Last Month's Rent Deposit — Interest Calculator

In Ontario a landlord owes annual interest on the last month's rent deposit. See what's owed and whether the deposit is even legal.

Last month's rent deposit ($)

Current monthly rent ($) (optional)

Date the deposit was paid

The rules in a nutshell

The only deposit a landlord may collect is a last month's rent deposit — no damage deposits, no key deposits.
It cannot be more than one month's rent (one week for a weekly tenancy).
The landlord must pay interest every year equal to the rent increase guideline, applied to the deposit — credited against rent or paid to the tenant.
On move-out the deposit covers the last month; any interest is accounted for separately.

General information — not legal advice. Tenant Trust is not a law firm. Confirm current guideline figures on ontario.ca. This tool applies each year's published guideline to the deposit (simple annual interest); if interest is credited against rent annually, it is not compounded.

Last Month's Rent Deposit — Interest Calculator

The rules in a nutshell

Managing deposits across a portfolio?