Accepting an offer then withdrawing later

[Triedsohard]

I have been accepted to USask and still waiting to hear back from my top two choices - UVic and Dal. USask has a deadline of April 10th to respond, but not sure I will get into either of the top two choices. If I go ahead and accept the offer and pay the $500 deposit - are there any repercussions later if I withdraw, aside from losing out on the deposit? I am hopeful about having options, but obviously do not want to lose out on a spot. Does accepting and then withdrawing look bad? Is it common practice to accept and wait to hear back? I am a first-time applicant that applied later on based on personal circumstances, so any insight on this would be greatly appreciated. 

[luckycharm]

It is common practice. A happy applicant on the waitlist will thank you. Your $500 deposit will cover their extra work.

[harrow1931]

Just now, luckycharm said:

It is common practice. A happy applicant on the waitlist will thank you. Your $500 deposit will cover their extra work.

Do you have to let the other school know you are declining after paying the deposit?