable under this section at a rate higher than the rate prescribed pursuant to this section, subsections (1), (2) and (3) are deemed to refer to the higher rate.

What rate do you have to pay? Check the Security Deposit Interest Rate Regulation:

Interest rate after 2004
2 For the purposes of section 45(1) of the Residential Tenancies Act and section 50(1) of the Mobile Home Sites Tenancies Act, the annual rate of interest for 2005 and each following year is the rate that is 3% below the rate of interest that is in effect on November 1 of the previous year for cashable one‑year guaranteed investment certificates held or offered by Alberta Treasury Branches Financial.

07-15-2008, 04:14 PM	#11
fredr123 Franchise Player Join Date: Apr 2004 Exp:	Residential Tenancies Act, RSA 2004, c. R-17.1 Amount of security deposit 43(1) A landlord shall not require a tenant to provide a security deposit that is greater than one month’s rent under the residential tenancy agreement or that is greater than the rent that would be payable for one month under the residential tenancy agreement if the rent were payable monthly. (2) A landlord shall not require a tenant to pay an increase in a security deposit. Trust account 44(1) A landlord shall (a) deposit each security deposit consisting of money received by the landlord into an interest‑bearing trust account at a bank, treasury branch, credit union or trust corporation in Alberta within 2 banking days after receiving the deposit, and (b) ensure that the security deposit remains in trust until it is disposed of in accordance with this Act and the regulations. Interest on security deposit 45(1) Subject to subsection (2), a landlord shall pay annually to the tenant interest calculated at the prescribed rate on a security deposit consisting of money. (2) If a security deposit consists of money, a tenant and the tenant’s landlord may agree in writing that the interest on the security deposit shall not be paid annually and in that case the interest shall be compounded annually and be paid to the tenant on the expiration or termination of the tenancy. (3) A landlord is entitled to retain any interest and profit resulting from the investment of a security deposit in excess of the amount of interest payable to the tenant under this section. (4) If a landlord and tenant agree that interest is to be payable under this section at a rate higher than the rate prescribed pursuant to this section, subsections (1), (2) and (3) are deemed to refer to the higher rate. What rate do you have to pay? Check the Security Deposit Interest Rate Regulation: Interest rate after 2004 2 For the purposes of section 45(1) of the Residential Tenancies Act and section 50(1) of the Mobile Home Sites Tenancies Act, the annual rate of interest for 2005 and each following year is the rate that is 3% below the rate of interest that is in effect on November 1 of the previous year for cashable one‑year guaranteed investment certificates held or offered by Alberta Treasury Branches Financial.