Security and pet damage deposit interest for B.C. landlords will remain at 0.0% for 2013.
The deposit interest rate is set each year per the Residential Tenancy Act. Generally, a landlord must calculate the interest owing on the full amount of the deposit before any deductions are made. The interest is calculated from the date the tenant paid the deposit to the date the deposit will be returned to the tenant.
A landlord calculates the interest owing and provides the information to the tenant. The interest is paid along with the returned deposit. The Residential Tenancy Branch provides a deposit interest calculator on it’s website which is a useful tool for years where the deposit interest rate is a positive figure.
The deposit interest rate has remained at 0% since 2009.
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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.
