Record this...
The maximum number of days to record a trust transaction subsequent to it taking place.
What is 7 days?
This must be provided to the Executive Director, immediately, for any trust shortage greater than $2,500.
What is a written report?
A type of trust transaction for which a lawyer is permitted to accept to cash without a limit.
What is for professional fees, disbursements, expenses or bail?
At least 3 years (current year + 2 previous years) of accounting records, as defined by Rule 3-68.
What is the length of time the accounting records must be kept at a lawyer’s chief place of practice?
These must be filed in chronological, alphabetical or numerical order in a central location.
What are billing records?
The maximum number of days to record a general transaction subsequent to it taking place?
What is 30 days?
This can be kept in a lawyer's trust account up to a maximum of $300.
What is a trust float?
Upon receiving or returning cash, a lawyer must provide this to a client.
What is a cash receipt?
At least 10 years, or as long as the records apply to money held in trust.
What is for how long must a law firm keep its trust accounting records?
Signature of this individual must always be present on a trust cheque.
What is a practicing lawyer?
If applicable, what listing must be prepared on a monthly basis to support the trust reconciliation?
What is a valuable property listing? (Valuables, such as, securities, bonds, treasury bills, and real or personal property)
and/or
What is a client liability listing?
The maximum amount of insurance coverage provided by the Canadian Deposit Insurance Corporation (CDIC) on Canadian dollar pooled trust accounts.
What is $100,000 per client.
A cash receipt must contain to signatures of whom?
What is of the payor and the lawyer or an authorized individual?
Trust funds are considered to be, after 2 years of attempting to contact a client to return trust funds, with no success.
What is unclaimed trust funds.
This report must by filed by May 30th and report balances held in trust as at April 30th.
What is the Canada Deposit Insurance Corporation (CDIC) report?
This must be recorded within 30 days of payment or of notice that funds have been credited to the separate trust account.
What is interest earned?
The dollar amount when Rule 3-59 (Cash transactions) comes into effect.
What is $7,500?
The form of funds required to refund $1,500 to a client if the lawyer has received $10,000 in cash.
What is physical cash?
A letter will be sent by the Law Society providing approximately 4-6 weeks warning before the start of one.
What is a compliance audit?
If a lawyer cannot satisfy this within 7 days, a written report must be submitted to the Executive Director.
What is a monetary judgment?
This becomes payable to the Law Society upon the first applicable deposit of trust funds.
What is the trust administration fee (TAF)?
A lawyer who operates a trust account must do this within 30 days after month end.
What is complete a trust reconciliation?
Within 7 days of the receipt of cash that has been received but is not permitted to be accepted under Rule 3-59 (6).
What is a written report addressed to the Executive Director?
Once every 6 years, 4 years for high risk practice areas.
What is how often a law firm will be audited?
This cannot be done if your trust accounting records are not current as per Rule 3-64 (3).
What is make a payment from the trust account?