Today’s eMemo contains the following updates:
- Bill C-5 recognizes September 30 of every year as a federal statutory holiday called the National Day for Truth and Reconciliation
Clients of yours having a scheduled September 30th closing date on a real estate purchase or sale will most likely be required to change that date due to the new statutory holiday proclaimed in June of this year.
Bill C-5 is a new law commemorating the history and lasting effects of Canada’s residential school system and honours Indigenous survivors, their families, and communities. Representing one of the recommendations of the Truth and Reconciliation Commission, the recognized holiday applies to all federally regulated public and private workplaces including banks, airports, and Canada Post, amongst others. And although the new holiday only applies only to federally regulated employers, some provincial governments are following suit.
With the banks closed on September 30th, closing on real estate transactions will be a problem. We do know that many are advising their clients to move those closings to September 29th with a view of honouring any “time is of the essence” clauses which means that deadlines need be strictly adhered to, unless deliberately extended through mutual agreement.
Taken with the closure of land registry offices, September 30th becomes a very problematic closing date – due to the inability to tender a registrable deed and the inability to move money around on a day when banks are closed – the system cannot function.
Recognizing that many of you have been scheduling closings on dates other than September 30, the FVREB strongly recommends that, considering recent announcements, any scheduled September 30th closings be rescheduled.
Please also note that the FVREB will also be honouring the holiday and has consequently elected to close our office on September 30th, in support of Indigenous communities across BC and Canada.
We will resume our normal operating hours from 8 a.m. to 4:30 p.m. on October 1.
Please continue to stay safe, be kind and be well.