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Security Deposit Returned in FullThe security deposit and any interest outstanding must be returned to a tenant when the tenancy ends. If there are no deductions to the deposit, it must be returned with the interest within 10 days of the tenant giving up possession of the premises. The ten days are counted from the day after a tenant gives up possession. So, if the tenancy ends on March 31st, the 10 days runs until April 10th.
The amount of interest that must be returned will depend upon what your agreement was with the tenant. For example, when you originally entered into the tenancy agreement, you may have agreed that the interest would be compounded annually and paid when the tenancy ended. If you did not make that agreement, the interest should have been paid annually, with just the last balance being paid when the tenancy ends.
If the residential premises was sold during the tenancy, the new landlord is responsible for returning the security deposit at the end of the tenancy even if he did not collect it originally.
Security deposit trust accounts are insured in Alberta to a maximum limit which should ensure funds are available even if the bank, trust company, or credit union fails.
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