When you pick up your keys, you will be required to pay a bond (typically 4 weeks rent*) which will be forwarded to the Residential Tenancies Authority (RTA) and held in trust. Your rental bond will be refunded to you promptly after you have vacated the property provided that your rent is up to date, there are no monies owing for cleaning, repairs and water usage and the property is vacated in a satisfactory state with no damage.
To apply for the bond refund, a bond refund form must be signed by both you and the agency. This form will then be submitted to the RTA for deposit of funds into your bank account.
*For general tenancies the law says if the rent is $700 or less per week, the maximum bond amount is four weeks rent. If the weekly rent is higher than $700, the amount of bond should be negotiated between the lessor/agent and tenant. The law gives no maximum amount where the weekly rent is higher than $700.