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The Numbers Game
Cash Cash Cash
Years & Fears
Holiday Grab Bag
100
Within 7 days (for a trust transaction).
When must you record a trust transaction in the accounting records?
100
Immediately, for any shortage greater than $2,500.
When must a lawyer report a shortage to the Executive Director?
100
You can receive and accept cash in any amount.
What is for fees and retainers?
100
At least 3 years (current year + 2 previous years) of accounting records, as defined by Rule 3-68.
How long must accounting records must be kept at a lawyer’s chief place of practice?
100
A one-time $15 charge per client matter with applicable trust deposits.
What is the Trust Administration Fee?
200
Within 30 days (for a general transaction).
When must you record a general transaction in the accounting records?
200
Up to a maximum of $300 in a trust account.
What is the maximum amount of a lawyer’s own funds that can be kept in a trust account?
200
A lawyer accepts an aggregate amount of $7,500 or greater for a financial transaction.
When is the "cash rule" triggered? or What is a cash breach?
200
At least 10 years, or as long as the records apply to money held in trust.
For how long must a law firm keep its trust accounting records?
200
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?
300
Valuables, such as, securities, bonds, treasury bills, and real or personal property (with reference to the monthly trust reconciliation).
What must be listed on the valuable property record and maintained with the monthly trust reconciliation?
300
The maximum amount of insurance coverage provided by the Canadian Deposit Insurance Corporation on Canadian dollar pooled trust accounts.
What is $100,000 per client.
300
Making a trust cheque payable to “Cash” or “Bearer”.
What is not permitted when making out a trust cheque?
300
Must always be a practising lawyer (with reference to trust account cheques).
Who must sign all trust cheques?
300
Insufficient funds held to the credit of the client or client matter.
What is a trust shortage?
400
Must be recorded within 30 days of payment or of notice that funds have been credited to the separate interest bearing account.
What is interest earned?
400
Unlimited insurance coverage provided on pooled trust accounts.
What is the maximum amount of insurance coverage provided by the Credit Union Deposit Insurance Corporation of British Columbia?
400
A lawyer has received $7,500 or more in cash and needs to provide a refund greater than $1,000.
When must you provide a refund in cash?
400
A letter will be sent by the Law Society providing approximately 4-6 weeks before the start of one.
What is a compliance audit?
400
It is paid to The Law Foundation by the savings institution on a quarterly basis. (hint: think about your pooled trust account).
What is interest earned on a pooled trust account?
500
Becomes payable to the Law Society upon the first applicable deposit of trust funds.
What is the trust administration fee?
500
Not more than 30 days after month end.
When must a lawyer complete the trust reconciliation required by Rule 3-65?
500
Within 7 days of the receipt of cash that has been received but is not permitted to be accepted under Rule 3-51.1.
When must you make a written report to the Executive Director?
500
Once every 5-6 years, on average.
How often will the Law Society conduct a compliance audit on a law firm?
500
Filed in chronological, alphabetical, or numerical order.
How must a firm file their fees and disbursement billings?