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Saskatchewan Real Estate Commission Interest Bearing Trust Account (IATA) Form PART I To Be Completed by the Financial Institution In accordance with Section 71 of The Real Estate Act, the brokerage
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How to fill out interest bearing trust account

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How to fill out interest bearing trust account

01
Obtain the necessary forms from the financial institution where the trust account will be opened.
02
Fill out the forms with accurate information about the trust and the beneficiaries.
03
Provide proof of identification and any other required documentation.
04
Deposit the initial funds into the trust account.
05
Set up the trust account for automatic interest payments.
06
Review and monitor the trust account regularly to ensure compliance with legal requirements.

Who needs interest bearing trust account?

01
Individuals who have been appointed as trustees to manage assets on behalf of beneficiaries may need an interest bearing trust account.
02
Legal entities such as law firms or financial institutions that hold funds in trust for clients may also require an interest bearing trust account.
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An interest bearing trust account is a type of account that earns interest on the funds deposited, with the interest being paid to the account holder.
Trustees, financial institutions, or individuals managing trust funds are required to file interest bearing trust accounts.
To fill out an interest bearing trust account, you need to provide details about the trust fund, including the amount deposited, interest earned, and any withdrawals made.
The purpose of an interest bearing trust account is to help trust funds grow by earning interest on the deposited funds.
Information such as the amount of funds deposited, interest earned, withdrawals made, and the current balance must be reported on an interest bearing trust account.
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