Form 1 enables The Law Foundation of Ontario to be confident that it receives the interest generated on all lawyers' and paralegals' mixed trust accounts. This revenue supports Legal Aid Ontario and many other activities which enhance excellence in the legal professions and access to justice for all Ontarians.
The Form 1 process was streamlined and simplified for the reporting year commencing 2008. The Form 1 can be filed online using the same LSUC Portal for filing your Annual Report.
Frequently Asked Questions
Q: Who needs to file a Form 1?
A: Every mixed trust account must be reported. Form 1 can be filed by the lawyer, paralegal or designated financial filing licensee, who is responsible for client trust monies, held in a mixed trust account at any time during the reporting year. This could include sole practitioners, the designated financial filing licensee on behalf of a firm, or any licensee who is responsible for a mixed trust account not otherwise reported.
Q: If I am a member of a firm but not the designated financial licensee, do I have to file a Form 1?
A: A licensee who is a member of a firm may be responsible for a mixed trust account which is not the responsibility of the firm and therefore not included in the Form 1 filed by the firm's designated financial filing licensee. That account must be reported separately by the licensee responsible for it.
Q: Does every lawyer or paralegal have to complete a Form 1?
A: No. Only sole practitioners, a firm's designated financial filing licensee, or any licensee who is responsible for a mixed trust account not otherwise reported are required to complete and file Form 1.
Q: What is a mixed trust account?
A: As set out in Section 57 (1) of the Law Society Act, a mixed trust account is one in which a licensee holds money in trust for or on account of more than one client in one fund.
Q: Where can I find the Form 1?
A: You may file on-line or by regular mail. Form 1 is available for e-filing through the LSUC Portal. Alternatively, the Form 1 was mailed to lawyers and paralegals under exceptional circumstances, along with their Annual Report package.
Q: What should I do if there is more than one mixed trust account to be reported?
A: The electronic Form 1 will accept a virtually unlimited number of mixed trust accounts.
If you are reporting by paper form and you have more than one account, attach a separate piece of paper with the additional reporting information.
Q: Can I still use the pre-2008 Form 1 for reporting?
A: No. The pre-2008 Form 1 is no longer in use. If you are filing for years prior to 2008, call The Law Foundation of Ontario at (416) 598-1550.
Q: Do I still have to provide monthly details regarding account balances, rates of interest paid and interest amounts paid by my financial institution on the new Form 1?
A: No. Under O. Reg. 59/08, lawyers and paralegals are no longer required to provide The Law Foundation of Ontario with this information.
Q: What detail should I keep on file?
A: The Law Foundation of Ontario may request a supplementary report to confirm or clarify information regarding your mixed trust accounts. See O.Reg. 59/08, Section 2 (2). As a general rule, your regular monthly bank statement provides the necessary information to complete a supplementary report if one is requested.
Q: Does the Form 1 require an original signature?
A: Hard copies of Form 1 require an original signature. E-file versions of Form 1 do not require an original signature.
Q: How can I obtain a hard copy Form 1 to complete?
A: The Form 1 may be obtained by emailing a request to email@example.com or by calling (416) 598-1550.
Q: What is the deadline for filing Form 1?/strong>
A: The deadline for filing Form 1 is March 31.
Q: If I am filing a hard copy Form 1, where do I mail my Form 1?
A: If you are not using e-file and are mailing a hard copy Form 1, the mailing address is:
The Law Foundation of Ontario
20 Queen Street West, Suite 3002
Q: Who do I contact for other questions?
A: Call (416) 598 1550 or email firstname.lastname@example.org