In Ontario, when must interest earned on deposits held in trust be paid to the client?
Correct Answer
C) When the deposit exceeds $10,000 and is held for more than 30 days
Under Ontario Regulation 567/05, interest must be paid to the client when the deposit exceeds $10,000 and is held in trust for more than 30 days. The brokerage must place such funds in an interest-bearing trust account and pay the earned interest to the client.
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