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Inside Internal Controls

News and discussion on implementing risk management

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real estate

What happens when a commercial tenant does not follow the proper procedures to renew a lease?

A recent case from the Ontario Court of Appeal sets out an interesting chain of events. In the case of North Elgin Centre Inc v McDonald’s Restaurants of Canada Limited, 2018 ONCA 71, the tenant (“McDonald’s”) had entered into a 20-year lease with North Elgin Centre Inc. (the “Landlord”) and had spent time and money on building their restaurant.

 

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The Canadian real estate market: Affordability and money laundering

Although Canada has a robust anti-money laundering and anti-terrorist financing regime, there is much room for improvement. Real estate may be an easy way for criminals to launder money. According to Transparency International, this is a major problem in several countries, including Canada. A recent report looks at the main problems related to real estate and money laundering in Canada, the United Kingdom, Australia, and the United States. It concludes that current rules and practices are inadequate to mitigate the risks and detect money laundering in the real estate sector.

 

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