CPA · Residential Tenancies Act
Part 4 — Security Deposits
44 Trust account
(a) deposit each security depo sit consisting of money received
by the landlord into an interest-bearing trust account at a
bank, treasury branch, credit union or trust corporation in
Alberta within 2 banking days after receiving the deposit,
and
(b) ensure that the security deposit remains in trust until it is
disposed of in accordance with this Act and the regulations.
(2) A landlord is the trustee of the money in a trust account on
behalf of the tenant who paid it or, if the tenant has assigned the
residential tenancy agreement with the consent of the landlord
under section 22, the assignee.
(3) A landlord shall deposit only money that is a security deposit
in the trust account.
(4) Money in the trust account is subject to this Act and the
regulations and to the provisions of the residential tenancy
agreement respecting security deposits that are not in conflict with
this Act or the regulations.
(5) A landlord shall
(a) keep security deposit record s that show with respect to each
tenant
(i) the date of receipt of a security deposit by the landlord
and the amount of the security deposit,
(ii) the date on which the security deposit was deposited in a
financial institution and the name and location of the
financial institution,
(iii) particulars of the interest payable and paid to the tenant,
and
(iv) particulars of the disposition of the security deposit
under section 46, including the manner in which the
security deposit or part of it was delivered to the tenant,
and
(b) make the security deposit records available for inspection by
the Director or an authorized person for the purposes of an
inspection or investigation under Part 6.
(6) A landlord shall keep security deposit records under subsection
(5) for at least 3 years after the expiration or termination of the
tenancy to which they relate.