I am not sure if this applies to all of Canada, but in Ontario, when a tenant rents an apartment, the landlord is entitled to ask for a deposit up to the rent of one month.
From the website of the Landlord and Tenant Board:
Does a landlord have to pay interest if a rent deposit is collected?
Yes, the landlord must pay the tenant interest on the rent deposit every 12 months. The amount of interest that a landlord must pay is the same as the rent increase guideline that is in effect when the interest payment is due.
I have a 12 month tenancy agreement from June 2013 to May 2014. In January 2014, an interest cheque was slipped under my door for the period June 2013 to December 2013.
Rent for May 2014 is the deposit that was paid at the start of the tenure. Therefore, I should be paid interest for January 2014 to April 2014.
However, if interest is paid out only every 12 months, I won't be around to collect interest at the end of the calendar year and my current landlord hasn't asked about my future mailing address.
How is such a situation handled?