When you open a general trust account
(including a Service Nova Scotia trust account), you
must complete two (2) copies of
Form LF 1,
which is a letter of direction to banks, trust
and loan companies to pay and remit interest on
your account to the Law Foundation.
You are required to give one copy of Form LF 1 to the financial institution where the trust
account is maintained and to send one copy to
the Law Foundation.
Must I notify anyone else that I have
opened a general trust account?
Yes. You are required to notify the Nova
Scotia Barristers' Society.
Must I complete Income Tax Forms with
respect to the interest on my general trust
No. Since the interest becomes the property
of the Law Foundation, Form LF 1 directs the
financial institutions to prepare Income Tax
Form T5 in the name of the Foundation, and to
send the form to the Law Foundation offices.
Must I notify the Law Foundation if I
open a specific trust account for a single
this case, the interest goes into the account
for the client’s benefit pursuant to Subsection
30 (5) of the Legal Profession Act.
Must I notify anyone when I close a
general trust account?
Yes. You are required to notify the Law
Foundation and the Nova Scotia Barristers'