Member Update May 12, 2020

May 12, 2020

Seniors to receive one-time supplement to help during COVID-19

The federal government announced today that seniors will receive up to $500 in a one-time tax-free payment to help offset rising costs during the COVID-19 pandemic.

If you’re eligible for Old Age Security (OAS), you’ll automatically receive a one-time payment of $300. Seniors on Guaranteed Income Support (GIS) will receive an additional $200.

More help for seniors is coming soon. We’ll keep you up to date as more information becomes available.

Click here and scroll down to 'seniors' for more information.

Watch REBGV's April 2020 market update video

We just released our April 2020 market update video. In it, REBGV Chair Colette Gerber highlights market activity during the first full month of the COVID-19 pandemic.

Share this video with your clients and on your websites and social media networks.

Learn more about new the Property Transfer Tax return form

The BC Land Title and Survey Authority (LTSA) recently hosted a webinar that explained the new Property Transfer Tax form coming from the Ministry of Finance in June. The new form works with LTSA’s updated web filing system.

Click here to watch the webinar and click here for FAQs on the new form.

CREA updates FINTRAC compliance materials  

The Canadian Real Estate Association (CREA) recently updated their FINTRAC compliance materials to reflect new guidance and policy interpretations.  

These include:  

  • Instruction on how scanned or photocopied documentation may now be used as part of the dual process method of identification. Previously, only original documentation could be used. This change makes it easier for REALTORS® to identify their clients remotely. No in-person meetings are required.
  • New guidance on terrorist property lists.
  • A new deadline for suspicious transactions. The new deadline is “as soon as practicable” after measures have been taken to enable a Realtor to establish there are reasonable grounds to suspect the transaction or attempted transaction is related to the commission of a money laundering offence or a terrorist activity financing offence.
  • The addition of a “wire transfer” check box in CREA’s template receipt of funds record.

You can find these new materials on REALTORLink® and WEBForms this Friday, May 15.