What are the legal guidelines for rent payment methods in Canada?

It is paramount to understand the legal requirements for the mode of payment for settlement of rent to all the parties to the Canadian tenancy agreement. With a portfolio value of over $10.1 billion and over 22,000 properties handled by the Royal York Property Management, we go out of our way to see to it that rent transaction best practices are followed, as set out by law in Ontario and Canada as a whole. The blog will help property owners, real estate investors, and tenants to learn about the dos and don'ts of payment options, tenant rights and responsibilities, landlord duties, dispute resolution procedures, and how technology is changing the face of rental payments.

Overview of the Legal Framework

Rental laws are both national and provincial in Canada. Where the national gives the general overview, every province has its laws regarding a landlord and a tenant that are mandatory. These laws offer the two parties peace of mind because they protect them against bad practices that could be in the rental market.

What Payment Methods Are Allowed?