SUSPICIOUS TRANSACTION REPORTS: WHAT THEY ARE AND WHY THEY ARE IMPORTANT
Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) has authority to produce strategic intelligence on the nature and scope of money laundering, terrorist activity financing, and sanctions evasion. FINTRAC requires financial entities such as banks and credit unions to report suspicious transactions by way of a Suspicious Transaction Report to FINTRAC. Service providers can […]
Decrease in the Criminal Interest rate – Lenders take Note!
As of January 1, 2025, significant amendments to the Criminal Code Act of Canada – particularly Section 347- have come into force. These changes lower the criminal interest rate in Canada from an effective annual rate of interest of 60% (approximately 48% APR) to a maximum annual percentage rate (APR) of 35%. What This Means […]
MLS Requirements
THE CANADIAN REAL ESTATE ASSOCIATION’S DUTY OF COOPERATION POLICY – TRANSPARENCY VIA THE MULTIPLE LISTING SERVICE During their Annual General Meeting in April of 2023, the Canadian Real Estate Association (CREA) voted in favor of adding a policy of a “Duty of Cooperation” to be added to the Realtor Code. This duty of cooperation requires […]
Foreign Ownership of Land Amendments
Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act and the Regulations It didn’t take long for the government to recognize how this ban essentially discourages new comers to establish their roots in Canada and consider our country their new home. Amendments have been introduced on March 27, 2023. Noting the […]