In Ontario, landlords may collect a 'rent' (not security) deposit at the beginning of a lease agreement to cover the last month of rent. The rent deposit may not exceed one full month’s rent. It can not be used to cover damages or for any other purpose. Thus, in most cases, once you've given your 60 days' notice, you will need to pay your second-to-last month's rent but the last month's rent depositwill take care of your final month's rent payment.