If you qualify as a real estate developer, you must keep two types of information for all sales:
- client identification information for all buyers (giving name, address, date of birth and occupation for all individuals, backed up by acceptable ID, and name, address, and proof of existence for all corporations and other bodies, also backed up by acceptable ID) More
- receipt of funds records for all amounts you receive towards the sale (including amounts, currency, who gave them, whether cash, cheque or equivalent, details of accounts the cheques were drawn on, etc. and ID for any individuals or companies other than the buyers who provide funds) More
Many builders are already doing all or most of this, to help guard against identity theft and fraud.
See ‘Money Laundering in Canada: Chasing Dirty
and Dangerous Dollars’
Margaret E. Beare and Stephen Schneider
University of Toronto Press, 2007