3. Restricted Trust Account
All land titles registrations with the Property Registry are electronic and are managed by Teranet Manitoba LP.
If a member or law firm will be dealing with real estate transactions and wants to use electronic funds transfers to pay the land transfer tax and registration fees through the eRegistration portal, the law firm will need to open and maintain a restricted trust account.
The law firm’s restricted trust account is a specialized pooled trust bank account created for the sole purpose of accommodating the transfer of trust money for land transfer taxes and registration fees during eRegistration.
Not every firm will want or need a restricted trust account. Although the restricted trust account is a pooled trust bank account, it is not to be confused with the pooled trust account mentioned above.
If you do not do any real property transaction work, you will not need a restricted trust account.