Damage Deposit

[Dakota Wood]

Does anyone know what the interest rate is on a damage deposit in Alberta? If it makes any difference, I've had the money less then a year. A simple formula for calculating it would be appreciated.

Thanks in advance
Dak'

 

[OldieButGoodie]

Here is the link to the Alberta Residential Tenancies Act online.
http://www.qp.gov.ab.ca/documents/Acts/R17P1.cfm

In Part 4: Security Deposits, in section 45(1) it states that "a landlord shall pay annually to the tenant interest calculated at the prescribed rate on a security deposit consisting of money."

Sadly, I have no idea where to find this "prescribed rate" and it changes every so often IIRC. I'll give the L&T Advisory Board a call when they reopen and try to get an answer. I need the info for my own purposes, so it's no trouble for me to do this, Ms. Wood.

 

[necko]

I'm not sure but I thought u only had to pay the interest if occupancey was 12 months or older and then only around 4% a yr to figure out monthly, devide a yrs interest on say $500 x 4% =20.00 yr or divide by 12 =1.66 a month if 6 months tenancy 10.oo or9.96

 

[Dakota Wood]

Fifteen minutes of teleprompting later...it is 0% from 2002 to 2006. That certainly makes doing the calculations easy

Thank you everyone for your input

 

[Pussylover37]

You could always use the Damage deposit calculator at

http://governmentservices.gov.ab.ca/consumer/landlord/interest/index.cfm

 

[amanut]

The rate is

I have a couple properties I rent out. No interest is required, but I put the money in a GIC and tell my tenants that if they give me the places back clean and undamaged, I give it to them plus the interest earned on the GIC. Works sometimes as an incentive.

 

[albroker]

int on deposit

the land lord does not have to pay any interest as the bank rate is too low, I know as I have a commercial deposit of $3,000 and to date I owe no interest

 

[albroker]

deposit

as per alberta law you are to keep the deposit in a trust account

 

[littlejimbigher]

Fifteen minutes of teleprompting later...it is 0% from 2002 to 2006. That certainly makes doing the calculations easy

Thats funny. 0%. Mind you I only got 1.6% on RRSP GIC's.