Saskatchewan law firm obligations: trust accounts, annual reporting and PIPEDA

This article is for law firms in Saskatchewan. The Law Society of Saskatchewan requires trust funds to be deposited within 3 business days; firms must file an annual report within 3 months of fiscal year-end. The private sector is subject to PIPEDA. Here are the obligations and how PragmaLegal helps.

1. Law Society of Saskatchewan and trust accounts

A trust account is required only if you receive money in trust for clients; funds must be deposited within 3 business days. New firms must file a Firm Registration Form within 30 days to obtain approval to open a trust account. Trust accounting software must be approved by the Law Society before installation. All firms must file an annual report within 3 months of fiscal year-end. Unclaimed funds (over $50 held for 2+ years) may be paid to the Law Society (Form TA-9).

2. Privacy: PIPEDA

In Saskatchewan, the private sector is subject to PIPEDA. Centralizing data in a secure environment with an audit trail supports compliance.

3. Billing: GST and PST in Saskatchewan

Taxable legal services are subject to GST (5%) and Saskatchewan PST (6%). Integrated software simplifies calculation and reporting.

4. How PragmaLegal helps Saskatchewan lawyers

PragmaLegal lets you:

• Maintain trust registers (journal, client balances, reconciliations) for annual reporting.
• Centralize files and personal data (PIPEDA compliance).
• Bill GST and PST correctly with reports for CRA and Saskatchewan Revenue.