COVID-19 Rent Repayment Plan
As of July 2020, British Columbia announced that landlords are required to issue a formal repayment plan informing tenants how any arrears incurred due to the COVID-19 pandemic are to be repaid.
Whose it for?
- Residential Landlords
- Property Managers
When should a COVID-19 Rent Repayment Plan be issued?
The first monthly repayment instalment can come due on or after October 1st, 2020. The notice should be delivered far enough in advance of the first payment date to give the tenant a reasonable time to make arrangements.
Why is a COVID-19 Rent Repayment Plan needed?
Per regulation, landlords are required to issue notice outlining repayment terms. Failing to do so can result in an inability to end the tenancy based on unpaid arrears incurred between March 18th 2020 and August 31st 2020.
What if the tenant defaults on the COVID-19 repayment plan?
Per regulation, if the tenant’s obligations of a valid Rent Repayment Plan are not met, the landlord can proceed with issuing a notice to end the tenancy.
What does it look like?
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