Short answer
Act immediately. Contact the financial institution that sent or received the money, your lawyer, relevant lender and local police. Report the incident to the Canadian Anti-Fraud Centre, preserve evidence and secure affected email, banking and identity accounts.
The client problem behind the question
A victim feels embarrassed and waits for the other party to return the money, losing time when a transfer might still be traced or frozen.
What the official guidance establishes
The Canadian Anti-Fraud Centre directs victims to report the incident to the financial institution that transferred the money and provides national reporting channels. Ontario also provides a process for victims of real-estate fraud and information about the Land Titles Assurance Fund.
Where the answer can change
Reporting does not guarantee recovery. The right contacts depend on whether the issue involves a transfer, forged mortgage, identity theft, broker conduct or legal title. Do not delete messages or alter documents while gathering evidence.
A practical Ontario example
Illustration only: A buyer sends closing funds to a fraudulent account and notices within an hour. Immediate calls to both financial institutions, the lawyer and police give the best chance of stopping movement, while delayed email exchanges may not.
What to do before committing
Call first, then document names, times and reference numbers. Change passwords from a clean device, enable multi-factor authentication, notify both credit bureaus and follow the lawyer’s instructions on title and closing.
Questions Rajiv would ask
- What deadline, condition or closing problem must be solved?
- Which facts are confirmed by original documents and which are still assumptions?
- Which law, insurer rule or lender policy applies to this exact transaction?
- What happens to the cash requirement and monthly payment if the first option fails?
- What is the practical route back to lower-cost financing, if temporary financing is used?
Rajiv’s broker perspective
A difficult mortgage can be solved only with accurate information. I would rather explain a real income gap, credit issue or closing shortfall to the right lender than submit a polished story that the documents do not support. The legitimate options may include another A policy, alternative/B lending, an MIC or private bridge, a larger down payment, a delayed closing or a lower purchase price.
Related: Mortgage declined? Start here · Mortgage Knowledge Centre · Real Estate Centre · Updates & Rules Centre
Would a second opinion help before you commit?
Send Rajiv the property, deadline, financing concern and the documents already available. He can identify the missing questions, compare practical mortgage routes and explain the next step in plain language.