You have obligations when you collect a payment, such as providing the debtor with a receipt or an acquittance.
Providing the debtor with a receipt
You must always provide a receipt to any debtor who pays you in cash. You have 10 days after receiving the payment to provide this receipt.
You must also provide a receipt to a debtor who has made a payment by other means, when he or she asks for one in writing. You have 10 days after receiving the written request to provide this receipt.
Receiving final payment
If you have agreed to a compromise and accepted a debtor's payment as final, you must send the debtor an acquittance, free of charge, no later than 10 days after receiving the payment. This is a receipt that confirms that a final payment was made.
The acquittance must be drawn up in accordance with Form N-40 of the Regulation respecting the application of the Act respecting the collection of certain debts.
Depositing the collected payments
The collected payments must be deposited in the collection agent's trust account, as the funds do not belong to the agent. The deposit must be made no later than 7 days after collecting the payment.
Last update : January 6, 2021
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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.