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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.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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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.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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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.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. FINTRAC creates identity, recordkeeping, monitoring and reporting obligations, but it does not prescribe one universal 90-day down-payment statement rule. Ninety days is commonly an insurer or lender documentation period.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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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.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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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.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Yes. Since October 1, 2025, reporting entities can have obligations to report material discrepancies involving the federal beneficial-ownership registry when specified high-risk conditions are met.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Because identifying the individuals who ultimately own or control an entity helps prevent anonymous companies, trusts or partnerships from hiding who is behind a mortgage transaction.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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FINTRAC recordkeeping rules require mortgage-sector information records to include a person’s occupation or a sole proprietor’s principal business, and entity records must include the nature of the entity’s business.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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The federal Underused Housing Tax no longer requires returns or tax for the 2025 calendar year and later, following legislation that received royal assent on March 26, 2026. Earlier 2022–2024 obligations may still remain.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 6, 2026
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