Wednesday, June 25, 2008
All Canadians Terrorist Suspects Now...Thanks Jim Flaherty
Thinking of buying or selling real estate in Canada? Well there's some new regulations you might want to know about. They took effect June 23, 2008. From that day forward, every real estate transaction in the country will be at the scrutiny of Fintrac. The reason? To stop money launderers and terrorists.
What do you think about giving your Realtor your bank account number, place of business, etc. to be held in their files for a minimum of 5 years. Well, it's mandatory for all Realtors to obtain this information from you now. Failure for Realtors to comply with Big Brother can net them a whopping $500,000 fine.
The Realtor's Political Action group were unable to change Jimmy's mind on this. His "too bad, that's the way it is" attitude left zero room for negotiation. The sad part is that we don't even get the consumer's acknowledgement on these forms to keep this information, yet it is mandatory.
Here's the new changes to Fintrac.