16) Funds Transfer

Your Closing Balance

About a week before closing, your lawyer will provide you with the Statement of Adjustments and Trust Ledger with a total required to finalize your purchase that includes the extra down-payment you must provide and all of the closing costs.

Wire transfer is generally the only method accepted to transfer your closing balance.

WARNINGS

Many companies like Tangerine, Simplii Financial, and EQ Bank cannot do wire transfers, so to be safe, make sure funds are in an account with RBC, TD, Scotia, BMO or CIBC

If you need to sell other investments or transfer funds into your account, make sure funds are ready at least two weeks before your closing so that there is enough time for funds to clear and be released.

Most banks require you to be in-person in the branch to do a wire so be aware of any travel you have booked and arrange for another person to complete the deposit on your behalf.