Short answer
Show the complete path from the original foreign account or asset sale to the Canadian account and then to the lawyer. A transfer receipt alone may not explain who owned the money, how it was accumulated or whether any repayment is expected.
The client problem behind the question
The buyer has enough funds, but several conversions and family accounts make the source difficult to follow just before closing.
What the official guidance establishes
Mortgage lenders and other reporting entities must meet identity, recordkeeping and anti-money-laundering obligations. FINTRAC guidance describes reliable identity documents and records, while lenders establish their own down-payment verification periods and evidence.
Where the answer can change
There is no universal FINTRAC rule saying every mortgage requires exactly 90 days of statements. Many lenders request that period as policy and may ask for more. Sanctions, cash deposits, third parties and high-risk jurisdictions can require added review.
A practical Ontario example
Illustration only: A buyer transfers savings from a foreign investment account through a currency service and then a relative’s Canadian account. Even honest funds may be delayed because the ownership trail breaks at the relative’s account.
What to do before committing
Keep original and translated statements, sale documents, transfer confirmations, exchange receipts and Canadian deposits. Avoid unnecessary account hops and disclose every third party early.
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 newcomer file should be separated into six decisions: legal ability to purchase, Ontario tax, immigration status, income, credit and source of funds. Passing one does not pass the other five. I would test an insured or conventional A route first, then compare alternative/B or short-term financing only when the documents and future exit justify the extra cost.
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.