Trust Accounting Requirements
For 2011 Year-End Filers
For law firms with a year-end in 2011, please download the Law Firm Self-Report (Transition year only) form, complete it and submit it to Trust Safety.
As a reminder, the Law Firm Self-Report is due within one month of the designated filing date/year end and the Accountants Report is due within four months of the designated filing date/year end. A law firm may opt to submit their automated accounting data within one month of their designated filing date/year end in lieu of the Accountants Report.
Refer to Part 5 of the Rules for more information regarding Financial Records, Accounts & Trust Money.
Forms
Guidelines for Completing the Self-Report
Law Firm Self-Report (Transition year only)
Start-Up Report
All forms are to be provided by fax, mail or email to Trust Safety.
Important Information
Changing fiscal year end date
The Law Society of Alberta must be notified in writing if a law firm has changed their fiscal year end.
Closing trust accounts or a law firm
Please contact the Trust Safety department by email or by phone: 403-930-7212.
Issues regarding undisbursable trust funds, as well as questions about accounting procedures or practices should be directed to Trust Safety.
All forms are to be provided by fax, mail or email to Trust Safety.
Guidelines
Trust Safety Approvals Guideline
New Rules
The Benchers approved the new Rules to Part 5, Division 2 of the Law Society of Alberta Rules. These are in effect as of January 1, 2011.
The new filing requirements come into effect based on the law firm's designated filing date. This is the date that firms have used in past years to calculate the due date for the old Form S and T. Lawyers seeking to set up a new firm will do so under the new rules.
Rule amendments include the following requirements:
- Trust account approval for lawyers
- New electronic banking transaction requirements
- Express lawyer accountability for supervising staff and trust transactions
- Electronic reporting requirements
- Miscellaneous matters including the requirement that lawyers not sign blank cheques and the requirement to comply with Canada Deposit Insurance Corporation (CDIC) filing.
See the new Rules and Detailed Accounting Questions.
Frequently Asked Questions
All lawyers are encouraged to review the Frequently Asked Questions for details about how the program works.
Education Program
A key component of the Law Society of Alberta’s Trust Safety program is enhancing lawyers’ understanding of the importance of safeguarding trust property and the risks of failing to maintain adequate controls.
A new online education program is being offered through the Legal Education Society of Alberta. Module one will focus on trust accounting fundamentals. Module two will focus on the obligations of the responsible lawyer and cover the new Trust Safety program in detail. These modules will be available to all lawyers with the launch of the program in 2011. For details visit www.lesa.org.
Summary
The complementary education and risk assessment components will enable lawyers to continue to protect themselves and their clients from those threats. The Trust Safety program protects the public interest and will reinforce the confidence of the public about the safety of their trust money.
The Law Society will become an even stronger model regulator with this new regulatory structure and audit controls.
Contact the Law Society
Lawyers are encouraged to contact the Law Society’s Trust Safety department for further information.
Glen Arnston, CA, Manager, Trust Safety at 780-412-2304 or
Lisa Atkins, Audit Coordinator at 403-229-4740 or
Email the Law Society's Trust Safety department.