Tenants recall that our previous landlord Greenrock gave us annual statements on the interest earned from our last month's rent deposits. Greenrock would let us deduct the amount of interest earned on our deposits from our January or February rent payments.
According to the Landlord Tenant Board (LTB)
The landlord must pay the tenant interest on the rent deposit every 12 months. The percent interest is the same as the rent increase guideline that is in effect when the interest payment is due. The guideline is set each year by the Ministry of Housing.
If the landlord does not pay the interest owed to the tenant when it is due, the tenant can:
- deduct the interest from a future rent payment, or
- file a Tenant Application for a Rebate
Instead of paying the tenant the interest, the landlord can reduce the amount needed to update the rent deposit (so that it equals the current rent) by the amount of interest owed.
Our new landlord purchased the buildings in the spring of 2021, we have never received statements of interest earned on our rent deposits for 2021. We are approaching the end of 2022 and have yet to see any statements of interest earned.
Why have Trivest and our landlord stolen the interest amounts they owe us? Where is our money?
The drop boxes issue is a challenge. I suggest taking a multi-pronged approach. Take a picture of your check/work order. Email the property manager that you are dropping off your rent cheque/work order and send the picture in the email. Email the property manager again when you're done, indicating which drop box/building you dropped your cheque/work order in. The paper trail is what you want because it's highly unlikely anyone would do all of that and NOT submit the work order/cheque. Then if it is "lost", they look incompetent.