What is the trust ledger statement my lawyer gives me after closing?

After a real estate closing in Ontario, your lawyer should provide you with a trust ledger statement — sometimes called a closing statement or reporting letter with attached ledger. This document is a full accounting of every dollar that flowed through the lawyer's trust account in connection with your transaction.

For buyers, the trust ledger shows all money received (your wire transfer, your deposit credit, your mortgage proceeds) and all money paid out (purchase price to seller's lawyer, land transfer tax, legal fees, disbursements, title insurance, any adjustments). It reconciles to zero, proving every dollar is accounted for.

For sellers, the trust ledger shows the sale proceeds received and all deductions — mortgage discharge payout, commission paid to brokerages, legal fees and disbursements, property tax adjustments — with the net proceeds sent to you. The trust ledger is an important document. It is your proof of what was paid for tax purposes (your adjusted cost base starts with your purchase price), for future sale proceeds calculations, and for any dispute resolution. Store it permanently with your title documents and deed.