British Columbia Sets 2017 Interest Rate for Security Deposits

by Chris on January 30, 2017

The interest rate to accrue on security and pet deposits in 2017 in British Columbia is set at 0%.

Under the Residential Tenancies Act, landlords must account to tenants for interest at a rate that is set annually. That figure is equal to 4.5% under the prime lending rate as of January 1 of that year. Currently, the lending rate is 2.7%. The interest rate requirement has remained unchanged since 2009.

Also, recent changes to the RTA allow landlords to return deposits to tenants electronically, so long as no fee is charged to the tenant for the transfer.

Generally, landlords in B.C. must return the full deposit to the tenant, whether electronically, in person, by mail, or delivery to the tenant’s residence. If the landlord wishes to claim deductions from the deposit, the landlord must seek an agreement from the tenant in writing, or file for dispute resolution.

If the tenant has provided a forwarding address, the landlord must return the deposit or file for dispute resolution to claim deductions within 15 days. A review of recent dispute resolution decisions in B.C. reveals that some landlords are unaware of or fail to meet the 15-day deadline, and are then unable to claim deductions against the deposit.

Visit the Residential Tenancies Branch¬†for more information about landlords’ rights and responsibilities in British Columbia.

This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).

Click Here to Receive Landlord Credit Reports.

Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

{ 2 comments… read them below or add one }

Pauline Wolf January 31, 2017 at 10:26 am

Thank you for this information. It is appreciated. Keep up the great work!

SAM CORREIA January 31, 2017 at 8:36 pm

Thanks for this great imformation

Leave a Comment

Previous post:

Next post: