Interest Rates on Security Deposits
The landlord must pay interest to the tenant annually, at the end of each tenancy year, unless both parties agree otherwise. If the landlord and the tenant agree in writing, interest may be compounded annually and paid to the tenant at the end of the tenancy. The minimum interest rates that landlords must pay on damage deposits are listed below.
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|
Time Period |
Minimum Annual Interest Rate |
|
|
0.5% |
January 1, 2007 to December 31, 2007 |
0.3% |
|
|
0% |
January 1, 2005 to December 31, 2005 |
0% |
January 1, 2004 to December 31, 2004 |
|
January 1, 2003 to December 31, 2003 |
0% |
January 1, 2002 to December 31, 2002 |
0% |
January 1, 2001 to December 31, 2001 |
1.75% |
January 1, 2000 to December 31, 2000 |
1.15% |
January 1, 1999 to December 31, 1999 |
0.75% |
January 1, 1997 to December 31, 1998 |
0% |
January 1, 1996 to December 31, 1996 |
2.5% |
January 1, 1995 to December 31, 1995 |
2.75% |
July 1, 1994 to December 31, 1994 |
1.5% |
February 1, 1993 to June 30, 1994 |
3.0% |
March 1, 1987 to January 31, 1993 |
6.0% |
January 1, 1984 to February 28, 1987 |
8.0% |
The permanent formula for setting the yearly interest rate payable on security deposits is 3 percent below the rate of interest that is in effect on November 1 of the previous year for cashable one-year guaranteed investment certificates held or offered by Alberta Treasury Branches Financial. The formula was set by an Order in Council passed on September 8, 2004 that amended the Security Deposit Interest Rate Regulation.
