The 2024 Fall Economic Statement announced that the Canada Revenue Agency (CRA) had reached out to mortgage originators and financial institutions. Their purpose was to brainstorm the best design for a new tool to combat mortgage fraud.
Unfortunately, since CRA's industry consultation was publicized, it's been mostly crickets.
Last week, we contacted a mortgage tech executive who often has the inside track on these matters. He told us, "I think they are making no progress." He wondered if it's even "on their radar any longer."
Unnerved by that bleak forecast, we contacted CRA this week. The objective was to see if this project’s got any traction or if it’s just spinning its wheels in bureaucratic mud. Here's what they told us:
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