Opinions on buyer's personal bank account number must submits to realtor for FINTRAC.

tnguyen

Inspired Forum Member
Registered
Feb 12, 2010
66
3
8
Vancouver, BC
#1
My friend has a question and I love to have everyone opinions:
"Based on the new real estate rules, do buyers have to send their personal bank account number to the realtor to fill out the FINTRAC form when buyers' making a deposit on a real estate transaction?. The deposit is in the bank draft form."
If anyone has experience on this matter, please post your opinions.
Thanks everyone in advance.
 

Michel Lafleur

Frequent Forum Member
REIN Member
Apr 30, 2015
143
144
43
#2
As a Realtor in AB we are required to complete FINTRAC forms identifying the buyer or seller (depending who we are representing.) We are also required to complete a FINTRAC receipt of funds for any money (deposits) received.
If the deposit is a bank draft, no issues. Major red flag if you are paying cash for the deposit.
For the personal (or corporate) FINTRAC I prefer to see a piece of current, government issue photo ID such as driver's license or passport.
If you dont have current government issued photo ID, then we may need to see credit or bank account info.
See screenshot below...we need to complete one of A, A1, A2, or A3....I usually only fill in section A.

1559331671248.png
 
Likes: Tina Myrvang

Alvaro Sanchez

Ottawa-Gatineau Investor
Registered
Jun 5, 2009
950
147
43
Ottawa
AlvaroSanchez.ca
#5
It was not a requirement last time I use an real estate agent when buying (only driver's license). Yet, please note that bank might request to see last 3 months of bank statements not only to show proof of down payment but confirm rent income (beside current leases). This never happen to me on last 2 recent transactions this year (TD Bank / National Bank).
 
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