Trust in me
Back-to-School Grab Bag
The Big Scoop
Money, Money, Money
Inquiring minds want to know…
100
The one signature that must ALWAYS be on a trust cheque.
What is the signature of a practicing lawyer?
100
The Annual Trust Report.
What must your firm file each year regarding its trust related activities?
100
A $10 charge on certain trust account deposits.
What is the Trust Administration Fee?
100
Four - once each quarter.
What is the number of times a year, you pay your TAF remittances?
100
The signature of the person providing the cash and/or the signature of the person receiving the cash.
What is must appear on a cash receipt in the cash receipt book of duplicate receipts?
200
May 30th.
What is due date of the annual CDIC Report?
200
$100,000.
What is the maximum up to which the CDIC will insure deposits?
200
3 years.
What is the number of years that books and records should be kept onsite?
200
The maximum amount a lawyer can accept in cash for deposit to trust that is not for fees or a retainer.
What is $7499.99?
200
Accepting CASH of $7,500 towards a real estate deal.
What is an example of a "cash breach"?
300
The payee(s) you never want to see on a trust cheque.
What is "cash" or "bearer"?
300
When trust liabilities EXCEED trust assets.
What is a trust "shortage"?
300
10 years.
For how long should books and records relating to trust funds be kept?
300
A shortage that is greater than $2,500.
When must you make a written report to the Executive Director of the Law Society including all relevant facts and circumstances of the trust shortage?
300
Greater than $1,000 from cash received of $7,500 or more.
When are cash refunds required?
400
As soon as practicable.
How often must you deposit trust funds?
400
Postage stamps.
What you do NOT want to buy in order to zero out small balances on your trust ledger cards?
400
Within 30 days of the effective date of the bank statement.
How often should trust bank reconciliations be performed?
400
Within 7 days of the transaction.
How often must you record trust transactions?
400
Depositing trust funds directly into your general account prior to any work being done.
What is "by-passing" the trust account (a concern to the Trust Assurance Department and a violation of the Rules).
500
You complete this before an electronic trust fund transfer.
What is the LSBC's approved EFT transfer form?
500
Telephone: 604-697-5810 AND email: trustaccounting@lsbc.org
What are two ways to contact the Trust Assurance Department?
500
Online web payments/transfers from the trust account to the general account.
What form of payment is NOT accepted for moving fees from the trust account to general?
500
The place you go for trust accounting help & assistance.
What is the Trust Assurance Department?
500
Mary, Paralegal, as the ONLY signatory on the firm's trust account.
What is an "unauthorized" signatory?
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