How does my deposit get credited on the statement of adjustments when I buy in Ontario?

When you purchase a property in Ontario and paid a deposit on signing the agreement, that deposit is credited to you on the statement of adjustments. Because you have already paid that money — it is sitting in the real estate brokerage's trust account — it reduces the balance you still owe at closing.

The statement of adjustments shows the full purchase price at the top, then lists all credits to buyer (including your deposit) and credits to seller, netting to the final balance owing. Your deposit credit appears as a dollar-for-dollar reduction in the funds you need to bring to closing. Combined with any mortgage proceeds that will be advanced by your lender, the remainder is what you need to wire to your lawyer.

If your deposit was made in multiple payments — for example, an initial deposit on signing and a second deposit later — both amounts appear as separate credits on the statement. If there is any interest earned on the deposit while it was held in trust (trust accounts may earn interest), the treatment depends on the agreement of purchase and sale. Confirm with your lawyer whether interest applies and who receives it.