SECURITY DEPOSITS & WHAT YOU SHOULD KNOW
Under the Residential Tenancy Act of Alberta a Security Deposit can only equal up to a maximum of one month of 𝗥𝗘𝗡𝗧.
If utilities, pet fee or parking are specified separately in a lease then they cannot be collected as a security deposit of rent.
𝗘𝘅𝗮𝗺𝗽𝗹𝗲 𝗼𝗳 𝗜𝗡𝗖𝗢𝗥𝗥𝗘𝗖𝗧 𝗧𝗲𝗿𝗺 𝗶𝗻 𝗟𝗲𝗮𝘀𝗲:
The tenant will pay a total of $2,300 per month which includes rent at $2,000, flat rate utilities at $250 and monthly pet fee of $50.
***A security deposit can only be collected on what you have specified the 𝗥𝗘𝗡𝗧 amount to be (which is $2,000) and NOT the total of $2,300. This over payment needs to be paid back to the tenants as soon as possible. ***
𝗘𝘅𝗮𝗺𝗽𝗹𝗲 𝗼𝗳 𝗖𝗢𝗥𝗥𝗘𝗖𝗧 𝗧𝗲𝗿𝗺 𝗶𝗻 𝗟𝗲𝗮𝘀𝗲:
Tenant shall pay monthly, in advance to the Landlord a rental payment of $ 2,300 per month on or before the first day of each and every month of the term of this Agreement. The Tenant shall pay for all (or the following portion: UTILITIES ARE INCLUDED IN RENT ) of the sewer, water, electrical, natural gas and other utilities and charges respecting the Tenant's occupation and use of the premises from the Commencement Date until the return of the premises to the Landlord by the Tenant . Additional utilities to be paid by the Tenant: Cable/Internet & Phone
With this correct term now you can collect the total amount owing as a security deposit of $2,300.
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