The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
In Canada - as a real estate representative we have a number of forms that we must present to our clients and/or customers for signature. One of the forms is an Identification form.
The government has formed an administration called FINTRAC - The Financial Transactions and Reports Analysis Centre of Canada. The administration is in charge of administering the requirements under Canada's federal law (The Proceeds of Crime (Money Laundering) and Terrorist Financing Act).
This law requires real estate representatives who are working with sellers (those listing a property) and buyers (those signing an offer to purchase) to show photo identification to the real estate person. We are required to have completed and ready for audit an Client Information Record.
The Client Information Record will require your full name, address, telephone number, a person's occupation and of course photo identification with the documents numbers and the place of issue.
Most clients and customers I work with are not at all familiar with the requirement. Again, this is all about communication.
Passport Picture provided by Striatic from Flickr.
Title Insurance: Belleville and Trenton Ontario Real Estate
One question that I am often asked as a Belleville and Trenton Ontario Real Estate Sales Representatives from my Buyers - should I purchase Title Insurance. I often refer them to discuss this with their lawyer but I do provide them with some information in my buyer's handbook.
Although Title Insurance has been a standard in American Real Estate transactions it has just gain popularity in recent years in the Ontario, Canada Real Estate Transaction.
Title Insurance is a policy covering the condition of title or ownership of real property at the time the policy is issued and is used to provide ownership protection for a purchaser against losses or damages suffered as a result of title problems. I have not known anyone to put this to use but I do recommend you speak to your lawyer for more details.
Title Insurance can be useful because no lawyer can completely assure a purchaser that there is absolutely no chance of an error in the government records, that there are no undisclosed claims, or that the signature of the prior owner or consenting spouse is a true signature (fraud). My understanding is Title Insurance can cover such "gaps" in a lawyer's opinion to cover not only frauds or forgeries prior to closing but also after closing. It is important to note that Title Insurance does not replace the role of the lawyer but simply provides an added level of protection. Ontario Lawyers must still search title and certify the status of title before a Title Insurance policy can be issued.
Remember purchasing a home is one of your largest investments in life. Since is it such an important investment, you want assurance that title is yours "100%".
Title Insurance Policies can protect you the buyer and the mortgage lender from losses that may include. (Disclaimers - please read your policy and discuss with your lawyer to see what is and not included - this is only some examples listed below)
1. Defects that would have been revealed by an up-to-date survey
2. Survey errors or illegibility of survey
3. Encroachments (before or after closing)
4. Contravention of municipal zoning by-laws
5. Defects in title
6. Unmarketability of title
7. Liens
8. Easements (other than minor easements for utilities)
9. Contravention of subdivision, development and other agreements
10. Fraud or Forgery
11. Solicitor error, omission or fraud
12. Priority of unregistered easements and rights of way
13. Unpaid property taxes or local improvement charges by a prior owner.
If I was purchasing a home I would definitely invest the money to purchase Title Insurance.
For more details please visit: Title Insurance
RRSP Program for First Time Home Buyers in Canada
In Canada we have a program that allows our first time home buyers to borrow from their RRSP's interest free for a period of up to 15 years up to a maximum of $25,000.00 for the down payment on the purchase of a residence. Thus, for a couple it could be $50,000.00. This withdrawal is not subject to tax at the time of withdrawal.
First - you must be a FIRST TIME HOME BUYER and you or your spouse may not have owned a home that you occupied in the last five (5) years. You cannot withdraw funds form your RRSP until you have a written agreement to purchase a home. You can apply the funds to the downpayment, land transfer tax, legal fees and disbursements, improvements tot he home, furniture and appliances.
Second: You must use the home as your principal residence in Canada within one year of completing the purchase.
Third: You must be a resident of Canada for the period between the date of withdrawal of the RRSP funds and the closing date of the house purchase.
Fourth: The FIRST TIME HOME BUYER can purchase from a builder or a resale home.
Fifth: You cannot owe any money to your RRSP for a prior borrowing from your RRSP to buy a home.
Sixth: RRSP funds must have been on deposit for at least 90 days before they can be used under the program.
Seventh: RRSP funds cannot be withdrawn later than 30 (thirty) days after the house purchase is completed and if multiple withdrawals, they must be made in the same calendar year or in January of the nest year.
Pay Back:
You are required to start paying back the funds borrowowed beginning in the second year following the year of withdrawal over a period of 15 years by depositing 1/15th of the amount withdrawn annually to your RRSP. Prepayments are allowed at any time without penalty. However, if you miss a payment for any given year, you will not be allowed to pay it back and it will be included in your taxable income for that year.
Remember your bank may not encourage you to use this program because they are more interested in you borrowing from them and paying bank interest instead of borrowing interest free for 15 years from your RRSP.
Belleville Waterfront and Ethnic Festival
July 8, 9, 10th and 11, 2010
Schedule of Attractions & Main Stage Entertainment
(all attractions & entertainment are free unless specified) JULY 8th to 11TH, W. Zwick's Park - FREE ADMISSION - PARKING $2 FREE SHUTTLE BUSES SPONSORED BY THE CITY OF BELLEVILLE THURSDAY, JULY 8th
Sponsors: Rock 107, Mix 97 & CJBQ
5:00-11:00pm World's Finest Shows - Midway
FRIDAY, JULY 9th : Belleville Waterfront and Ethnic Festival
Sponsors: Rock 107, Mix 97 & CJBQ
6:00-11:00pm Licensed Beverage Area
beginning at 6pm Vendor Expo (jewelry, clothing, toys, art & much more!)
6:00-8:30pm Ethnic Food Challenge ... trophy presentation to winning booth & prize
presentation to 3 lucky members of the public at 9:00pm (must be present to win)
1st Prize - 2 weekend passes to The Havelock Country Jamboree
2nd Prize - $250 gift card
3rd Prize - 2 season tickets (2010/2011) for The Pinnacle Playhouse
Sponsors: CJBQ, The Quinte Mall & The Belleville Theatre Guild Enjoy World Cup Soccer games on big screen TV's in The Ethnic Food Village - final game is Sunday afternoon. FRIDAY MAINSTAGE SPONSORED BY OLG ... bring your lawn chairs & ENJOY ... dance floor available!
6:05pm Greek Dancers (Belleville)
6:30pm 8-Wing Pipes & Drums (CFB Trenton)
7:15pm GSOLE Band (Gypsy music in the "Romany" language) www.gsoleband.com
8:15pm Jay Henderson The Eccentric Juggler
8:35pm GSOLE Band
9:15pm ABBAMANIA (ABBA tribute) & Mark Thomas as "NEIL DIAMOND"
FRIDAY MEET & GREET (AT THE CANTEEN IN THE CENTRE OF THE PARK)
6:00pm, 6:45pm & 7:30pm
SPONSOR: Kellogg's SATURDAY, JULY 10TH: Belleville Waterfront and Ethnic Festival
Sponsors: Rock 107, Mix 97 & CJBQ
NOON-11:00pm Licensed Beverage Area
beginning at 11:00am Vendor Expo (jewelry, clothing, toys, art & much more!)
Enjoy World Cup Soccer games on big screen TV's in the Ethnic Food Village - final game is Sunday afternoon. SATURDAY MAINSTAGE SPONSORED BY OLG ... bring your lawn chairs & ENJOY ... dance floor available!
Sponsor: Veridian
1:00pm Kobbler Jay The Eccentric Juggler
1:15pm Shauna Irene (modern/alternative)
2:00pm "Douglas John"
2:30pm The Imbayakunas
3:00pm Triune (mystical melodies & grooves from around the world)
3:30pm Steelecounty (old & new country) www.steelecountyband.com
4:45pm The Reasons (50's & 60's rock n' roll)
5:40pm The Essentials (Doo Wop acapella - 50's to today) www.essentialsmusic.com
6:30pm Steelecounty
7:00pm Triune
7:20pm The Essentials
8:05pm The Reasons
9:00pm Metro Big Band (40's big band to R&B/Motown) www.metrobigband.com
SATURDAY MEET & GREET (AT THE CANTEEN IN THE CENTRE OF THE PARK)
Elmo & Cookie Monster from Sesame Street
Sponsor: Veridian SUNDAY, JULY 11th: Belleville Waterfront and Ethnic Festival
Sponsors: Rock 107, Mix 97 & CJBQ
NOON-5:00pm Licensed Beverage Area
beginning at 11:00am Vendor Expo (jewelry, flowers, clothing, toys, art & much more!)
Enjoy World Cup Soccer games on big screen TV's in the Ethnic Food Village - final game is Sunday afternoon. SUNDAY MAINSTAGE SPONSORED BY OLG ... bring your lawn chairs & ENJOY ... dance floor available!
Sponsor: Veridian
1:00pm Summerhouse (mix of new & Classic Rock)
1:45pm Portuguese Cultural Centre Dancers (Kingston)
2:05pm "Markus"
2:30pm Summerhouse
3:30pm "Miss Emily" ... Emily Fennell (soul/pop/rock with guest Chris Brown)
6:30pm The Commodores Orchestra (40's big band)
(at the bandshell - Lions Club "Concerts On The Bay" series)
SUNDAY MEET & GREET (at the canteen in the centre of the park)
Abby Cadabby & Elmo from Sesame Street
Sponsor: Veridian NOTE: 2 ATM's onsite Fri/Sat/Sun beside the canteen at the entrance to Ethnic Food Village & Main Stage area Sponsor: The Ramada Hotel, Resort & Conference Centre
Information provided by: Belleville Waterfront Festival Website
Canada Day Activities in Belleville, Ontario
THURSDAY, JULY 1st, 2010 -
WEST ZWICKS PARK, BELLEVILLE
Canada Day Music sponsored by: Quinte Broadcasting, Mix 97, ROCK 107, and CJBQ Radio
Information Courtesy of: Buy Locally Owned
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I am a real estate sales representative who ensures you are treated like family. I serve CFB Trenton, Quinte West, Belleville, Stirling, Frankford and Picton.
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