Landlords may not require a security deposit greater than one month's rent or increase the amount of the deposit during the tenancy.

Security deposits must be deposited in an interest-bearing trust account at a financial institution within two banking days of receipt.

Landlords must maintain records of security deposits, including:

• the date of receipt,

• the amount, name and location of the financial institution,

• interest payable and paid to the tenant, and

• details of the deposit's disposition.

Landlords must pay interest annually to tenants at the prescribed rate unless the tenant and landlord agree in writing for the interest to be compounded annually and paid to the tenant at the end of the tenancy.

Landlords must return the security deposit within ten days of the tenant leaving the rental property, less any deductions agreed to by the tenant.

If the landlord is unable to determine the correct amount of the deduction, they may deliver an estimated statement of account but must provide a final statement of account and the remaining balance of the deposit within 30 days.

AB Residential Tenancy Act s.43-47

If a landlord fails to return the deposit in accordance with these regulations, the tenant may commence legal action to recover the deposit.

If you are considering taking legal action, click the link below:

https://www.albertacourts.ca/cj/areas-of-law/civil/residential-tenancies-process

If you are interested in seeking legal representation or advice we have potential options below: