As part of the Law Society of British Columbia requirements, law firms are required to retain certain records for all funds deposited to the law firm’s trust account which is often a pooled trust account including funds for multiple clients. 

Electronic deposits into a law firm’s trust account are permissible, so long as the lawyer obtains written confirmation, either from the financial institution or remitter including the details required for compliance.  Proof of the deposit is required, such as a deposit receipt, for funds transferred from account to account by a banking institution on behalf of a client.  In the event a client deposits a bank draft made payable to the law firm in trust into the trust account, then a deposit receipt is required as well as a copy of the bank draft to verify the type of funds deposited.  Wire transfers are also acceptable provided a satisfactory record of the wire transfer initiation is received and retained by the law firm.

All funds deposited must be confirmed with appropriate back up for audit purposes and must be retained by the law firm as part of their accounting procedures.

This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of residential real estate, corporate, or wills & estate law at the following:

Una Kuzio: una@touchstone.law

Elizabeth Ford: elizabeth@touchstone.law

Jane Otterstrom: jane@touchstone.law