Under section 57 of the Law Society Act, The Law Foundation of Ontario receives the interest on lawyers’ and paralegals’ mixed trust accounts. The reporting of mixed trust accounts helps The Law Foundation of Ontario ensure that it receives the interest generated on all 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.
Opening a mixed trust account
When you open a mixed trust account at your financial institution, it is important that you direct the institution to forward all interest earned from that account to The Law Foundation of Ontario.
The direction can take different forms. If needed, here is an example of a Letter of Direction (PDF) that you can use to give to your financial institution.
If applicable, email a copy of the direction to The Law Foundation of Ontario at: email@example.com
After a mixed trust is open
Lawyers and paralegals must report annually on each mixed trust account held at any time during the licensee’s reporting year through their Annual Report through the Law Society of Ontario portal.
All reporting requirements for lawyers and paralegals can be found at the Law Society of Ontario.