Hot Areas to Invest in Vancouver December 17, 2020 Christian Dy, Latitude West Financial…
FINTRAC – What is it?
FINTRAC stands for Financial Transactions and Reports Analysis Centre which is where the Government of Canada monitors financial transactions, including Real Estate to fight terrorism and money laundering.
What does FINTRAC have to do with Vancouver Real Estate?
Vancouver Real Estate costs a lot of money and the Federal Government does not want this money to be coming from or going to criminals or terrorists.
In 2008 the legislation that created FINTRAC was amended to require Realtors across Canada to ascertain the identity of their clients. When buying or selling Real Estate in Vancouver prospective Buyer and Sellers are required to fill out some disclosures when signing a Listing Contract or a Contract of Purchase and Sale. FINTRAC is now one of those required disclosures (See Below).
Does a Prospective Buyer or Seller of Real Estate In Vancouver Have to Fill Out a Fintrac?
Yes! All Buyers and Sellers of Real Estate in Canada have to fill out a FINTRAC disclosure. Realtors who do not collect this information and forward it on to the Federal Government can actually face jail time! Not fun.