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Advocacy
It’s Time to Enable Income Verification.
Falsified income documents put the integrity of mortgage lending at risk. A secure, CRA-enabled verification tool will help fight fraud, protect honest buyers and support a fairer housing market.
Canadians deserve a secure and fair housing market. A CRA-enabled income verification tool would provide a secure way to verify income, help reduce falsified documentation and protect honest buyers.
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Where Things Stand
The federal government committed to studying income verification in Budget 2024, and the CRA has since consulted the industry and published its findings.
The groundwork has been done. Now the government needs to establish a clear implementation timeline and work with industry to deliver a secure, CRA-enabled income verification tool.
Moving forward will help strengthen the integrity of mortgage lending, reduce opportunities for fraud and support a fairer housing market for Canadians.
Reduce the use of falsified income documentation in the mortgage process.
Support legitimate borrowers and help strengthen trust in Canada’s housing market.
Create a secure pathway to verify borrower income using CRA-enabled information.
Report
Download the report to learn more about public attitudes toward income verification and MPC’s recommendations for moving forward.