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The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a fraud alert to warn the public about scams and fraudulent activities that try to obtain personal and financial information by imitating government services, including FINTRAC. The alert highlights that FINTRAC will never contact members of the general public to obtain personal or financial information, and it…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides guidance and directives for businesses subject to anti-money laundering and terrorist financing regulations in Canada. Their website offers valuable information on reporting requirements, compliance best practices, and resources for reporting suspicious transactions. If you’re looking to stay up-to-date with chang…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires businesses to identify their customers and ask for identification to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Money laundering is the process of disguising the source of funds obtained through criminal activities, while terrorist financing is the act of generating revenue t…

Click here to learn more about the subjects below:Financial transactions related to countries identified by the FATFDemocratic People’s Republic of Korea (DPRK)Ministerial Directive on the DPRKIranMinisterial Directive on IranMyanmarOther jurisdictionsNicaragua no longer subject to FATF’s increased monitoring processPakistan no longer subject to FATF’s increas…

When you purchase a condo unit on the open market well in advance of the completion of the building, you will generally pay property transfer tax on the total amount you paid to acquire the property. The total amount includes any money paid for:upgrades or additions, orany other premium for assignment of a written agreementYou may transfer the right to purchase the property to a…

The B.C. government announced the expansion of areas where the speculation and vacancy tax applies.The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C. Everyone deserves an affordable place to call home, yet house prices and rent have skyrocketed out of reach for too many people. The provincial government is…

The homeowner grant reduces the amount of property tax you pay for your principal residence.The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area. If you pay your property taxes to a First Nation, contact the First Nation directly.In this article you’ll learn about:What to doAbout the homeowner grantRegular grant…

Following last April’s Notice about amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties (PCMLTFAMP) Regulations, we wish to remind reporting entities that crowdfunding platforms and certain payment service providers are covered…

By AleemThis On Wednesday July 12 2022, The bank of Canada officially announced the increase to the overnight lending rate by 1.00%.This announcement surprised pundits who in large part were expecting a maximum increase of 0.75%. This is the biggest jump since 1998, and Canada’s banks will be increasing their prime rates in the coming weeks to 4.70%. This will impact Canadian home owners…