Page 38 - Sports Energy News, Cornwall, Issue No 123

38 Issue #123 April 2023 www.sportsenergynews.com

ofessionals
Neighbourly
Advice Fr
om Our
Local Pr
Neighbourly Advice From Our Local Professionals
Financial Services Regulatory Authority of preventing and detecting fraud.”
By Brian Johnston Ontario’s (FSRA’s) Antoinette Leung advised Prohibitions already in place state that licensed
Mortgage Specialist the regulator was focusing on three key items. individuals or firms must not assist others to

“One is highlighting an individual’s give falsified or deceptive information or
MORTGAGE FRAUD FOCUS: WHAT responsibility in verifying clients’ identity documents or facilitate fraud in any way.
AGENTS AND BROKERS NEED TO and the authenticity of documents,” she Leung said it was important for mortgage
KNOW. said. “The second thing is making sure that professionals to realize that they can be held
New proposals by Ontario’s financial services our licensed firms – the brokerages and accountable even if they claim they weren’t
watchdog on fraud detection and prevention administrators – have the right anti-fraud aware of having facilitated fraud.
guidance for mortgage professionals are policies and procedures as well as training in “If it is reasonable to expect that you do some
aimed at reinforcing current requirements, as place for their own operations. due diligence and you choose not to do that,
well as more explicitly setting out expectations then you may be accountable,” she said.
“Lastly is reinforcing that management within
for the sector, according to the regulator’s head of mortgage brokerage the licensed firms include those that are in “We did, in the guidance, give some specific
conduct. charge of compliance, like principal brokers actions that firms and individuals can do to
Speaking after the announcement that additional consultations at brokerages and principal representatives at really help them demonstrate that they are
were being held related to guidance on requirements for licensed mortgage administrators, have a role to play doing what is reasonable to help identify and
brokerages, brokers, agents, and administrators to combat fraud, the in making sure that firms and their staff are possibly prevent fraud.”

consider putting up a fence is to talk to the second thing you want to do is obtain a permit
By Michael VanderMeer neighbour that will be affected by the fence; from the local municipality and learn the
Real Estate Agent chances are he may like one as well, and bylaws of installing fences. If you are hiring
then the cost can be split between you. If the a contractor, they will know the bylaws, but
FENCES neighbour has no interest in having a fence if you are doing it yourself you will want to
There is an old saying “Good Fences Make you can still put one up, but you are on your know how to do it properly and save the time
Good Neighbours.” Although this may be own and will have to pay all the costs. You and cost of having to do it over.
true in some instances there are many reasons will also want to make sure the neighbour
Installing a fence can help with your home’s
why you may want to put up a fence such as agrees where the property line is and if overall curb appeal, increase the value of
children, pets, or just some added privacy to they do not agree it would be wise to hire a your home, and if you are selling, chances are
your backyard oasis. surveyor to determine the property line so it could sell quicker than other homes without
The first thing you want to do when you the fence is put up in the proper area. The a fence.

home purchase, starting April 1st 2023. The towards a home purchase.
Max Ming P.Eng. CFP ® Tax-Free First Time Home Savings Account
Financial Planner Contributions made into a FHSA are tax
(FHSA) adds yet another financial account deductible, just like RRSP contributions.
acronym for Canadians to wrap their head Growth of your investments are sheltered
The Tax-Free First Time Home Savings around. So what is it?
Account (FHSA) from tax, and withdrawals from the FHSA
The FHSA combines the best of Registered are tax-free (like a TFSA).
Canada has announced a brand-new account Retirement Savings Plans (RRSP) and Tax-
for Canadian Residents to save for their first To be eligible to open a FHSA, you must be a
Free Savings Accounts (TFSA) to save Continued on page 40

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