Under O. Reg. 579/05, how often must an Ontario brokerage prepare a reconciliation statement for its trust account?
Correct Answer
A) Monthly, within 30 days of receiving the bank statement
O. Reg. 579/05 s. 13 requires a trust account reconciliation statement for each trust account every month, no later than 30 days after the monthly account statement is received (or 30 days after month-end if no monthly statement is received). The broker of record must review, sign and date it within the same time. There is no $100,000 threshold in TRESA or its regulations.
Why This Is the Correct Answer
Monthly, within 30 days of receiving the bank statement, is correct because O. Reg. 579/05 s. 13(1) requires a reconciliation statement for each trust account on that schedule, reviewed and signed by the broker of record.
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