With the newly announced federal statutory holiday, we would like to take this opportunity to remind members to take statutory holidays into consideration to avoid closing delays.
Starting September 2021, the National Day for Truth and Reconciliation (Sept. 30) will become a designated paid statutory holiday, so federally regulated and private businesses in Canada will be closed. Payments Canada has declared this date a payments system closure day, so REALTORS® are advised to keep this in mind with their clients when considering whether or not to schedule closings.
If clients do choose to close on or directly before the holiday, ensure they know the implications it may have for the timing of their mortgage registration, the distribution of funds between buyers and sellers, and any co-ordination with related offices, such as lawyers or land registry.
When in doubt, contact the office in question directly to find out what, if any, additional considerations should be made to accommodate scheduling around payment system closure days. Keep this in mind when scheduling your upcoming closings to avoid any unnecessary stress for yourself or your clients.
Information and resources
More information on the National Day for Truth and Reconciliation, including educational resources and community events, will be shared with members this September. In the meantime, here are some online resources:
If you have any questions regarding this topic, please contact CREB®’s Member Practice team at mp@creb.ca or 403-781-1336.
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