Dating cheques

If the rent payments are monthly, the deposit cannot be more than one month’s rent.However, it is illegal for a landlord in Ontario to demand a security deposit, for potential damages to a rental unit[1].These causes issues as the bank may hit you with fees should your account have insufficient funds and go into overdraft.This is important to keep in mind should your landlord requests post-dated cheques.

Due to the large amount of cheques and the automated process in most of the country’s financial institutions, sometime cheques may be cashed early.Payments Canada Payments Canada has created a video to explain how cheques travel through the Canadian payments system, why those cheques are “image-conscious” and what happens if they hit a bump in the road Canada has one of the most efficient cheque clearing systems in the world and, while the use of cheques has been declining with the growing popularity of electronic and card payments, financial institutions in Canada still process nearly a billion cheques every year.A cheque is an agreement of payment between two individuals or organizations.You should never agree to a requirement in your tenancy agreement if you are unsure of its effect!Ernest Woo LLB is the articling student at Schwarz Law LLP and Jayson Schwarz LLM is the senior partner at the firm.

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