Lawyers must remit a $20 trust administration fee for each distinct client matter with trust funds, unless the trust funds are solely for the purpose of paying legal fees or to be held as a retainer.
The TAF applies on the first deposit into the trust account for each distinct client matter. Under Law Society Rule 2-110, the TAF is payable quarterly to the Law Society and is due within 30 days of the end of the quarter relating to the first applicable deposit.
A law firm is not required to file a nil TAF return if there were no applicable trust deposits.
The filing ID is the 9-digit or 10-digit number provided by the Trust Assurance Department in your quarterly TAF reminder letter. If you have misplaced your firm's TAF filing ID, contact us at trustaccounting@lsbc.org
Effective January 1, 2025, the TAF will increase from $15 to $20 per applicable transaction. Read more about the TAF increase.
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