British Columbia deposits and interest
The interest owed on a security or pet damage deposit, worked out the way the Residential Tenancy Branch does.
Interest owed
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- Deposit plus interest
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How this was calculated
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The rules
- A security deposit can be at most half of the first month's rent. A pet damage deposit can be at most another half, no matter how many pets.
- The landlord must return deposits with interest within 15 days of getting the tenant's forwarding address in writing, or apply to keep some of it.
- If they don't, the tenant can apply for double the deposit.
- Fees: no charge to apply or for a key that's the only way in. A late rent fee can be at most $25.
- Interest accrues at a yearly rate set by the province and compounds on each anniversary of the deposit.