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In Ontario, for example, a landlord can demand a rent deposit equal to one month’s rent, or the rent for one rental period, whichever is less.
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Due to this, many landlords have tried to use creative ways to come up with charges to get around the rule for security deposits.
However, the Ontario Residential Tenancies Act prohibits any other additional charges. However, it cannot be more than half the one month’s rent.
These causes issues as the bank may hit you with fees should your account have insufficient funds and go into overdraft.
This is important to keep in mind should your landlord requests post-dated cheques.
By: Ernest Woo LLB and Jayson Schwarz LLM Every time someone begins to negotiate a lease for a residential premise, the issue of security deposits and post-dated cheques needs to be dealt with. A deposit is usually demanded by the landlord in order to use all or part of the deposit to cover any damages to the property caused by the tenant or to cover rent should a tenant fail to make a rent payment.
Consumers are often unaware of their rights and obligations and so have an unequal bargaining position with a potential landlord. The legal limit for deposit and the type of deposit allowed will vary from province to province.
Here is some helpful information about the use of cheques and how they are processed by financial institutions.
All cheques must be processed – or cleared and settled – through the payments system. When you deposit a cheque into your account, your bank will send the cheque to the bank of the person who wrote the cheque.
Post-Date Cheques This will also vary from province to province.
A post-dated cheque is a cheque that is dated for a future date.
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