Trust Administration Fee ("TAF") continued
The time for remittance is fixed for all lawyers. Diarize the due dates as the LSBC may not send you a reminder and ultimately you are responsible for ensuring timely remittance. The only time you do not need to file a return is if you did not receive any trust funds that were subject to TAF in the quarter.
|Period covered||remittance due|
|October 1 to December 31||January 31|
|January 1 to March 31||April 30|
|April 1 to June 30||July 31|
|July 1 to September 30||October 31|
You should handle the TAF the same way you handle GST. In other words, the TAF is not remitted out of the trust account; it should be transferred to your general account (along with the fees associated with the client matter if they have been properly billed). TAF is paid from your general account. If you have not yet billed your client, you cannot transfer TAF, yet still you must pay the TAF when due (i.e., TAF is due upon payment into trust). This is another incentive to bill regularly.
If you are late with your remittance, a single 5% charge is applied to the entire value of the quarterly payment due. Your remittance will be considered late if it is neither postmarked on or before the due date, nor delivered to the LSBC offices by the due date. As with any breach of the Rules, you may be subject to disciplinary action.