Quickstart: Starting a New Receipt of Funds Record


Content


Overview

A Receipt of Funds record is a mandatory compliance document required by FINTRAC Compliance Guidance in Canada when a real estate professional receives a deposit or funds for a property transaction.

As an Agent or Team Admin User, you can initiate a new Receipt of Funds Record using the New Form button from the Dashboard or the Forms list screen.

Steps to Produce a Receipt of Funds record

  1. You can find the 'New Form' button in the top-right under the 'Forms' tab or on your 'Home' dashboard. Click on 'New Form"

  1. Under 'Post Transaction Forms', click on 'Receipt of Funds'

  1. Fill out the required fields related to the transaction
  2. Once completed, click on the Save button

  1. Submit the form for approval by your Brokerage by clicking the Submit button.

  1. After your form is approved by your Brokerage Admin, you will receive an email notification with the completed form. Follow your Brokerage's procedures and policies for what to do next with the documents.

Linking Existing FINTRAC Record or Manual Entry Details

When completing a Receipt of Funds form, you can link an existing individual FINTRAC form to the Receipt of Funds or manually enter your client's details if you do not have an existing individual FINTRAC form.

  1. Navigate to the Funds Provider Information section and click the FINTRAC Identification Record of Funds Provider field.

  1. A pop-up window will display all existing FINTRAC forms, including forms with an Approved or In Progress status. Select the appropriate FINTRAC form to link it to the Receipt of Funds.

Note: Make sure you are selecting the correct FINTRAC form by checking the Transaction Property Address, especially if you have an individual for whom you have filled out multiple forms.

Don't have an individual FINTRAC form filled out for your client?

In the case where you don't have an individual FINTRAC form filled out for your client, then you will need to click 'No' under the question 'Have you recently completed a FINTRAC Identification Record for this Individual or entity who provided the funds?'

Under 'Identification Record,' complete all required fields before proceeding to the next section, 'Funds Information,' and continue completing the Receipt of Funds form.


Information on Funds and Account Related Information

When completing the Receipt of Funds, after entering the information for Funds #1, you would typically also complete Account #2, as these two sections work together. Providing information in both sections helps identify the bank account from which the funds are being received.


Once 'Funds #1' has been completed with the appropriate information, scroll down to 'Account #2.'

“Account #2” must be completed to correspond with “Funds #1.”

Note: For each Funds entry you add, you must also add a corresponding Account entry. For example, if you have entered Funds #1 and its corresponding Account #2, you do not need to add Account #3 unless there is an additional source of funds.

If you need to add additional funds, create Funds #2 and then add the corresponding Account #3.

Sending Client Information

You also have the option of having your client remotely enter their own banking information through the 'Client Information Request.'

Note: Click here for an in-depth, step-by-step guide on: ROF Client Information Request

Reasonable Measures

What happens if a client doesn't want to provide their banking information?

If a client is not comfortable providing their banking information, they can choose not to complete the Client Information Request. The Client Information Request allows clients to securely provide their own banking information remotely without sharing it directly with the agent.


Note: If the client does not provide their banking information:

  1. Scroll down to the Reasonable Measures section.
  2. Select No instead of Yes.
  3. Selecting No will make the fields in the Account #2 section optional.
  4. You can then save the form without entering the client's banking information.

Note: If your client does not want to provide the following information, it could (and should) be raised as a suspicion with your brokerage's compliance officer.

If you have sent out a 'Client Information Request' and your client has personally told you that they don't feel comfortable giving out information or that they don't agree to provide the information on the request, then the fields below will be 'read-only'

Note: You must cancel the 'Client Information Request' to make this accessible for changes.'

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