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Trust Account Instructions

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Trust Account Instructions

 

 

 

 

 
When I open a general trust account, how do I instruct the financial institution to remit the interest to the Law Foundation?

When you open a general trust account (including a Service Nova Scotia trust account), you must complete two (2) copies of Form LF 1, which is a letter of direction to banks, trust and loan companies to pay and remit interest on your account to the Law Foundation.

You are required to give one copy of Form LF 1 to the financial institution where the trust account is maintained and to send one copy to the Law Foundation.

Must I notify anyone else that I have opened a general trust account?

Yes. You are required to notify the Nova Scotia Barristers' Society.

Must I complete Income Tax Forms with respect to the interest on my general trust account?

No. Since the interest becomes the property of the Law Foundation, Form LF 1 directs the financial institutions to prepare Income Tax Form T5 in the name of the Foundation, and to send the form to the Law Foundation offices.

Must I notify the Law Foundation if I open a specific trust account for a single client?

No. In this case, the interest goes into the account for the client’s benefit pursuant to Subsection 30 (5) of the Legal Profession Act.

Must I notify anyone when I close a general trust account?

Yes. You are required to notify the Law Foundation and the Nova Scotia Barristers' Society.
 


 

© Law Foundation of Nova Scotia  - Last Updated - June 2016