Most tenants, if they have been renting for a while know the laws and regulations very well. Beware of the savvy tenant, because they know how to manipulate things in their favour. This is why you should always do a thorough application process. Check references, credit, and criminal records. I also suggest you find a reason to meet them at their current residence.
You have to educate yourself on all your local rules and regulations. Did you know that you have to pay the tenant interest on that last month’s rent deposit on a yearly basis. I would wager they do. The rate of interest is fixed in the Landlord and Tenant Board and changes to what inflation rates are. Even though the interest might be only $10 or so, many well-informed tenants will expect it, and will know exactly how much you owe them. You must educate yourself, or have an expert that does know the rules on your team.
In Ontario you are also not allowed to charge a late fee. Try this little trick.....offer a discount for rent paid on the first. For example if the rent is $700/ month, you will fill out the lease with a monthly rent of $750/month but if rent is paid on the first of the month rent is discounted to $700/ month
Investors in Ontario should be familiar with the Ontario Landlord and Tenant board. visit: