What is a security deposit?
A security deposit is an amount of money a tenant gives to the landlord in addition to the rent paid. This amount is usually called caution or damage deposit.
If you are renting month to month or for a longer term agreement, the landlord cannot ask you for a security deposit larger than ¾ (75%) of a month's rent.
Paying the security deposit
You pay the security deposit when you have an agreement with the landlord and move in. If you pay a deposit larger than the amount mentioned above, you can deduct the extra amount from your monthly rent.
Make sure the landlord gives you a written receipt of the deposit paid, the date it was paid and the address to which it was paid.
The security deposit is yours. The landlord can not keep it when you move out. The deposit is yours even though you give it to the landlord; you decide how much of it they get to keep when you move out, if any.
For more information concerning the security deposit, please see the Residential Tenancies Act.
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