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Form 635, Receipt of Funds Record, page 1
Complex · 68/100Form Complexity Index

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What this form asks for

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Form 635, Receipt of Funds Record, is a document created by the Canadian Real Estate Association (CREA) for use in Ontario. It is essential for real estate professionals to record detailed information about funds received in a transaction, helping them comply with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (FINTRAC) regulations. Today, this form can be filled out quickly and accurately using AI-powered services like Instafill.ai, which can also convert non-fillable PDF versions into interactive fillable forms.
Fillable fields133
Pages4
Sections20
Tables and lists2
Questions that depend on earlier answers60
Form Complexity IndexComplex, 68/100

The AI checks your answers before you download

14 checks built for this form, so a wrong date or a missing answer is caught before anyone else sees it.

Ensures Basic Transaction Information is Complete

This check verifies that the 'Transaction Property Address' and 'Sales Representative/Broker Name' fields in Section A are not empty. These fields are fundamental for identifying the specific transaction and the responsible agent. A failure would render the record incomplete and difficult to associate with a specific property sale.

Validates Date of Receipt of Funds

This validation ensures that the 'Date of receipt of funds' in Section B is a validly formatted date and is not set in the future. This is critical for creating an accurate and legally compliant timeline of events for anti-money laundering (AML) purposes. An invalid or future date would compromise the integrity of the transaction record.

Requires Foreign Currency Exchange Details

This check enforces that if the 'Currency of Funds' in Section B is specified as anything other than 'CAD', the 'Exchange rate' and 'Source of exchange rate' fields must be filled. This is essential for accurately recording the value of the transaction in the local currency for reporting and auditing. Failure to provide these details results in an incomplete financial record.

Enforces 'Other' Explanation Field Completion

This validation ensures that if the 'Other' checkbox is selected for either 'Type of funds received' or 'Method of receipt', the corresponding explanation text field must be filled out. This provides necessary clarification for non-standard fund types or methods, which is crucial for transparency and compliance. An empty explanation field would leave a critical ambiguity in the record.

Mandates Exclusive Selection of Funds Provider Type

This check verifies that information is provided for either an individual (Section D.1) or a corporation/entity (Section D.2), but not both. This ensures the form correctly captures the single source of the funds as either a person or an entity, preventing contradictory or ambiguous data entry. A failure would indicate a fundamental misunderstanding of the form's structure and purpose.

Validates Selection of a Single Individual ID Method

This rule ensures that when identifying an individual in Section D.1, exactly one of the three methods (Government-Issued Photo ID, Credit File Method, or Dual ID Process Method) is fully completed. This is a strict requirement for FINTRAC compliance to ensure a valid and non-redundant identification process was followed. Completing none, or more than one, would invalidate the identity verification step.

And 8 more checks
  • Verifies Government-Issued Photo ID is Not Expired
  • Ensures Dual ID Process is Correctly Completed
  • Checks for Completeness of Corporation Details
  • Triggers Account Information Requirement
  • Validates Date of Birth Plausibility
  • Ensures Logical Consistency Between Fund Type and Method
  • Validates Amount of Funds Format
  • Verifies Attachment of Corporate Authority Documents

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How to Fill Out Form 635 Online for Free in 2026

What the AI walks you through.

  1. Navigate to Instafill.ai and upload or select the Receipt of Funds Record, Form 635.
  2. Provide the basic transaction information, including the property address and the sales representative's name in Section A.
  3. Enter detailed information about the funds received in Section B, such as the amount, currency, date, type, and method of receipt.
  4. Complete Section C with account-related information if an account was affected by the transaction.
  5. Fill out Section D with the required verification details for the individual or entity providing the funds, following the specified identification methods.
  6. Use the AI-powered tool to review all entered information for accuracy and completeness, ensuring all mandatory fields are filled.
  7. Finalize, sign (if required), and download or share the completed Form 635.

Common Mistakes in Completing Form 635

The ones the AI is built to catch.

Incomplete or Vague Property Address
Users often enter a partial property address, omitting the unit number, postal code, or even the city. This typically happens when rushing or assuming a street name is sufficient for identification. An incomplete address can lead to ambiguity in record-keeping and create compliance issues, as it fails to uniquely identify the transaction for regulatory bodies like FINTRAC. To avoid this, always enter the complete address as it appears on the official Agreement of Purchase and Sale.
Confusing the Provider of Funds with the Buyer
A frequent error is filling out Section D with the buyer's information when the funds were provided by a third party, such as a parent or a corporation. This occurs because the agent focuses on their client rather than the actual source of the money. This misrepresentation is a serious compliance failure, as the form's purpose is to track the origin of funds. Always identify and record the details of the person or entity whose account the funds came from, not necessarily the person buying the property.
Ignoring the 'Affected Account' Section
Many filers leave Section C.2 (Account-Related Information) blank, especially when funds are received via cheque or bank draft. This happens due to a misunderstanding of what constitutes an 'affected account'. The consequence is an incomplete record, as FINTRAC requires information on the account from which funds are drawn. To prevent this, if you receive a cheque or bank draft, you must record the account number, holder name, and account type from the instrument in Section C.2.
Using an Expired Identification Document
In Section D.1.1, agents sometimes record information from a driver's license or passport without checking the expiry date. This mistake renders the entire identification process invalid according to anti-money laundering regulations, creating a significant compliance risk for the brokerage. Before recording the ID details, always verify that the document is current and has not expired, as explicitly required by the form's instructions.
Providing a Vague Occupation Description
When filling out the 'Nature of Principal Business or Occupation' field, people often use generic terms like 'Business Owner', 'Self-Employed', or 'Consultant'. Regulators consider these terms insufficient for assessing risk profiles. This can trigger further inquiries during an audit. To avoid this, provide a more descriptive occupation, such as 'Owner of a retail clothing store' or 'IT Security Consultant for financial institutions'.
Mismatched Fund Type and Receipt Method
Users may incorrectly select checkboxes that contradict each other, such as marking the 'Type of funds' as 'e-transfer' but the 'Method of receipt' as 'in person'. This confusion arises from not distinguishing between the financial instrument and its delivery method. Such inconsistencies undermine the credibility of the record and can be flagged as suspicious. Ensure the 'Type' (e.g., Cheque, Wire) and 'Method' (e.g., Mail, Electronically) logically correspond to how the funds were handled.
Omitting Foreign Currency Exchange Details
When funds are received in a currency other than Canadian dollars (CAD), filers often forget to complete the mandatory 'For Funds not in CAD' section. They may mentally convert the amount but fail to document the exchange rate and its source on the form. This is a direct violation of FINTRAC requirements and results in an incomplete and non-compliant record. If funds are not in CAD, you must record the exchange rate used on the date of receipt and the source of that rate (e.g., 'Bank of Canada daily rate').
Incorrectly Applying the Dual ID Process Method
The Dual ID method in Section D.1.3 is complex and often completed incorrectly. Common errors include using two sources that are not independent (e.g., two statements from the same bank) or failing to check two of the three required boxes. This invalidates the client identification process. To comply, you must refer to information from two separate, reliable sources (like a government-issued T4 slip and a utility bill) and tick the two corresponding checkboxes.
Forgetting to Attach Corporate Authority Documents
When a corporation provides funds (Section D.2), agents often fail to attach the required documents proving the individual's authority to act on the corporation's behalf. They might view the documents but forget to make and keep a copy with the record, and neglect to check the 'Check this box when attached' field. This creates a major gap in the audit trail. Always obtain and attach a copy of the articles of incorporation or similar document and check the box to confirm it's in the file.
Illegible Handwriting on a Printed Form
Since this form is often a non-fillable PDF, it is frequently printed and completed by hand, leading to illegible entries. Rushed or poor handwriting can make critical information like names, dates, and account numbers impossible to read accurately. This can cause data entry errors in the brokerage's systems and may lead auditors to deem the record insufficient. To prevent this, it is best to use a fillable version of the form. AI-powered tools like Instafill.ai can convert non-fillable PDFs into fillable versions, ensuring all entries are clear, legible, and correctly formatted.

Frequently Asked Questions About Form 635

 

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How does the AI fill out Form 635?
You answer a few questions in plain words, or upload a document you already have. The AI reads what you give it and puts each answer into the right field of Form 635, on every page, in seconds. It checks the answers against the form's own rules, and you review and change anything before you download, print or sign.
What happens to my information?
It is encrypted in transit and at rest, and it is never used to train AI.
How complex is Form 635 to fill out?
Form 635 has a Form Complexity Index of 68 out of 100, in the complex tier: 133 fillable fields across 4 pages. Instafill.ai's AI fills it in under a minute, with every field there for you to review before you download.
What is the purpose of Form 635, the Receipt of Funds Record?
Form 635 is used by real estate professionals in Ontario to document the receipt of funds in a property transaction. It is a mandatory record-keeping tool to comply with Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (FINTRAC) regulations.
Who is responsible for filling out this form?
The buyer's agent is responsible for completing the Receipt of Funds Record. This responsibility remains with the buyer's agent even if the funds are deposited directly into the listing agent's trust account.
What information do I need to record about the funds received in Section B?
You must record the amount, currency, date of receipt, type of funds (e.g., cheque, e-transfer), method of receipt, and the purpose of the funds. If the currency is not Canadian dollars, you also need to record the exchange rate and its source.
What should I do if the buyer gives the deposit directly to the listing brokerage?
As the buyer's agent, you must take reasonable measures to obtain the necessary information from the listing brokerage, such as their reference numbers and any affected client account details. You are not required to record the listing agent's trust account number itself.
How do I verify the identity of an individual providing the funds?
Section D.1 provides three methods: using a valid government-issued photo ID while the person is present, using the credit file method by checking a Canadian credit file, or using the dual ID process with two independent, reliable sources.
Can I verify someone's identity if they are not physically present?
Yes, you can verify identity remotely using the Credit File Method or the Dual ID Process Method. The Government-Issued Photo ID method can only be used remotely if you have technology that can assess the document's authenticity.
What do I do if the funds are provided by a corporation instead of an individual?
You must complete Section D.2, which requires the corporation's name, address, nature of business, and verification records. You also need to list the directors' names and attach corporate records showing the authority to bind the corporation.
What should I do if the funds are not coming from my client?
If a third party provides the funds, you must record their information in Section E. You should also speak to your brokerage’s Compliance Officer and consider if this seems unusual enough to warrant a suspicious transaction report.
Where do I submit this form after completing it?
This form is for your internal record-keeping to ensure FINTRAC compliance. It should be retained with all other transaction documents according to your brokerage's policies and procedures.
What does 'account is affected' mean in Section C?
An account is 'affected' when funds are drawn from it for the transaction, such as when a deposit is paid by a personal cheque or a bank draft purchased from that account. You must record the details of any such account in Section C.2.
My PDF copy of Form 635 is not fillable. What can I do?
If you have a non-fillable or 'flat' PDF, you can use a service like Instafill.ai. It can convert the document into an interactive, fillable form that you can complete easily online.
Can I use an AI tool to help me fill out Form 635?
Yes, services like Instafill.ai use AI to auto-fill form fields accurately and save time. This is especially helpful for entering repetitive information like names and addresses across multiple transaction documents.
How can I fill out this form online using Instafill.ai?
To fill out Form 635 online, simply upload the document to the Instafill.ai platform. The service will make the form interactive, allowing you to type in your information and select checkboxes before downloading the completed document.
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