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A security deposit is money the landlord collects at the start of a tenancy. It can be used to cover any losses caused by the tenant, such as damages to the place or unpaid rent.
Many people call it a damage deposit. Landlords can only ask for a security deposit at the beginning of the tenancy. They cannot decide to ask for one later. Landlords will usually ask for a security deposit.
A tenant can pay the security deposit in two payments. The landlord can ask the tenant to pay up to one-half of the security deposit when the tenant agrees to rent the place. The rest is due two months after the tenant moves in.
Individuals receiving assistance under the Saskatchewan Income Support (SIS) program can receive money for a security deposit as part of their Shelter Allowance and are responsible for paying it to the landlord.
A key deposit or pet deposit or any other form of deposit will be part of the security deposit. The total cannot exceed one month's rent.
A landlord cannot give notice to vacate a rental unit or refuse to renew a tenancy agreement for the sole purpose of increasing the damage deposit.
A tenant cannot apply the security deposit towards their rent without the written consent of the landlord.
It must be deposited in a trust account at a bank, credit union or other financial institution. It belongs to the tenant and must be held in trust for them. If the tenancy lasts five years or more the tenant is entitled to interest on the deposit.
A landlord must give the tenant notice of a claim against the security deposit within 7 days after the tenant moves out. For more information see Return of Security Deposits.
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