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Tuesday, January 5, 2010

Landlord Series - Late Fees

The Landlord Series are various tips to help the owner of a property become a better and more informed landlord.


In this series we explain Late Fees.


What is a late fee? It is a fee charged to a tenant when they don't pay their rent on time. According to the Residential Tenancies Branch, you need to inform the tenant of this in writing:


  • on a tenancy agreement
  • on a Rules and Regulations document
  • on a separate notice given directly to a tenant (you can't post it in your lobby of your apartment block)

Once the tenant knows about the fee, a landlord is entitiled to charge it.

How much can you charge?

You are allowed to charge $5.00 for the first day, and $1.00 per day, to a maximum of $65.00

For example: If your tenant pays their rent until the 8th of the month, you are entitled to charge $12.00 in late fees

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.



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