In the excitement and anxiety that can both come with securing a new apartment for rent in Toronto, one step that too often gets missed is ensuring you get a receipt for your security deposit from your landlord.
We recommend you make a note to yourself to ensure you don’t walk away from that meeting with the landlord without a receipt! Here’s why:
Having records of everything protects you and your landlord
In Ontario, unlike most of Canada, the deposit you pay when you start your tenancy is called a rent deposit (explained below). You’re entitled, in most cases, to get this deposit back when your tenancy ends.
Make sure you have a record of how much was paid for the deposit, and when. This eliminates any confusion when you move out, so you and your landlord are always on the same page!
What’s a rent deposit?
A Rent deposit, simply, is the last month of rent paid upfront before you move in. This allows the landlord some leeway when it comes to finding another renter if you have to leave suddenly. According to Ontario law, landlords can’t use this as a damage deposit!
So why do I need a receipt for my rent deposit?
Simply, because it ensures that the transaction happened, and no matter what transpires between you and your landlord, you will always have that record available to assist whenever anything arises.
It also starts your tenancy on a fair note – the receipt is proof of a transaction that both you and your landlord have. It’s kind of like getting a receipt from CRA for paying your taxes. You probably won’t need it, but just in case you do, it’s there.
In those few scenarios that turn sour…
Sometimes, relations break down. It happens in romantic relationships, at work, and it happens in some unlikely cases between you and your landlord. If things ever go to court, that receipt is your legal proof of what’s been paid. It’s also the landlord’s legal proof that can help him/her in case the tenant decides to skip out early and avoid paying the last month’s rent.
Asking for a receipt costs nothing, and proves everything
Sometimes the mere asking for a receipt tells you everything you need to know about a landlord. Landlords should provide a receipt with no questions asked.
Happy renting!