MASSIVE Government Overstep in Canadian Real Estate

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  • čas přidán 2. 08. 2024
  • The Federal government is expanding their FINTRAC requirements when it comes to collecting personal information in an effort to crackdown on money laundering through the Canadian housing market.
    In today’s video, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty walks through the contents of the current FINTRAC form that all real estate agents must complete on behalf of their clients and the new survey being introduced to the current FINTRAC process.
    What are your thoughts on this? Is this an overstep by the Canadian government or is the collection of this information reasonable?
    #SurreyRealtor #SurreyRealEstate #FINTRAC
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    The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

Komentáře • 60

  • @m.b5777
    @m.b5777 Před 4 měsíci +18

    Only government bureaucrats could come up with such questions.

    • @walterpen371
      @walterpen371 Před 4 měsíci

      Imagine on how much money they got paid? Free property/ properties?
      Perhaps MONEY LAUNDERING?
      CALL IN THE M.I.B. FOR A GESTAPO/ SS INTERROGATION??

  • @TheDentist27
    @TheDentist27 Před 4 měsíci +12

    We let the CCP buy most of Vancouver, the Canadian gov should have known what was going on decades ago.

    • @chingchou9907
      @chingchou9907 Před 4 měsíci

      CCP damn love Vancouver😅 I really don't know why Canadian gov didn't do anything.

  • @Svalsorim
    @Svalsorim Před 5 měsíci +7

    We are doomed. To me these are mind blowing questions, most off them have me doubting that government knows what are they doing. We will be hand to hand with North Korea pretty soon at this pace.

  • @user-vi8ci2bi6b
    @user-vi8ci2bi6b Před 5 měsíci +5

    I guess the days of counting bags of cash in the basement that someone got from "aunt Mary" for a downpayment are over.
    Lol

  • @georgeleduc8147
    @georgeleduc8147 Před 5 měsíci +13

    Totally communisim

    • @SteveKarrasch
      @SteveKarrasch  Před 5 měsíci +4

      Sure seems like some North Korean surveillance state stuff.

    • @user-vi8ci2bi6b
      @user-vi8ci2bi6b Před 5 měsíci

      We have become the money laundering capital of the world!!
      Sometimes desperate times call for desperate measures.

    • @SteveKarrasch
      @SteveKarrasch  Před 5 měsíci

      Sell your freedom to save a buck.

  • @wc4109
    @wc4109 Před 4 měsíci +3

    Some questions may seem silly, but in general I’m still in support of the Fintrac declaration… Most realtors or people know by now… Canada had been a Cash Haven for money launderers & foreigners… Canadian Real estate was a favourite amongst foreigners to park their money, or to launder money… Look how much home prices shot up last 10-15 years, and why Fintrac was set up…. Without Fintrac, buying real estate is like going to casinos in the past, where no one questioned where you got money from… And no I’m not associated with Fintrac, but it’s still the right thing to do…

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci

      FINTRAC has been in place my whole career, why haven't they caught any money launderers? and still home prices rise....

    • @user-vi8ci2bi6b
      @user-vi8ci2bi6b Před 4 měsíci

      They have been around since I can remember, they just didn't do anything.
      Last year they fined TD, RBC and BMO millions for ignoring money laundering.
      Now their moving down the pole a step

  • @ydoIstillcare263
    @ydoIstillcare263 Před 5 měsíci +7

    Holy crap, better not tick of your realtor, lol! Are your clients allowed to see what you submitted?

  • @pilotgirl5953
    @pilotgirl5953 Před 4 měsíci +3

    Gee I use the same real estate agent all the time and i consider him a friend. Guess I'm getting a few points.....I'd like to have money to launder, but unfortunately I work for a living and already give almost half to the government.

  • @jamesroffelkelowna
    @jamesroffelkelowna Před 5 měsíci +3

    From now on I will call you Detective Karrasch 🔍👮

  • @Inquisitive9
    @Inquisitive9 Před 5 měsíci +1

    This is absolutely crazy!! That also means you not only work with the agent that you trust but also an agent who trusts you even more. In question 17, if an agent thinks something is unusual about you, its 4 points, another 2 for bying close to the airport and 5 for being from any of the countries the agent thinks is high risk. You mentioned Iran, could it also be china, India, Pakistan, Israel, anywhere in the Middle East? You get an eccentric or unusual agent, and you are being investigated. Even more reasons to use friends and family?

  • @TAMS-td9pp
    @TAMS-td9pp Před 4 měsíci +1

    I wonder how much tax payer money they wasted on coming up with this one? Just more control and it is not going to prevent anything!

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci

      I bet they don't even know what it costs.

  • @DummMoney-rr1fi
    @DummMoney-rr1fi Před 4 měsíci

    I've seen that form, only you can make it an interesting topic tho. Can't wait til the Ravi episode drops on Saturday AM.

  • @briane5140
    @briane5140 Před 4 měsíci

    As these forms get collected, they will be digitized and stored away. Then some AI program is going to come along and scour that info and use it to answer queries. This truly is a case where the lawyers should be filling out the form. If the form should actually exist at all. Real Estate Agents are salesman that deal face to face with the clients, is it really a good idea to have a face to face meeting with a criminal and then have the criminal know that you have just reported him for his criminal activity? What level of bureaucracy thinks this stupidity up?

  • @nb1638
    @nb1638 Před 4 měsíci

    Regarding high risk coutries you forgot to mention "Canada"

  • @katp3583
    @katp3583 Před 4 měsíci +1

    As an agent you are now working on behalf of the government. You have no legal protection and you will be held fully liable for any mistakes or fallout from any lost bank information or lies of your client. This is a bad bad road. If you don't have a government paycheck and liability insurance from them for acting on their behalf I would watch my step. Who do you think the government will throw under the bus? Do you think the government will pay your legal bills when this goes bad for you?

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci

      I'm looking into "under buss insurance" as we speak.

  • @dingdong8242
    @dingdong8242 Před 4 měsíci

    Great Video.
    What about the Lawyers in the transaction are they supposed to fill this form ?

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci +1

      Lawyers are exempt from Fintrac. Nice hey?

    • @dingdong8242
      @dingdong8242 Před 4 měsíci

      @@SteveKarrasch yes is a bit intrusive.
      The question to be answered are so vague that it can trigger a screening from just wearing a red hat .😅

  • @yingyang1875
    @yingyang1875 Před 4 měsíci

    Goverment is penny pinching with this

  • @robbooth8059
    @robbooth8059 Před 5 měsíci

    Diversity is our strength!

  • @canadiancoder
    @canadiancoder Před 4 měsíci +1

    Real Estate Agent/Financial Detective

  • @micrasystems
    @micrasystems Před 4 měsíci

    Agreed. Government keeps adding new housing forms and taxes to buy votes and don't coordinate with each other (Province, Federal, Municipal). For people happy about this and evening pushing Government to add even more, how's that working out for you is my question. I mean is there an abundance of affordable housing thanks to these forms / taxes that I don't know about.

  • @pauloleung
    @pauloleung Před 4 měsíci

    Do you know that by the time your got the Deposit from your Purchaser you have to fill this thing up again in the Receipt of Fund Record. It's F....king ridiculous, you know what BCFSA stand for? BC F..king Shit Association 😅😅😅

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci

      It's FINTRAC, but I feel your frustration.

  • @moldyal
    @moldyal Před 4 měsíci +1

    You see those North Korean Jihadists could just come waltzing in a put a halt to the Trudeau woke fest. Not like we have an army we could ever fight them off with (CBC article: armed force’s combat readiness growing worse)

  • @user-wg2vw3mz1v
    @user-wg2vw3mz1v Před 4 měsíci +1

    A Politically Exposed Person can be as basic a parent who objected to transgender bathrooms at a parent-teacher conference and made the news or went viral on social media. Basically anyone singled out for government persecution.

  • @elishajlogan
    @elishajlogan Před 4 měsíci

    Just ask them if they are terrorists or money launderers 😅.
    Support comment 🎉

  • @user-vi8ci2bi6b
    @user-vi8ci2bi6b Před 5 měsíci +2

    Your just upset because this will scare away potential business.
    Its well known that Canadian RE is the number 1 destination of dirty money around the world.

    • @SteveKarrasch
      @SteveKarrasch  Před 5 měsíci +4

      Surrender your privacy and rights in the name of anti-money laundering, climate change... you know, what ever keeps us "safe".

  • @Bittersweet721
    @Bittersweet721 Před 4 měsíci

    Double agent Steve

  • @0511toby
    @0511toby Před 4 měsíci

    You are misleading your viewers. The Real Estate agent is required to fill the form but the form is never sent to the government. It is simply filed at the Brokerage office in the transaction file.

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci

      For when the Gov wants access to the info. So it's really a big waste of time and energy. Unless of course the client scores a 10 or higher, then its my job to report them.

  • @abhi9838855705
    @abhi9838855705 Před 4 měsíci +2

    This is good and brings in transparency as many might be doing shady transactions and bubble up the price in coordination.

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci +2

      Seems like lots of people don't mind giving up their privacy to stop "shady dealings of others". Until they are the other of course.

    • @abhi9838855705
      @abhi9838855705 Před 4 měsíci

      @@SteveKarrasch right.. trust me privacy is a very self acclaimed badge, that is there, till you uncover it was not. But sending all data to government to find the anomaly in the system is key to find the bad actors.

    • @SteveKarrasch
      @SteveKarrasch  Před 4 měsíci +3

      Kim Jung Un... is that you?