In 1999, it was estimated that Canada laundered approximately $17 billion in illegal funds, which represented 2.5% of the GDP. As such, Canada was put on the US State Department's list of "primary concern" for money laundering and faced global pressure from international money laundering control organizations to amend it's legislation on anti-money laundering.
Canada is now considered a leading country in anti-money laundering legislation and regulation, and complies fully with recognized global standards. Furthermore, the Government of Canada took on the Presidency of the Financial Action Task Force (FAFT), July 2006.
To comply with federal regulations lenders are require to provide the following examples of acceptable identification:
* Birth Certificate
* Current Drivers license
* Current Passport
* Record of Landing
* Permanent resident card
* Similar record issued by the federal or provincial government.
The documentation used to identify the individual, must be original (no
copies) and it must be valid (not expired). Health cards issued in the following provinces: Ontario, Manitoba, or P.E.I. are considered invalid.
Friday, May 23, 2008
Wednesday, May 7, 2008
Home Inspections
Did you know?
- 90% of all home sales are "re-sale" (e.g. 2nd –hand, 3rd –hand, etc.).
- Most Canadians buy homes that are older than they are themselves.
- Most homes develop dozens of minor defects over time.
- Some minor defects stay minor, some don't.
Like anything else, you want to be sure the house you purchase is in good condition. Or at least know what you are getting into up front. One of the best ways to learn about a home’s condition, habitability and safety is to hire a professional home inspector.
Home inspections became popular in the early 90’s when I began my career in the mortgage business. Today, almost every offer to purchase I look at includes a condition on home inspection satisfactory to the buyer. And if you are a HGTV real estate shows junkie like I am (e.g. Holmes on Holmes) you know you shouldn’t limit this important clause to re-sale homes. New construction homes warrant the same amount of scrutiny.
Before you accept the first name given to you, do some research about the home inspection industry so you can choose an inspector wisely. For example, there is presently no mandatory certification and no legislated requirement for home inspectors to take any courses or to have passed any tests. Anyone can say that they are a home inspector.
There is lots of information available. A good place to start is the Canadian Association of Home & Property Inspectors – http://www.cahpi.ca. CAHPI is a national association whose mission is to promote and develop the home inspection industry in Canada. It comprises seven provincial/regional organizations, collectively representing over 1,300 individual members. Formed in 1982, CAHPI is considered “the voice of Canada’s home inspection industry”. CMHC, Canada Mortgage and Housing Corporation has also published a fact sheet called, Hiring a Home Inspector which can assist you in learning more about the profession.
Enjoy!
- 90% of all home sales are "re-sale" (e.g. 2nd –hand, 3rd –hand, etc.).
- Most Canadians buy homes that are older than they are themselves.
- Most homes develop dozens of minor defects over time.
- Some minor defects stay minor, some don't.
Like anything else, you want to be sure the house you purchase is in good condition. Or at least know what you are getting into up front. One of the best ways to learn about a home’s condition, habitability and safety is to hire a professional home inspector.
Home inspections became popular in the early 90’s when I began my career in the mortgage business. Today, almost every offer to purchase I look at includes a condition on home inspection satisfactory to the buyer. And if you are a HGTV real estate shows junkie like I am (e.g. Holmes on Holmes) you know you shouldn’t limit this important clause to re-sale homes. New construction homes warrant the same amount of scrutiny.
Before you accept the first name given to you, do some research about the home inspection industry so you can choose an inspector wisely. For example, there is presently no mandatory certification and no legislated requirement for home inspectors to take any courses or to have passed any tests. Anyone can say that they are a home inspector.
There is lots of information available. A good place to start is the Canadian Association of Home & Property Inspectors – http://www.cahpi.ca. CAHPI is a national association whose mission is to promote and develop the home inspection industry in Canada. It comprises seven provincial/regional organizations, collectively representing over 1,300 individual members. Formed in 1982, CAHPI is considered “the voice of Canada’s home inspection industry”. CMHC, Canada Mortgage and Housing Corporation has also published a fact sheet called, Hiring a Home Inspector which can assist you in learning more about the profession.
Enjoy!
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