Do I need to show my Realtor ID? What is Fintrac anyway?
Well the description of FINTRAC from the horses mouth is: “The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money launderingand the financing of terrorist activities, while ensuring the protection of personal information under its control.”
So the short answer is YES. You do have to show ID to a Realtor when completing a trade in Real Estate.
One of the key reasons you should consider using a professional real estate agent is that that they are legally bound to ensure nothing nefarious is going on with the real estate transaction. They need to verify the persons involved and report anything suspicious. This includes completing FINTRAC documentation and verifying ID’s.
That’s why a salesperson will ask the client to show a piece of government-issued photo ID, such as a driver’s licence or a passport. This information is securely stored in their brokerage office.
The only time you may be asked to provide your SIN number is if your deposit has earned any amount of interest in a brokerage trust account.
If you are in any doubts always ask!