The interest rate on security and pet damage deposits in British Columbia will remain at 0.0% for 2014.
The deposit interest rate is set annually, as required by the Residential Tenancy Act. The rate has remained at 0.0% since 2009.
Generally, a landlord must calculate the interest owing on the full amount of the tenant’s 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.
Landlords are required to calculate the interest owing and provide the information to the tenant. Any interest is then paid along with the returned deposit.
The Residential Tenancy Branch provides a deposit interest calculator on it’s website — a useful tool for years where the deposit interest rate is a positive figure.
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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.
