Unclaimed trust monies
RECO wants amounts and counts in three groups: entitlement unclear, owner cannot be found, and held over two years. Look at deposits on collapsed deals and interest owed to buyers who closed.
Every Ontario brokerage must now file with RECO through MyWeb. The broker of record signs twelve statements about trust money and records. Our free checklist shows what to have in place before you sign.
RECO now requires an annual financial filing from every Ontario brokerage. The broker of record attests personally. RECO says the filings will help it focus its oversight where risks are greatest.
About trust money, records, monthly reconciliations and notices to RECO.
For fiscal years ended Aug 1, 2025 to Jul 31, 2026. Later years are due 90 days after year end.
Unclaimed trust monies and trust interest. Both often have to be built from the trade ledger.
Five sections that match what the filing asks for. Each line has space for an owner and a date.
Fiscal year end, MyWeb access, and whether you file a Non-trading Report instead.
Balance sheet and income statement figures, loans, and number of ends.
Three-way reconciliation, trust interest kept, unclaimed trust monies, and twelve signed monthly reconciliations.
Every account held in the year, including ones opened or closed mid-year.
What to have on file for each attestation, and a written explanation for any gap.
Three steps from download to filing.
Fill out the short form. We email the checklist and readiness note to your inbox.
Assign an owner and a date to each line. Start with the two lead-time items.
Book an intro meeting if anything is missing or does not reconcile.
Until now, brokerages had no reason to count these. They take the longest to prepare.
RECO wants amounts and counts in three groups: entitlement unclear, owner cannot be found, and held over two years. Look at deposits on collapsed deals and interest owed to buyers who closed.
Under TRESA, unless the contract says otherwise, interest on a deposit belongs to the owner of the deposit. The contract, usually the deposit clause, decides what the brokerage may keep.
If your fiscal year ended between August 1, 2025 and July 31, 2026, it is due October 30, 2026. For year ends on or after August 1, 2026, it is due 90 days after year end.
You file a Non-trading Report instead of the standard filing. It is also submitted through MyWeb.
RECO has said brokerages that miss it are subject to prosecution. Actions may include fines, suspension, refusal to renew or revocation, and a requirement for financial statements certified by a licensed public accountant.
Yes. RECO has confirmed a broker of record may hire a qualified professional to prepare the monthly trust reconciliations. The attestation stays personal to the broker of record.
The broker of record must explain the non-compliance in writing. A documented explanation is a better position than an attestation that does not hold.
Get the free checklist, or Book an intro meeting with Hashim to go through your brokerage’s filing.