All law firms are required to file annual trust reports and are subject to rigorous trust assurance standards set out in Part 3, Division 7 of the Law Society Rules (Trust accounts and other client property).
Reporting requirements
Every practising lawyer in BC, subject to certain exemptions, must file an annual trust report. Where there is more than one lawyer at a firm, only one trust report is required for all lawyers of that firm. If you are a practising lawyer, but do not maintain a trust account, you still must submit an annual trust report confirming you do not have a trust account or handled trust funds.
There are two types of trust reports: a self report and an accountant’s report.
Self Report/Accountant's Report
A self report is completed entirely by the lawyer. An accountant’s report requires the lawyer or firm to engage an independent Chartered Professional Accountant (CPA) to complete Section C. Under Rule 3-82, the Law Society has the discretion to require an accountant’s report.
How to file a trust report
The trust report is an online form, due within 3 months of the firm’s reporting period end. The Trust Assurance department emails the firm’s designated representative(s) instructions to download the trust report filing notice in Member Portal. The filing notice includes the filing identification number needed to access the online report. If you log in and see last year’s report, check your filing identification number, it is likely you have entered the prior year’s filing identification number. Each year, we will provide you with a new unique 14 digit filing identification number.
It is important to file the trust report by the due date to avoid suspension of your membership and a late fee assessment.
Forms and resources
Law Society Rules, Part 3, Division 7
Self Report Filing Instructions
Accountant's Report Filing Instructions
For more information, contact Trust Assurance (trustaccounting@lsbc.org)