Bill C-5, which was proclaimed in June 2021, is a law recognizing 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, this statutory holiday applies to all federally regulated public and private workplaces including banks, airports, and Canada Post, among others.
Note that with financial institutions not operating on September 30, the closing of real estate transactions on this date will not be possible. Many are advising their clients to move closing dates to September 29 to honour any “time is of the essence” clauses, which means that deadlines may need to be strictly observed, unless deliberately extended through mutual agreement.
In view of the closure of land registry offices, September 30 may become a 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.
Recognizing that many members may have already been scheduling closings on dates other than September 30, the FVREB strongly recommends that any closings scheduled on Friday, September 30 be rescheduled.
Please note that the FVREB staff will be observing the holiday in support of Indigenous communities across BC and Canada and we urge members to join us in cause and spirit towards healing our community.
The FVREB office will be closed on Friday, September 30, 2022 in observance of the National Day for Truth and Reconciliation. Regular operating hours will resume on Monday, October 3 at 8:00 a.m.
FVREB Communications