Re: Landlord/Tenant - Last Month Interest

Dave wrote:
> Here's my situation:
>
> I am a landlord, and recently signed on a tenant for a 14-month lease.
> After 3 months, she requested out of it for a job transfer. After finding
> another tenant, I agreed to this being a reasonable person.
>
> How do I calculate the interest that I owe her for the last month's rent
> that I collected? I believe it's 6% annual interest, but since she's only
> been in there 5 months total, I'm not sure if it's just the 6% divided by 12
> times 5, or what.
>
> I'm renting in the GTA/Toronto area.
>
> Thanks for any help you can provide.

As I read it, Dave is referring to the requirement under section 118(6)
of the Ontario Tenant Protection Act, which reads in full as follows.

"A landlord of a rental unit shall pay interest to the tenant annually
on the amount of the rent deposit at the rate of 6 per cent per year."

Dave was asking how much he should pay. Candidate answers are:
a) 2.5 cents per dollar of deposit = (0.06)*(5/12)
b) Nothing. (If "shall pay...annually" is to be interpreted as only
requiring payment should the tenancy last a full year.)

--
I am not your lawyer. This is not legal advice.

.

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