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CRRA Notice: Security Deposit Interest Rate for 2018

Posted by CitySearchCalgary on November 6, 2017
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The notice dated November 1, 2017 from the Calgary Residential Rental Association states:

“The rate of interest to be paid on tenant security deposits by landlords, effective January 1, 2018, is 0%. Landlords must pay interest to their tenants annually at the end of each tenancy year, unless both parties agree otherwise, in which case the interest must be compounded annually.

By an Order in Council passed on September 8, 2004, the Security Deposit Interest Rate Regulation includes a permanent formula setting the yearly interest rate payable on security deposits. The annual rate is 3% below the rate of interest that is in effect on November 1 of the previous year for cashable one-year guaranteed investments certificates held or offered by Alberta Treasury Branches Financial (ATB Financial). ATB Financial’s rate for cashable one-year guaranteed investments certificates on November 1, 2017 was 0.55%.

For more information, contact Service Alberta’s Consumer Contact Centre in Edmonton at (780) 427-4088 or toll free in Alberta at 1-877-427-4088.

Landlords and tenants can use the security deposit interest calculator to determine the amount of interest that is owed based on the regulated interest rates. The calculator can be found by visiting Service Alberta’s website at http://www.servicealberta.gov.ab.ca/interest-chart.cfm

 

You can find a copy of the notice here.

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