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In response to an Instagram post asking about rental contracts, the speaker explains that these contracts vary by location. In Ontario, the Ontario standard lease was introduced in April 2018, providing a uniform agreement template for landlords and tenants. This standardization simplifies the process for both parties, ensuring that tenants are protected from invalid agreements and landlords adhere to consistent terms. The lease document offers clear instructions on completing the necessary information, making it straightforward to use. However, complexities may arise in specific areas beyond the standard lease template.