What is a trust account?

A trust account is upheld by us to secure funds for our clients, and it is held in a separate bank account designated for that purpose. The Law Society of Ontario and Saskatchewan enforces stringent regulations on lawyers’ trust accounts. Every year, a professional accountant audits the trust accounts and submits the audit outcomes to the Law Society. Furthermore, the Law Society conducts random spot audits. In general, any interest generated from trust accounts is allocated to the Law Foundation and utilized for the purposes of law reform, public legal education, and for various purposes including granting programs that advance access to justice including statutory contributions to the funding of Legal Aid.