Lawyers and paralegals have a special relationship with The Law Foundation of Ontario. We are connected through legal obligations and our shared mandates of improving access to justice.
Legal duty to report and direct mixed trust account
Lawyers and paralegals have a legal obligation to report mixed trust accounts. This helps ensure that The Law Foundation of Ontario receives the interest on these accounts, which it uses to advance access to justice.When opening a mixed trust account, lawyers and paralegals must direct their financial institution to pay the interest to The Law Foundation of Ontario.
Lawyers and paralegals must report on each mixed trust account held at any time during the licensee’s reporting year in their Lawyer Annual Report or the Paralegal Annual Report filing through the Law Society of Ontario Portal.
Established by statute in 1974, The Law Foundation of Ontario is the sole foundation in Ontario with the mandate of increasing access to justice. The Foundation’s main source of revenue is interest received from lawyers’ and paralegals’ mixed trust accounts. This revenue goes to The Law Foundation of Ontario to make grants that advance access to justice and to Legal Aid Ontario. The higher the interest rate a bank provides, the more dollars are available for the Foundation to make grants.
Learn more on our Report a mixed trust account webpage.