Do any of you know what the precentage of interest is on your deposit? (last Monts rent)

 

^probably none. It would be such a small amount it's not even worth considering.

ie $500 x .5% = $.25/annually

As a former landlord I didn't pay any.

 

^ I don't pay any....

 

Well thats good to hear, my tennants are asking me when I will pay out the interest to them, I asked around and nobody could give me a solid answer.

 

Good for you. That would be pretty well unheard of. The rules would be stated in your landlord/tenant act if there was anything about it. BTW, my decimal point went in the wrong place. It would be $2.50 annually on the example I showed.

 

Good, because there probably isn't a landlord in Canada that does.

 

Am I obligated to pay it or is it an option for me? I'll have to go online to see the Landlord/tennant act.

 

Apparently you are. Sec. 6 106. http://www.ontariotenants.ca/law/act07.phtml#RTA106

I couldn't find the rate in here so you'll likely have to contact them for the current info.

 

Sounds like your tennant is screwing with you, just because they know it's their right.

 

without a doubt. It's going to be nickels and dimes so if they're good tenants give them a few dollars each year and be done with it. The rent increases annually will more than offset.

 

Just south of this topic, hopefully not a hijack.
My daughter and 4 friends rented a property in London Ont.. Student house. When they went to move in on the 1st of May, the mother of one of the girls smelled mold. Upon further investigation, there was black mold that was cleaned up previously by the landlords handyman. Did not do a thorough job. This mom called the Landlord and told him the kids were breaking the lease. He said no problem, but the deposit of 1st and last is being held by the rental agent and the girls will have to deal with them seperatly. I'm chomping at the bit to et involved, but my daughter wants to handle it herself. ( wonder where she gets the independent stubborn streak?????)
Any suggestions, mild mannered ones. I'd just call my lawyer and let him handle it and bill the landlord for the cost.
Thanks for taking the time to read this guys, and of course for any suggestions ( She is a young lady who feel people should do the right thing, remember those days?)

 

I suspect getting your lawyer involved will cost you money that you won't get back from the landlord. That's a pretty hokey tactic the landlord is using to shield himself from the lease cancellation.

I would first speak to the tenancy board to ensure you know the rights as a tenant and obligations of a landlord. Breaking the lease may come with some penalties although the health aspect might cancel that. Landlords might well be obliged to do a proper fix with an inspection and pay for alternative space for the tenants in the meantime.