Interest on late rent payment
- Thread starter RCC
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QUOTE (RCC @ May 3 2009, 11:21 AM) In Ontario, does anyone charge interest when rent payment is late? I tried looking at the RTA but could not find anything on this.
Hi, you`re joking right? interest is 1.8% or 75 cents in 2 weeks on $1,000 rent
many charge late payment penalty as the bank charges a fee for a returned cheque. so for the hassle and everything you can charge $25.
If they are late send N4, if they don`t pay get rid of them ASAP!
Please don`t waste your time planning how you are going to charge them 75 cents for every 2 weeks they are late...because they`ll gladly stay there forever.
Good luck,
Neil
Hi, you`re joking right? interest is 1.8% or 75 cents in 2 weeks on $1,000 rent
many charge late payment penalty as the bank charges a fee for a returned cheque. so for the hassle and everything you can charge $25.
If they are late send N4, if they don`t pay get rid of them ASAP!
Please don`t waste your time planning how you are going to charge them 75 cents for every 2 weeks they are late...because they`ll gladly stay there forever.
Good luck,
Neil
- Joined
- Nov 2, 2008
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- 244
Charge late payment fee, not interest.
Tenant called me on the 28th and said that his Boss (he is a painter) had a stroke and his girl friend won`t be paid until the 5th.
I issued the N4 and will charge 25$ for late payment. I also added this in my rental agreement, that I will charge on late payment and 40$ on NSF cheques.
My bank wants an on time payment, too!
Tenant called me on the 28th and said that his Boss (he is a painter) had a stroke and his girl friend won`t be paid until the 5th.
I issued the N4 and will charge 25$ for late payment. I also added this in my rental agreement, that I will charge on late payment and 40$ on NSF cheques.
My bank wants an on time payment, too!
- Joined
- Dec 5, 2007
- Messages
- 2,880
QUOTE (RCC @ May 3 2009, 08:49 PM) My son and friends just rented a student house in Waterloo. The lease has a clause for late payment interest of 2% per month compounded monthly.
Does your son have any intention to be late? then why does it bother you? plus, unless he pays more than $1000 rent, 2% in 1 month is less than the standard $25 or more late fee charge. cheers.
Does your son have any intention to be late? then why does it bother you? plus, unless he pays more than $1000 rent, 2% in 1 month is less than the standard $25 or more late fee charge. cheers.
QUOTE (RCC @ May 3 2009, 08:49 PM) My son and friends just rented a student house in Waterloo. The lease has a clause for late payment interest of 2% per month compounded monthly.
Does this clause enforceable in Ontario? I doubt you can legally charge late payments in Ontario...unless your tenant is uneducated. The same with pets and smoking - you can have a clause in your contract but it is toothless.
If I am wrong please quote the RTA where you can charge late payments.
Does this clause enforceable in Ontario? I doubt you can legally charge late payments in Ontario...unless your tenant is uneducated. The same with pets and smoking - you can have a clause in your contract but it is toothless.
If I am wrong please quote the RTA where you can charge late payments.