Changes Coming to FINTRAC Regime

As you may be aware, significant changes to Canada’s FINTRAC Regime are scheduled to come into force on June 1, 2021. However, important information related to the updated law has yet to be provided by FINTRAC:

  • First, FINTRAC guidance and reports covering some aspects of the updated law have yet to be published on FINTRAC’s website.
  • Second, a draft package of sector-specific updates and forms has been prepared by CREA and has been with FINTRAC for review for several months. However, FINTRAC recently informed CREA it will require additional time to provide feedback.

In order to give REALTORS® time to familiarize themselves with their new obligations, CREA has posted draft versions of its updated materials on REALTOR Link®. The materials are based on the best available information available to CREA. However, REALTORS® should note:

  • In some places, placeholder text has been inserted to reflect the fact no FINTRAC guidance or forms exists.
  • CREA’s material may change depending on the feedback provided by FINTRAC. 

REALTORS® should exercise caution when reading these draft materials and speak to their legal counsel before modifying their existing business practices.

CREA continues to lobby the federal government to delay the coming into force date of the FINTRAC Regime changes to give REALTORS® additional time to modify their business practices to reflect the updated law.

CREA will post a final sector-specific version of all resources to REALTOR Link®, and host a webinar open to all REALTORS® explaining the changes, after FINTRAC publishes all relevant guidance and CREA receives FINTRAC’s feedback. 

If you have any questions please contact Dil Puar, Director, Government Relations (dpuar@crea.ca), or Simon Parham, Legal Counsel and Chief Privacy Officer (sparham@crea.ca). 

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s