B.C. landlords will now have to pay tenants interest on their damage deposit

landlord For the first time since 2008, British Columbia will have to pay interest on tenant damage deposits.

For the past 40 years, state rental laws have required this, but from 2009 until last year, no payment was required because prime interest rates were below the 4.5% threshold.

now landlord You will be required to pay 1.95% interest on your tenant security deposit or pet security deposit.

“Before returning the security deposit, ask the tenant to agree in writing to a deduction, or apply for dispute resolution to retain all or part of the security deposit, the landlord will calculate interest on the full amount of the security deposit or pet. “The damage deposit must then be taken into account by the landlord when returning part or all of the security deposit,” the state explains on its website.

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For those who do not know how much interest they are entitled to, state website calculator.

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