Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
I went through a FINTRAC audit last summer. It ruined a few weeks of my summer. This agency doesn't know what it is doing when it comes to our industry. They dragged us around for a month, made us fearful for no reason at all, and actually, at one point stated that our forms as supplied by CREA were insufficient and non compliant. When I challenged this guy to the senior team and to CREA, he backed down. Bully tactics. And what is this useless 4 page identification document? Most paragraphs are not applicable in 99% of deals. Should be a simplified process...unless you suspect there is a reason to have more detail. I am pretty sure this is just a big make work project for the government. Im all for stopping terrorism and money laundering, but I should not have to become a police investigator to do my job. We do our best to stay compliant and train our staff, but this organization is severely flawed.
Well said 100% agree! layering of the political agenda is chronic, more people trying to control the industry then actually working in it, some real change needed.
I entered the real estate brokerage business so I could be a tax collector (HST) and spy (FINTRAC) for the federal government. Didn't you? :) Downloading money laundering and terrorist detection obligations onto thousands of brokerages, financial institutions, jewelers, and others is among the stupidest things the Harper government did. I am all for nabbing terrorists and money launderers, but the job should be assigned to professionals (e.g. RCMP, CSIS, etc.), not amateurs.
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