C-73.2, r. 4 - Regulation respecting records, books and registers, trust accounting and inspection of brokers and agencies

Section 38 Disposition versions

2012-09-01

38. Each year, before 31 March, and each time the Organization so requests, a licence holder must send the Organization

(1)  a summary of the deposits into and withdrawals from the holder’s general trust account and all special trust accounts including

(a)  identification of the period covered;

(b)  for the general trust account:

i.  the balance of the general trust account according to the accounting register at the start of the period;

ii.  the total of the sums deposited during the period;

iii.  the sum of the amounts referred to in subparagraphs i and ii;

iv.  the total of the sums withdrawn during the period;

v.  the balance of the account according to the accounting register at the end of the period, established by subtracting the sum mentioned in subparagraph iv from the sum obtained in subparagraph iii;

(c)  for all the special trust accounts:

i.  the balance of the special trust accounts according to the accounting registers at the start of the period;

ii.  the total of the sums deposited during the period;

iii.  the interest deposited during the period;

iv.  the sum of the amounts mentioned in subparagraphs i, ii and iii;

v.  the total of the sums withdrawn during the period;

vi.  the total of the interest withdrawn during the period;

vii.  the sum of the amounts mentioned in subparagraphs v and vi;

viii.  the balance for all the special accounts, according to the accounting register at the end of the period, established by subtracting the sum mentioned in subparagraph vii from the sum obtained in subparagraph iv;

(d)  the total of the balances, according to the accounting registers at the end of the period, established by adding the balances in subparagraph v of subparagraph b and subparagraph viii of subparagraph c;

(2)  a copy of the bank reconciliation statement, established at the end of the calendar year or for the period for which the Organization requests it, for the general trust account and each of the special trust accounts including

(a)  the date on which ends the period covered;

(b)  for the general trust account:

i.  the name and address of the financial institution and the number of the general trust account;

ii.  the balance of the general trust account, according to the financial institution’s statement;

iii.  the total of the sums not yet deposited;

iv.  the sum of the amounts mentioned in subparagraphs ii and iii;

v.  the total of the outstanding cheques, bills of exchange and transfer slips;

vi.  the balance of the general trust account after reconciliation, established by subtracting the sum mentioned in subparagraph v from the sum mentioned in subparagraph iv;

vii.  the balance mentioned in subparagraph v of subparagraph b of subparagraph 1;

viii.  the difference between what is mentioned in subparagraphs vi and vii;

(c)  for all the special trust accounts:

i.  the name and address of the financial institution and the number of each special trust account;

ii.  the balance of each special trust account, according to the financial institution’s statement;

iii.  the total of the sums not yet deposited in each special trust account;

iv.  the sum of the amounts mentioned in subparagraphs ii and iii;

v.  the total of the outstanding cheques, bills of exchange and transfer slips for each special trust account;

vi.  the balance of each special trust account after reconciliation, established by subtracting the sum mentioned in subparagraph v from the sum mentioned in subparagraph iv;

vii.  the total of all the special trust accounts;

viii.  the balance mentioned in subparagraph viii of subparagraph c of subparagraph 1;

ix.  the difference between what is mentioned in subparagraphs vii and viii;

(d)  the total of the balances according to the accounting registers at the end of the period, established by adding the balances provided for in subparagraph vi of subparagraph b and in subparagraph vii of subparagraph c;

(3)  the detailed list of the sums held in the licence holder’s general trust account and special trust accounts at the end of the calendar year or the period for which the Organization requests the list. The list must contain

(a)  the date of the end of the period covered;

(b)  for the general trust account:

i.  the number attributed to each transaction by the licence holder;

ii.  the sum held with respect to each transaction;

iii.  the total of the sums held in the general account;

(c)  for the special trust accounts:

i.  the number attributed to each transaction by the licence holder;

ii.  the sum held in each special trust account;

iii.  the number of the special trust account;

iv.  the total of the sums held in the special trust accounts;

(d)  the total of the balances according to the detailed list of the sums held at the end of the period, established by adding the balances provided for in subparagraph iii of subparagraph b and in subparagraph iv of subparagraph c.

The total amounts appearing under the headings mentioned in subparagraph d of subparagraph 1, subparagraph d of subparagraph 2 and subparagraph d of subparagraph 3 must coincide.

Each document required under subparagraphs 1, 2 and 3 of the first paragraph must contain the name of the licence holder, be signed by a person authorized by the licence holder and bear the date of the signature.

O.C. 296-2010, s. 38.