BC Rental Trust Accounting Checklist

1. Interest-bearing trust accounts at BC savings institutions, designated as trust accounts in your records and at the institution (RESA s.26).
2. At least one managing broker as a signing authority on every trust account (Rule 72).Cheques, statements and deposit slips must show it is a trust account.
3. Consider a separate pooled account for tenants' security and pet damage deposits.The Real Estate Foundation strongly recommends it, so that interest is not paid to the Foundation.
4. Deposit money received for a principal promptly. Put nothing else in the trust account.Your operating money stays out (s.27).
5. Withdraw only for a reason section 30 allows: the principal's instructions, authorized remuneration, money deposited by mistake, or a court order.

+12 more items in the full checklist