Security deposit in Alberta

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Basic
- 01, Amount
  - - can not be more than 1 month rent. and
  - - can not be increased as rent increases.
- 02, holding the money
  - Landlords must put all security deposits in an interest-bearing trust account in a bank, treasury branch, credit union or trust company in Alberta within 2 banking days of the time they collect them from the tenant
- 03, Record length
  - The landlord is required to keep security deposit records for at least 3 years after the tenancy ends.
  - Records must include all of the following information
    -  date of receipt and amount
    -  date security deposit was deposited
    -  name and location of the financial institution
    -  interest payable and paid to tenant
    -  disposition of security deposit.
    - Landlords are encouraged to include the account number in these records.
- 04, Interest chart
  - Each tenancy year - Landlords must pay interest on their tenants’ security deposits at the end of ~
  - Or, at the end of the tenancy - The interest must be paid every year unless the landlord and tenant agree in writing that the interest will be compounded yearly and paid to the tenant
  - currently the interest rate is 0% from January 1, 2009 to December 31, 2022 as per Ref 03).
Return a deposit
- 01 - S.D.(or D.D) return conditions - When they move out, tenants have the right to get their deposits back, with any interest owing, as long as the following ~ met:
  - 01). No damage - there is ~ beyond normal wear and tear. Normal wear and tear is deterioration that occurs over time with use even with reasonable care and maintenance
  - 02). Proper cleaned - the rental premises have been properly cleaned - See ref 04). For sample of cleaning checklist
  - 03). No rent or other cost are owing. Make sure you check the following checklist
    - 01). rents?
    - 02). utilities, late fees, legal fees?
    - 03). cleaning cost, repair cost?
    - 04). other costs - pest controls, etc.
- 02 - If a). the above conditions; are not met & b). the inspection report requirement; has been met. See ref 05) for details of b).
  - 01). the landlord has the right to keep part or all of the security deposit to cover costs
  - 02). The landlor must do one of the following within 10 days
    - 02.1). return the balance of the deposit, if any, to the tenant with a statement of account that lists all the damages, repair costs, details of the cleaning charges and any fees, or
    - 02.2). give the tenant an estimate of the deductions that will be made and return any money that will not be used. The tenant must receive a final statement and any money owing within 30 days after the tenancy ends.
  - 03). If the costs exceed the security deposit, the landlord can take legal action to claim for the money owing.
  - 04). A tenant who disagrees with deductions from the security deposit may also apply to the RTDRS. or Court
- 03 - if either a) & b) has NOT been met, then
  - 01). Landlords cannot make deductions for damages or cleaning costs if the inspection report requirements have not been met.
  - 02). They can, however, take legal action to recover these costs.
- 04 - if a) is met
  - the landlord must pay the tenant the full deposit plus interest within 10 days of the day the tenant gave up possession of the rental premises.
Q & As
01 - What is the max security deposit amount the landlord can hold?
- 1 month rent
02 - Can you increase the security deposit when the rent increase?
03 - How long should you keep the record of the security deposit?
- 3 years after tenant left.
04 - Within how many days shall the security deposit statement and/or portion/full refund be completed?
- 10 days after tenant evacuate the home.
References
- 01). Alberta government link "Security deposits and changes"
- 02). Information forlandlords-Tip Sheet
- 03). Security depositinterest Calculator
- 04). Sample cleaning list for tenants. Click here
- 05). Move-in and Move-out inspection reports' requirement
  - 05.01).It is mandatory
    - - for landlords and tenants to complete both a move-in and a move-out inspection report
  - 05.02). Within one week before or after
    - the Landlords and tenants must inspect the rental premises ~ a tenant moves in and ~ a tenant moves out
  - 05.03). Together
    - The landlord and tenant should inspect the residential rental premises together. They should write down the condition of the rental premises and any damages such as scratches or burns.
  - 05.04). Must sign
    - Both parties must sign the inspection reports
  - 05.05). A copy
    - The landlord must give the tenant a copy of both the move-in and move-out inspection reports as soon as they are completed
  - 05.06). two inspection times, on two different days,
    - A landlord can conduct the inspection without the tenant being present if the landlord has offered the tenant two inspection times, on two different days, and the tenant has refused or did not attend.
  - 05.07). Certain statements
    - The law requires that certain statements must be included in the inspection report. See Ref 04) as a sample.
  - 05.08). for 3 years
    - The landlord must keep copies of the inspection reports for three years after the tenancy terminates.
  - 05.09). Check ref 02) for the latest changes.

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