Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Christmas Day 2016 is a Business Day in Ontario

December 11, 2016 - Updated: December 11, 2016

Christmas 2016 is a “Business Day” in Ontario

 

Well, just for real estate. And, when I say that, just for regulative and administrative purposes for the profession, not actual buyers and sellers.

 

Under the General Regulation 567/05 passed pursuant to the Real Estate and Business Brokers Act, 2002, there is a provision dealing with the length of time that a Brokerage would have to place a Deposit cheque into its account. That time period is specified as five (5) business days.

 

So, we have to figure out what a business day is. Thankfully, there is an explanation right in the provision itself.

 

This is how the section reads:

 

“17. (1) If an amount of money comes into a brokerage’s hands in trust for another person in connection with the brokerage’s business, the brokerage shall deposit the amount in the trust account maintained under section 27 of the Act within five business days.

                 (2) In subsection (1),

                      “business day” means a day that is not,

                          (a) Saturday, or

                (b) a holiday within the meaning of subsection 29 (1) of the Interpretation Act.”

 

The difficulty is that there is no longer an Interpretation Act, which used to provide a list of holidays including Christmas. That Act was repealed on 25 July 2007, so since that time we are left with “just Saturdays”.

 

Most industries affected by the repeal changed their Regulations. This hasn’t taken place yet with REBBA, 2002.

 

It is noteworthy that this is the only provision which deals with the issue of business days.

 

This definition does not apply to Sellers and Buyers of real estate. This Act simply deals with regulation of the profession in an administrative sense.

 

There is no definition of business day. The consumer is not affected and could conduct the business of buying and selling real estate any day of the week, including Christmas.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: christmas day business day rebba gen reg 56705 reco orea ontario law
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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