An Ontario brokerage receives a $50,000 deposit cheque in trust on a Friday evening. By when must it be deposited into the brokerage's real estate trust account?
Correct Answer
D) Within five business days of receipt
O. Reg. 567/05 s. 17 requires money that comes into a brokerage's hands in trust to be deposited in the trust account within five business days. A business day is any day that is not a Saturday or a holiday within the meaning of the Legislation Act, 2006. Depositing sooner is good practice, but the legal limit is five business days, not one.
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