Revenue & reporting

The Law Foundation of Ontario’s main source of revenue is interest received from lawyers’ and paralegals’ mixed trust accounts. Other sources of revenue are cy-près awards and investment income.

Main sources of revenue

The Law Foundation of Ontario’s main source of revenue is interest received from lawyers’ and paralegals’ mixed trust accounts. Other sources of revenue are cy-près awards and investment income.

Mixed trust accounts

The Law Foundation of Ontario is entrusted by law with the interest from mixed trust accounts held by lawyers and paralegals. By law, the Foundation gives 75% of this revenue after operating expenses to Legal Aid Ontario. The Foundation uses the remaining 25% to make innovative grants to improve access to justice across Ontario.

Legal professionals routinely hold money in trust for clients – in connection, for example, with the sale of a house or the settlement of a lawsuit. If the funds are small in amount or will be held in trust for a short time and are unlikely to generate any net interest for the individual client, the funds may be placed in a mixed trust account. Programs that use income from the professions’ trust accounts to advance access to justice exist throughout Canada and the United States and in several other jurisdictions.

The Law Foundation of Ontario’s revenues from the interest on mixed trust accounts can be highly variable. Two broad factors determine revenues in any given year: mixed trust balances and interest rates.

The Foundation negotiates agreements with major banks and other institutions authorized to hold lawyers’ and paralegals’ mixed trust accounts as to the interest to be earned on those accounts. The agreements take into account the significant monetary value of mixed trust accounts and the societal value of the Foundation’s work. Terms can vary significantly over time and further influence the Foundation’s revenues.

Learn more about reporting a mixed trust account and see grants made from this revenue.

 

 

Cy-près awards

Annual reports

The Law Foundation of Ontario annual report provides an overview of the year’s activities and it is accompanied by audited financial statements.

Read more

Report a mixed trust account

Lawyers and paralegals must report annually on each mixed trust account. It is important to direct the financial institution to forward all interest earned from a mixed trust account to The Law Foundation of Ontario.

Read more

Direct a cy-près award

Many courts have approved the Foundation as a fitting and accountable recipient of cy-près awards. The Access to Justice Fund is a permanent fund available to receive such awards.

Read more

What's new

A red speech bubble with a white exclamation mark inside of it
News

COVID-19 related updates

March 31, 2020

COVID-19: Regular updates on our response to COVID-19, including how to contact us and application deadline extensions.

Helen Tewolde
News

Helen Tewolde named Action Canada Fellow

June 4, 2020

Helen Tewolde, the Foundation’s Director of Policy and Programs, has been named a 2020/2021 Action Canada Fellow by Action Canada and the Public Policy Forum.

A laptop computer with the word 'Information' on the screen
News

COVID-19 related resources for nonprofit and justice sectors

May 28, 2020

Several organizations have created or compiled COVID-19 related resources for the nonprofit and the justice sectors. Here are a few we believe may be helpful.