We've been actively working with both the Department of Finance and the Canada Revenue Agency to propose solutions for a digital income verification tool that would work securely within the CRA systems. Our goal is to facilitate access to income verification while maintaining strong boundaries, efficiency, security and all that fun stuff. We think the tool should be free to access in order to guarantee neutrality and accessibility for all Canadians, regardless of their financial situation.
Frankly, prioritizing income verification for mortgages is essential. Mortgages are the largest financial commitment that most Canadian families will ever have to make, and mortgage fraud is on the rise. It has been for a while. A digital income verification tool is critical to combat that while maintaining data privacy.