[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-kdzajd7h’ admin_preview_bg=”]
[/av_textblock]
[av_textblock textblock_styling_align=” textblock_styling=” textblock_styling_gap=” textblock_styling_mobile=” size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” template_class=” av_uid=’av-kburtaxw’ sc_version=’1.0′ admin_preview_bg=”]
The Canada Revenue Agency (CRA) is currently investigating a series of cyber attacks, affecting thousands of Canadians’ personal information. Although the Agency reports that the fraudulent activity has been contained, they have shut down access to the CRA Online Services portal as an added safety measure.
While the shutdown means that Canadians cannot apply online for Covid-19 benefits, it also means that Canadians cannot access their own CRA documentation until further notice. Furthermore, companies that obtain borrower income documentation such as Notices of Assessment (NOA), for mortgage brokers, are also being blocked from accessing the system. Olympic Mortgages uses these NOA services regularly, to help clients gain easy access to various income documents that lenders require during the mortgage underwriting process.
So what does this mean for borrowers? While brokers have been able to help borrowers obtain certain CRA income verification documents, they no longer have access to these programs until further notice. Borrowers will now be responsible to “dig out” their Notices of Assessment from previous tax years, when required by a lender. While most people file these important documents away for safe keeping, there are always circumstances where documents are misplaced or lost. If you have been considering applying for a new mortgage, or refinancing your current mortgage, it would be prudent to find these documents now and have them handy for when the lender needs them.
These recent events have proven a perfect example that even though we live in a digital world, there may be times when paper records are needed. Here are some tips for providing CRA income documentation to your broker that will help with a seamless underwriting process with the lenders:
As always, we at Olympic Mortgages are here to answer any questions you have, and help walk you through the documentation stage of your mortgage approval.
[/av_textblock]
[av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’border-extra-arrow-down’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_margin=’0px’ custom_margin_sync=’true’ custom_arrow_bg=” color=’main_color’ background=’bg_color’ custom_bg=’#4e899e’ background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” id=” custom_class=’colored-bgi-section margin-auto’ aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-k4d4em7t’]
[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=’custom’ color=’#ffffff’ id=” custom_class=” av_uid=’av-k4d4fgdk’ admin_preview_bg=”]
[gravityform id=”1″ title=”false” description=”false”]
[/av_textblock]
[/av_section]
[av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’default’ shadow=’no-border-styling’ bottom_border=’border-extra-arrow-down’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_margin=’0px’ custom_margin_sync=’true’ custom_arrow_bg=” color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” id=” custom_class=’smaller-h2′ aria_label=” av_element_hidden_in_editor=’0′ av_uid=’av-49ra5x’]
[av_one_half first min_height=’av-equal-height-column’ vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ padding_sync=’true’ highlight_size=’1.1′ border=” border_color=” radius=’0px’ radius_sync=’true’ column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” id=” custom_class=’reasons’ av_uid=’av-k4d4q8cd’]
[av_textblock size=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-k4d4q15q’ admin_preview_bg=”]
[/av_textblock]
[/av_one_half][av_one_half min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ row_boxshadow=” row_boxshadow_color=” row_boxshadow_width=’10’ link=” linktarget=” link_hover=” title_attr=” alt_attr=” padding=’0px’ highlight=” highlight_size=” border=” border_color=” radius=’0px’ column_boxshadow=” column_boxshadow_color=” column_boxshadow_width=’10’ background=’bg_color’ background_color=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=” av_uid=’av-2geyit’]
[av_textblock size=’23’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” font_color=” color=” id=” custom_class=” av_uid=’av-k4d4qjbd’ admin_preview_bg=”]
[gravityform id=”10″ title=”false” description=”false”]
[/av_textblock]
[/av_one_half]
[/av_section]
The USA Goes To The Polls. Not to be overly dramatic, but today’s US election really is one of those singular events that could have a huge impact on our Canadian economy, in a variety of ways. I’ve scoured over the Globe and Mail’s long Saturday article describing how the election will effect our economy, […]
Tuesday’s inflation announcement was a watershed moment for interest rates, and interest rate expectations. If you are applying for a variable mortgage, you’ll want to keep reading. What Happened? For the first time since February 2021, inflation finally came below the BoC’s target rate of 2.00%. The inflation rate actually dived well below the BoC […]
Is Summer Over, Already? Is everyone asking the same question? I’ve been here in Victoria coming on 20 years now. I’m from Calgary, where, other than the freak snowfall that lasts for a day in August (specifically in 1994 from what I remember), or the 3 day Chinook which brought summer weather in February, the […]