Trust Administration Fee: information circular now available
February 11, 2005
Lawyers are reminded that the Trust Administration Fee (TAF) comes into effect on March 1, 2005.
A Trust Administration Fee of $10 applies to each distinct client matter in connection with which trust funds are received on or after March 1, 2005, unless those trust funds are solely for the purpose of paying legal fees or held as a retainer. The TAF is not a transaction fee. A distinct client matter may have a number of trust transactions but will only require one payment of the TAF.
The Law Society has issued a TAF information circular to answer questions raised by lawyers and law firm administrators on general implementation and payment of the TAF. By the end of February, the Society will mail that circular and a TAF filing form to each law firm that has previously filed a trust report.
The Rules are set out in print form in the Member’s Manual and appended to the TAF information circular.
For background on the Trust Administration Fee, see 2004 issues of the Benchers’ Bulletin.
Any questions concerning the administrative procedures relating to the TAF can be sent to the attention of Neil Stajkowski, Chief Financial Officer, at the Law Society office or emailed to firstname.lastname@example.org.