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 (firstname.lastname@example.org), or Simon Parham, Legal Counsel and Chief Privacy Officer (email@example.com).