If you were required to give a security deposit when you signed an agreement for remote monitoring services, the service provider must respect certain obligations regarding the use and return of the deposit.
Time limit and conditions for returning the deposit
The service provider must return the unused portion of the deposit within 30 days of the end of the contract.
The deposit must be returned to you with the interest accumulated since you provided it. The service provider must apply the official bank rate of the Bank of Canada, plus 1%.
If you do not make a payment on time, service providers can use the security deposit. They are, however, obligated to notify you in writing.
Service providers cannot terminate a contract due to late payments if the deposit you provided covers the amount owed.
Last update : October 16, 2020
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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.