On June 23rd, 2008 FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) will require your Realtor to record your government issued identification when purchasing a home - please be prepared for this.
As a Realtor, I will also be required to record the identification of the person who is providing a gifted down payment - so, for example your parents write the initial deposit cheque on your purchase, they as well as you will be required to provide government issued identification for me to record.
How is your information protected and used?
As a Realtor, I am only required to 'report' your information to FINTRAC if I suspect illegal activity - so your information is not automatically submitted to FINTRAC. As with all of your other personal information I will already have about you, your information is protected by Provincial and Federal privacy laws - both of which I adhere too.
If you have any concerns, you can visit FINTRAC's website at http://www.fintrac-canafe.gc.ca/publications/guide/Guide6/6Bcif20080201-eng.asp
As a consumer - please expect and be prepared to have your Realtor ask to see your Government Issued Identification on and after June 23rd, 2008.