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Deposits
Depending on where you rent, the allowable deposit varies. In most jurisdictions, landlords can ask for a security deposit, which is usually equal to the last month's rent. In Ontario, however, landlords can only ask for a rent deposit and they cannot use this amount to cover damage to the premises. In Quebec, the landlord cannot ask for a deposit. Check the Provincial and Territorial Fact Sheets for province-specific information on what a landlord can legally require from new tenants.
In most jurisdictions, each year when there is a rent increase, the landlord can ask the tenant to top up the amount of the deposit. In practice, however, landlords rarely ask for it.
Across the country, all tenants are entitled to the return of their deposit with interest after they move out. If the deposit is used to pay for the last month's rent, then no money is refunded. However, if a provincial authority holds the deposit or the tenant pays the last month's rent, then the tenant will receive a refund. It is common for the accumulated interest to equal the difference between the monthly rent at the beginning and end of the tenancy.
Depending on the location of the tenancy, the landlord may use some or all of the money to cover unpaid rent, cleaning or necessary repairs to the property. Calculation of interest varies depending on where you live. You can find out more information on this topic in the Moving Out section.
Security Deposit or Damage Deposit?
The landlord can ask for a deposit in all provinces and territories, except Quebec. In most jurisdictions, this deposit protects the landlord if the tenant:
doesn't pay the rent
leaves without notice
causes damage
doesn't clean up properly when moving out
If your deposit cheque is accepted by a landlord, make sure you get a receipt with the address of the apartment, the landlord's name and the name and phone number of the person who accepted your cheque
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