Fall Economic Statement - Combatting Mortgage Fraud
As announced in Budget 2024, the federal government is committed to fighting mortgage fraud through income verification. The Canada Revenue Agency (CRA) has been actively consulting with international tax administration partners and IT, privacy, security, and legal experts to identify options that would help financial institutions detect and deter fraud in a manner that is secure, user friendly, and compatible with the CRA’s systems.
The 2024 Fall Economic Statement announces that this fall, the CRA has expanded its outreach to the broader financial sector, including mortgage lenders, on how to best design and implement a new tool to combat mortgage fraud. The CRA aims to begin implementation of this measure in early 2025.