Trust accounts
 241. (1) Every licensee of a long-term care home shall establish and maintain at least one non-interest bearing trust account at a financial institution in which the licensee shall deposit all money entrusted to the licensee’s care on behalf of a resident.  O. Reg. 79/10, s. 241 (1). (2) The licensee shall ensure that the balance of the money in the trust account does not exceed the amount for which the account is insured through the Canada Deposit Insurance Corporation or another entity that provides deposit insurance.  O. Reg. 79/10, s. 241 (2). (3) The licensee shall keep petty cash trust money in the home, composed of money withdrawn from a trust account, that is sufficient to meet the daily cash needs of the residents who have money deposited in a trust account on their behalf.  O. Reg. 79/10, s. 241 (3). (4) No licensee shall, (a) hold more than $5,000 in a trust account for any resident at any time; (b) commingle resident funds held in trust with any other funds held by the licensee; or (c) charge a resident, or a person acting on behalf of a resident, a transaction fee for withdrawals, deposits, or anything else related to money held in trust.  O. Reg. 79/10, s. 241 (4). (5) Every licensee shall establish a written policy and procedures for the management of resident trust accounts and the petty cash trust money, which must include, (a) a system to record the written authorizations required under subsection (8); and (b) the hours when the resident, or the person acting on behalf of the resident, can make deposits to or withdrawals from the resident’s funds in a trust account and make withdrawals from the petty cash trust money.  O. Reg. 79/10, s. 241 (5). (6) The licensee shall provide a copy of the written policy and procedures to every resident and person acting on behalf of a resident who asks to have money deposited into a trust account.  O. Reg. 79/10, s. 241 (6). (7) The licensee shall, (a) provide a resident, or a person acting on behalf of a resident, with a written receipt for all money received by the licensee from the resident, or any other person, for deposit in a trust account on behalf of the resident; (b) where the licensee has deposited in a trust account money received from any person on behalf of a resident, make part or all of the money available to the resident or a person acting on behalf of the resident, (i) in accordance with the instructions of the resident or a person acting on behalf of the resident in respect of the property the resident or the person is legally authorized to manage, and (ii) upon the resident, or the person acting on behalf of the resident, signing an acknowledgement that the resident, or the person acting on behalf of the resident, received the funds; (c) maintain a separate ledger for each trust account showing all deposits to and withdrawals from the trust account, the name of the resident for whom the deposit or withdrawal is made and the date of each deposit or withdrawal; (d) maintain a separate book of account for each resident for whom money is deposited in a trust account; (e) on the written demand of a resident, or a person acting on behalf of a resident, make the residents’ book of account referred to in clause (d) available for inspection by the resident or the person during any business day; (f) provide to the resident, or to a person acting on behalf of a resident, a quarterly itemized written statement respecting the money held by the licensee in trust for the resident, including deposits and withdrawals and the balance of the resident’s funds as of the date of the statement; and (g) with respect to each resident for whom money is deposited in a trust account, retain for a period of not less than seven years, (i) the books of account, ledgers, deposit books, deposit slips, pass-books, monthly bank statements, cheque books and cancelled cheques applicable to the trust account, (ii) the written instructions and authorizations and acknowledgements of receipt of funds of the resident and the person acting on behalf of the resident, and (iii) the written receipts and statements provided to the resident, or a person acting on behalf of a resident.  O. Reg. 79/10, s. 241 (7). (8) A resident, or a person acting on behalf of a resident, who wishes to pay a licensee for charges under section 91 of the Act with money from a trust account shall provide the licensee with a written authorization that specifies what the charge is for, including a description of the goods or services provided, the frequency and timing of the withdrawal and the amount of the charge.  O. Reg. 79/10, s. 241 (8). (9) Where a written authorization has been provided under subsection (8), the licensee is not required to obtain a written acknowledgement of receipt of funds for every authorized withdrawal, but must include these withdrawals in the quarterly itemized statement under clause (7) (f).  O. Reg. 79/10, s. 241 (9). (10) The licensee shall have every trust account established under subsection (1) audited annually, (a) by a public accountant licensed under the Public Accounting Act, 2004; or (b) in the case of a municipal home or a joint home approved under Part VIII of the Act, by the municipal auditor who audits the books of account and ledgers of the home.  O. Reg. 79/10, s. 241 (10). (11) The licensee shall make the results of the annual audit available to the Director on request.  O. Reg. 79/10, s. 241 (11). (12) A licensee, including a municipality, municipalities or a board of management referred to in section 133 of the Act, shall not receive, hold or administer the property of a resident in trust other than as provided for in this section.  O. Reg. 79/10, s. 241 (12). (13) In this section, “financial institution” means (a) a bank listed in Schedule I or II to the Bank Act (Canada), (b) a trust corporation registered under the Trust and Loan Companies Act (Canada), or (c) a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 2020; (“institution financière”) “person acting on behalf of a resident” means a person legally authorized to manage property for a resident.  (“personne agissant pour le compte d’un résident”) O. Reg. 79/10, s. 241 (13); O. Reg. 136/22, s. 1.