Canada AML/ATF Rules Update: New Reporting and Verification Rules for MSBs, Title Insurers, Real Estate, and Private ABM Acquirers
Canada’s latest AML/ATF rules are now in force under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These regulatory changes strengthen oversight, expand reporting obligations, and introduce new due diligence and sanctions reporting requirements. Here’s a breakdown of what changed and who’s impacted. Who’s Impacted by the New Canada AML/ATF Rules The […]
FINTRAC PCMLTFA Requirements for Mortgage Brokers and Lenders: 2024 Compliance Videos and Guide
As of October 11, 2024, Canada’s mortgage sector—administrators, brokers, and lenders—is now covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
GST/HST New Housing Rebate in Canada: How to Prove Primary Residence Intent After Lisi v. The King (2025)
The GST/HST New Housing Rebate can return meaningful dollars on a new-build purchase. The key hurdle is often overlooked: proving you intended to use the property as your primary residence when you signed the purchase agreement. That’s the focus of section 254(2)(b) of the Excise Tax Act. Technical, yes—but manageable with the right preparation. In […]
Personal Mortgage Corporations Soon Permitted in BC
Under BC’s new Mortgage Services Act, mortgage professionals can now use Personal Mortgage Corporations for greater tax efficiency and business flexibility. Learn about licensing requirements and how brokers should prepare before the 2026 transition deadline.
Anti-money laundering requirements for mortgage lenders
CAPL has met with consultants working for FINTRAC to assist with the roll out of AML requirements for the mortgage services sector, which includes mortgage lenders. In order to understand private mortgage lenders better, the consultants have asked that this survey be completed. Please know that we have explained that private mortgage lenders are not […]
Proposed Exemptions for the Criminal Rate Interest
Recently CAPL proposed four exemptions to the Federal Government which would apply to the new lowered criminal rate of interest. Housing interest prohibitions in the Criminal Code appears to be a result of convenience. On this topic, Senator Pierrette Ringuette has explained that “the Criminal Code is where the law created a limit on interest […]
CAPL comments on the criminal rate of interest.
Read CAPL’s letter concerning proposed changes to the criminal rate of interest. Click here for criminal rate letter
Criminal Interest Rate Prohibition – Exemptions
CAPL has been advised that the Federal Government has tabled Notice of a Ways and Means Motion for Budget 2023 in the House of Commons. Division 34 of Part 4 introduces changes to the Criminal Code to lower the criminal rate of interest to 35% annual percentage rate, as announced in Budget 2023. As part of the Amendments […]