Knowledge centre
Tarion may compensate eligible buyers when the builder fails to give required delay notice or misses protected dates. The claim is not automatic, and Tarion says the form generally must be submitted within one year after possession or occupancy.
No. Tarion deposit protection applies only in specified circumstances and up to applicable limits. It should never be described as unlimited insurance for every deposit, upgrade payment or contract dispute.
Potentially. Ontario condo law can provide an additional 10-day rescission period after a material change to the disclosure statement, but whether a change is legally “material” can require professional advice.
The 10-calendar-day period generally begins only after the buyer has received the signed purchase agreement, disclosure statement and Ontario Condo Buyers’ Guide. Signing alone may not be the only date that matters.
Because mortgage brokers, administrators and lenders are reporting entities under Canada’s anti-money-laundering framework and must verify people and entities for specified mortgage records and transactions.
Many prescribed mortgage-sector records must be retained for at least five years, although the starting date varies by record. Privacy, brokerage and other legal retention requirements may also apply.
Yes. Suspicious Transaction Reports are based on reasonable grounds to suspect specified financial-crime activity, not on reaching a fixed dollar threshold, and attempted transactions can also be relevant.
No. FINTRAC’s 24-hour rule can aggregate multiple cash transactions that total $10,000 or more, and suspicious-transaction obligations are not limited to a $10,000 threshold. Deliberately splitting transactions can itself create concern.
Because mortgage brokers and lenders must take reasonable measures in prescribed circumstances to identify politically exposed persons, heads of international organizations and certain family members or close associates.
Mortgage-sector reporting entities have third-party determination duties for specified records and reports. They may need to understand whether the named client is acting for someone else or whether another person controls the transaction.