Know Your Provincial Tenancy Acts

 As you get started investing in Real Estate it is a good idea to read through the Tenancy Act of the province you are looking to own a rental property in. There are differences in each of the provinces and how they regulate the rental real estate business. Knowing the Act will help you to best manage your properties for maximum success when dealing with your tenants. In the end the Act will win out in any dispute.
 
One thing to note is if the province has any sort of Rent Control. This will dictate how much you can raise your rents every year. In some provinces they will tell you the percentage in which you can raise the rent, in others like Alberta there is no stipulation on how much you can raise the rents. Get to know what the rule is for the province you are investing in so you can plan your cash flow accordingly.
 

Other differences you should look into is how much security deposit is allowed to be collected. In Alberta for example you are allowed to charge a full months rent as a security deposit, yet in British Columbia you can only collect 1/2 of a months rent as a security deposit. You should also know what the rules are regarding holding the deposits and how you can hold back portions or all of the deposit when a tenant moves out and you have to preform cleaning and repairs.
 
Once again, knowing the Act in the area you are interested in investing in is part of your job as an investor to ensure you are running your properties correctly. If any dispute happens between you and a tenant and you have been following the proper procedures according to the Tenancy Act, you should be protected within it.