Frequently Asked Q&A
Q: Why should I use a REALTOR®?
A: A REALTOR® can help you in a great many ways to not only get a better price for your home, but also make the whole process easier. Read more in the "Why Use A REALTOR®" section.
Q: How do I find a REALTOR®?
A: Read more and use the search engine on our website in the “Find a REALTOR®” section.
Q: Why do I need to show ID to my REALTOR®?
A: The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is requiring the real estate industry to “ID” clients. This is a new federal law as of June 23, 2008.
FINTRAC is Canada's financial intelligence unit. It is an independent agency, reporting to the Minister of Finance, who is accountable to Parliament for the activities of the Centre. It was established and operates within the ambit of the Proceeds of Crime (money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations. This government body was created as part of an initiative to fight money laundering and terrorist financing, both domestically and internationally.
Businesses and industries (of which organized real estate is one) must report to FINTRAC, and are required to know their clients and asking for ID is one way to do that.
The business you are dealing with is required by law to ask you for ID. By providing this information when requested, you will ensure that our industry members can meet their legal obligation, and support the fight against money laundering and terrorist financing.
ID means that you are required to provide valid identification such as a birth certificate, a drivers license, or similar type of document.
There are other requirements that might prompt the business you are dealing with to ask you for more information about the transaction you are conducting. For instance, you may be asked whether you are acting on behalf of a third party while conducting your transaction.