Trust Accounts

Trust Accounts

Park IV of the Law Society Act, 1999 provides for authority for the Law Foundation to receive and administer interest earned on Lawyers’ General Trust Accounts for the purposes set out in the Act. Also under the Act, it is incumbent upon all members of the Law Society or all professional law corporations to maintain a regular interest-bearing trust account in a chartered bank, trust company, credit union or other depository approved by the Law Foundation for the holding of clients’ trust funds. 

LF1

Form LF1 must be completed by each member or professional law corporation who or which maintains a General Trust Account and forwarded to his/her or its financial institution directing the establishment of the interest-bearing trust account. Members who practise in a firm or through a professional law corporation should see that the form is completed with respect to the firm or corporation’s account or accounts.

Form LF1 has been updated effective January 2022.