Security deposits

 Landlords can ask a tenant to pay a security deposit at the start of a tenancy. It's also known as a damage deposit.

The security deposit amount can be up to the amount of one month’s rent under the tenancy agreement. The security deposit accrues interest over the course of the tenancy.

Landlords can only request the one security deposit per tenancy agreement.

Interest on security deposits

The Security Deposit Interest Rates table shows the interest to be paid on the security deposit for each time period. The interest is not compounded; it is calculated for each time period.

Online interest calculator

The Online Interest Calculator was created to help you calculate interest.

Online Interest Calculator

Landlord and tenant responsibilities

Tenants

• must pay the security deposit within 30 days of when it’s due under the tenancy agreement.
• cannot use the security deposit as rent without the landlord’s written permission.
• must participate in the condition inspections with their landlord at the beginning and end of the tenancy. Tenants may appoint an agent to participate on their behalf if they tell the landlord in advance.
• must provide their landlord with a forwarding address at the end of the tenancy to have their security deposit returned.

Landlords

• can only request 1 security deposit per tenancy agreement.
• can serve a 14-day notice to end tenancy for cause if a tenant fails to pay the deposit within 30 days of when it’s due under the tenancy agreement.
• cannot increase the amount of the security deposit with a rent increase.
• must inspect the condition of the rental unit at the beginning and end of the tenancy and must provide the tenant with at least two good faith opportunities to participate in the inspection.
• must sign and have the tenant sign the condition inspection reports and provide the tenant with a copy of the signed reports.
• must within 15 days of the tenancy ending and receiving the tenant’s forwarding address in writing, return the security deposit to the tenant or apply for dispute resolution at the Residential Tenancies Office.

Fact sheets

• View the Return of security deposit fact sheet.
• View the Deposits fact sheet.

For more information

• View the Residential Landlord and Tenant Act
• View the Residential Tenancies Regulation
• View the Residential Tenancies Rent Index Regulation