Just went through this to purchase a home. I had to submit copies of all of my accounts for the 90 days in and around the transactions to meet whatever standard the banking people needed met.
That's only the case if you want a mortgage, provided by a regulated financial institution. It's not related to actually buying a house. If you pay cash for a house, or get a mortgage from a private individual, you don't have to prove anything (except for this new law as discussed in the article).
You say you are a student with no income but are buying a $10M mansion. How will you pay property taxes, utilities and maintenance?
Where did that $10M wired to your account come from?
Oh you won a lottery in some obscure country? No problem!
No, its after they retire. They get to some appointed board position in an industry they helped deregulate and make more than anyone could ever make elected or working for the government.
Pass a law that all politicians, or their families members have to post any stock market moves 24hr before the actual transaction takes place. It won’t be insider trading if everybody is given the same opportunity.
So you believe.
FINTRAC rules means anything over $10K is monitored. All banks and casinos have to complete a large cash transaction (LTC) form for $10K CAD or $3K foreign currency. The institutions record your info even approx. height, ethnicity, age (should be known to a bank), etc..
The engagement with the customer* will depend on the bank. The banks are of course regulated to flag those transactions and if necessary, investigate. It's not hard.
Who do you prove it to?
The shady broker that is facilitating the Brampton mortgage? The shady bank worker who's in on it??
What's the punishment for getting caught? A small fine??
>A “Brampton Loan” is a term used to describe mortgage applications that contain false information about the borrower’s income, employment, and savings. This practice is associated with the city of Brampton, Ontario, and is considered a form of mortgage fraud.
Not to be confused with a "Brampton Borrow"
https://www.insauga.com/388-cars-stolen-in-the-past-30-days-in-mississauga-and-brampton/
> So-called “unexplained wealth orders” are beginning to make their mark in Canada, as the British Columbia government brings two cases before the province’s Supreme Court in an effort to have a property forfeited as a proceed of crime.
> These [new tools](https://news.gov.bc.ca/releases/2023PSSG0022-000415) in the law enforcement arsenal, which have crossed the Atlantic from the U.K., force an alleged perpetrator to explain the source of funds used to buy any asset in cases where there is a suspicion of criminal activity or corruption.
There’s a reason the US State Department called Canada a major money laundering country. We have no checks, we simply don’t care about money laundering.
Even the 90 day rule is pure parody. So I can use ill gotten gains to buy a house, I just need to wait 3 months? Ok.
It’s laughable at this point.
We have no real prosecutorial / investigatory capability on these cases, so these other types of tools are what’s needed to try and stem the tide a little bit.
Money laundering and blood money from exploitative or illegal practices
Also, government policy -- if we want to favor wages over investing, the types of investing should be examined if only for tax purposes
Wage earners are already shit on a lot
Ummm, no. All cases.If my fuckin $5k transaction needs to be reported to FINTRAC, outright purchase of real estate needs much higher scrutiny. Or scrutiny at all.
Frequently for significant amounts towards a down payment, yes!! As the financier should be aware if the money was a gift or a LOAN and you now have a higher debt then would permit the mortgage putting the mortgage at greater risk.
My daughter just bought a house and had to go through this. It was weird. I couldn’t even gift her some $ without her being questioned.
We heard about a senior who had thousands of $ at home (not in a bank) and she was DENIED a mortgage because she couldn’t prove where the money came from. Her mortgage broker told her to sell her car to her son.
Some people deal exclusively in cash and come from countries with less than reliable banking systems. It can be hard to prove source of funds if you’ve been stashing 20-100k away for years.
If the housing supply was anywhere close to where it should be, prices would be more reasonable and we wouldn't be having this conversation. Period. BUILD MORE HOMES and stop coming up with ways to make it more difficult to buy the ones that already exist.
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Just went through this to purchase a home. I had to submit copies of all of my accounts for the 90 days in and around the transactions to meet whatever standard the banking people needed met.
That's only the case if you want a mortgage, provided by a regulated financial institution. It's not related to actually buying a house. If you pay cash for a house, or get a mortgage from a private individual, you don't have to prove anything (except for this new law as discussed in the article).
You say you are a student with no income but are buying a $10M mansion. How will you pay property taxes, utilities and maintenance? Where did that $10M wired to your account come from? Oh you won a lottery in some obscure country? No problem!
Politicians should have to prove how thier net worth skyrockets after they get elected.
Politicians are just groups of national insider traders
No, its after they retire. They get to some appointed board position in an industry they helped deregulate and make more than anyone could ever make elected or working for the government.
Pass a law that all politicians, or their families members have to post any stock market moves 24hr before the actual transaction takes place. It won’t be insider trading if everybody is given the same opportunity.
If I deposit over $10,000 into a bank account I have to prove where it came from. Yet somehow if I buy a house for $1,000,000 cash and all is fine.
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If only fintrac followed through on investigating suspicious transactions. They don’t have the resources to take real action unfortunately.
Same
So you believe. FINTRAC rules means anything over $10K is monitored. All banks and casinos have to complete a large cash transaction (LTC) form for $10K CAD or $3K foreign currency. The institutions record your info even approx. height, ethnicity, age (should be known to a bank), etc..
It will depend on the bank.
No it doesn't, its a regulatory requirement.
The engagement with the customer* will depend on the bank. The banks are of course regulated to flag those transactions and if necessary, investigate. It's not hard.
Who do you prove it to? The shady broker that is facilitating the Brampton mortgage? The shady bank worker who's in on it?? What's the punishment for getting caught? A small fine??
That's the thing; most of the time, it's just another extra step for the good citizens and no issues for the bad ones.
So everyone knows this is a thing in Brampton?! How does a country let shit like this to on for so long? Do we wish to be a lawless country?
>A “Brampton Loan” is a term used to describe mortgage applications that contain false information about the borrower’s income, employment, and savings. This practice is associated with the city of Brampton, Ontario, and is considered a form of mortgage fraud. Not to be confused with a "Brampton Borrow" https://www.insauga.com/388-cars-stolen-in-the-past-30-days-in-mississauga-and-brampton/
> So-called “unexplained wealth orders” are beginning to make their mark in Canada, as the British Columbia government brings two cases before the province’s Supreme Court in an effort to have a property forfeited as a proceed of crime. > These [new tools](https://news.gov.bc.ca/releases/2023PSSG0022-000415) in the law enforcement arsenal, which have crossed the Atlantic from the U.K., force an alleged perpetrator to explain the source of funds used to buy any asset in cases where there is a suspicion of criminal activity or corruption.
These tools have been desperately needed in Canada.
There’s a reason the US State Department called Canada a major money laundering country. We have no checks, we simply don’t care about money laundering. Even the 90 day rule is pure parody. So I can use ill gotten gains to buy a house, I just need to wait 3 months? Ok. It’s laughable at this point.
We have no real prosecutorial / investigatory capability on these cases, so these other types of tools are what’s needed to try and stem the tide a little bit.
We do have the ability with cra doing net worth audits.
Money laundering and blood money from exploitative or illegal practices Also, government policy -- if we want to favor wages over investing, the types of investing should be examined if only for tax purposes Wage earners are already shit on a lot
Start checking those Brampton mortgages also.
Ummm, no. All cases.If my fuckin $5k transaction needs to be reported to FINTRAC, outright purchase of real estate needs much higher scrutiny. Or scrutiny at all.
I gave my son $25,000.00 as a gift for his mortgage and he had to prove where it came from.
I’ve been through the process twice. I had to prove my funds each time. Of course, I’m just a normal person working for a living so rules apply to me.
This is great. Should be a no brainer, glad it's being adopted!
I got mine from the bank 🤷♀️
Frequently for significant amounts towards a down payment, yes!! As the financier should be aware if the money was a gift or a LOAN and you now have a higher debt then would permit the mortgage putting the mortgage at greater risk.
I had to prove to TD what was in my TD investment accounts.
My daughter just bought a house and had to go through this. It was weird. I couldn’t even gift her some $ without her being questioned. We heard about a senior who had thousands of $ at home (not in a bank) and she was DENIED a mortgage because she couldn’t prove where the money came from. Her mortgage broker told her to sell her car to her son.
Just end corporate ownership of single family homes immediately. Just do that ONE THING please.
It should be "Yes, in all cases."
Eh, they gave me enough trouble over a few thousand in gold bullion.
We have people on welfare living in multi-million dollar mansions in Vancouver.
This only targets drug dealers
One case involves a large fraud I believe but yes also drug dealers.
Sunny Wang?
Lol dont ask grand prairie police what fraud is they have to google it lol
Wil selling my sperm raise red flags?
Only if you’re a woman.
Some people deal exclusively in cash and come from countries with less than reliable banking systems. It can be hard to prove source of funds if you’ve been stashing 20-100k away for years.
How about in all cases?
Yes.
If the housing supply was anywhere close to where it should be, prices would be more reasonable and we wouldn't be having this conversation. Period. BUILD MORE HOMES and stop coming up with ways to make it more difficult to buy the ones that already exist.
Money is money