Opening a Trust Account
A lawyer must obtain authorization from the Society prior to opening and operating a trust account.
- Review Regulation 4.10 “Operating a Trust Account”;
- If required, successfully complete the Society’s Trust Account Assessment;
- Confirm that appropriate arrangements, in writing, have been made with the financial institution to comply with the requirements of Section 30 of the Act; and
- Submit a Lawyer’s Certification.
After opening the account, the lawyer is required to provide the particulars of their trust account(s) to the Society’s Trust Assurance Administrator.
After lawyers have successfully completed the requirements for operating a trust account, they will receive a confirmation email from the Society permitting them to operate their trust account.
Trust Account Assessment
The Society developed the Trust Account Assessment to assess a lawyer’s knowledge and ability to apply the requirements of the Trust Account Regulations. The assessment takes into consideration the competencies a lawyer should demonstrate to operate a trust account.
The assessment is administered through an online platform and includes multiple-choice questions and a simulation question. Lawyers have seven days to complete the Assessment.
Contact the Society’s Trust Assurance Administrator Mhairi McInnis at firstname.lastname@example.org for a link to the online trust account assessment.