Trust Administration Fee ("TAF") continued
In another example, you act for the purchaser of a single-family home and the purchaser's lender. You receive one payment into trust from the purchaser for the deposit on the purchase price. You receive a second payment into trust from the lender for a mortgage advance. You receive a third payment into trust from the purchaser for the balance due. The TAF is incurred once only, when the first deposit is made into trust. It is irrelevant if two different lawyers in the firm took care of the conveyance and the mortgage aspects of the file, respectively. Only one TAF is payable in respect of a single client matter in which a lawyer represents joint clients, or more than one lawyer in the firm acts (Rule 2-110).
If you have any doubt as to whether a new matter taken on for a client constitutes a "client matter" for the purposes of the Rules, contact the Trust Assurance Department at the LSBC at email@example.com.
The initial deposit of trust funds on a new client matter into a pooled trust account or directly into a separate trust account attracts one TAF. A subsequent transfer between trust accounts, so long as it is still for the same matter, does not attract another fee.