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.
Regulation on Foreign Ownership of Agricultural Land
Foreign investors are potentially subject to two tiers of regulation: (1) federal foreign investment legislation provides an initial hurdle towards foreign in-bound investment and the application of such legislation may vary in an ever-changing geopolitical climate, and (2) foreign investors must navigate provincial and territorial regulations to determine whether an investment in agricultural land is […]
Extension of the Foreign Buyer’s Ban
The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) was set to expire at the end of 2024, it will now be extended to January 1, 2027. For further information read here https://www.jdsupra.com/legalnews/canada-extends-ban-on-foreign-home-7301260/
Regulatory Updates for the Private Lending Industry — Ontario and the Financial Services Regulatory Authority
CAPL has quarterly meetings with the Financial Services Regulatory Authority of Ontario (FSRA), in which we are able to discuss issues relating to the mortgage brokering sector. We can report that FSRA is very actively focussing regulatory initiatives on private mortgage lending. Here is an update on some of those initiatives: Mortgage Suitability Consultation FSRA […]
Regulatory Update: Criminal Interest Rate – Proposed 35% APR
Proposed Criminal Interest Rate Regulations providing exemptions now published. On December 23, 2023, the federal government published proposed Criminal Interest Regulations which specify certain exemptions to the new criminal interest rate ceiling contained in the Criminal Code. If you recall from previous discussions, the government introduced sweeping changes to the criminal interest provisions, which currently […]
New Federal Consultation on Criminal Interest Rate
The Department of Finance is launching a new consultation on further lowering the criminal rate of interest, the payday lending exemption and other questions related to access to small loans. The federal government announced intended amendments to the Criminal Code in its 2023 Budget to lower the criminal rate of interest from the equivalent of 47 […]
Regulatory Update: AML for the Mortgage Industry and more
MBRCC initiatives impacting co-brokering and mortgage product suitability recommendations The Mortgage Brokers’ Regulatory Council of Canada (MBRCC) has published its strategic plan for the next three years (2023-2026). Some of the strategic priorities of the MBRCC focus on licensing issues when operating across multiple provincial jurisdictions. Contrary to some popular views, co-brokering or submission desk arrangements will not resolve […]