Lawyers must remit a $15 Trust Administration for each distinct client matter in which trust funds are received unless the trust funds are solely for the purpose of paying legal fees or to be held as a retainer for matters relating to British Columbia.
Our new fully integrated app for LEAP Desktop simplifies the receipt of funds that attract the Trust Administration Fee. By receiving Trust funds through the app, the fee is automatically posted which can then be invoiced to your client. With built in safeguards, you can also be sure you are only posting one applicable transaction per matter.
The app also includes comprehensive reporting that details each fee charged, the total amount charged and the tax, split between Residential Real Estate and Other Matter Types. This data can then be used in your quarterly submission and payment to the Law Society of British Columbia.
More information can be found on the LEAP Help Centre.
