Olympic Mortgage - Logo

CRA Shuts Down Online Services

Table Of Contents

[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=”]

CRA Shuts Down Online Services

[/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=”]

How will this affect mortgage borrowers?

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.

The Importance of Detailed Documentation

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:

  • Scan all pages of each document and ensure that the top/bottom/sides are not cut off
  • Always provide every page of a document. Even if its blank, but numbered at the bottom, the lender will require the full document.
  • Never redact any information. Lenders will not accept documents with information blacked out.
  • Ensure that the scan is high enough quality to be readable by the end user.

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=”]

Sign Up to Our Newsletter

[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=”]

Questions? Contact us – we are here to help!

[/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]

Previous Articles

The Sneaky Bank Moves When Rates Are Decreasing.

The Sneaky Bank Moves When Rates Are Decreasing.

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 […]

The Correction Is On. What Should You Do?

Time Flies. Well it’s been a month or so since my last update. Too long, I know! Kids are out of school, phone is ringing, things are busy. Is the market on fire with lots of deals happening? Not quite. There’s more people kicking at the can, finding out what their options are, and taking […]

Reaction to the BoC Rate Accouncement

Editorial Note When I think about social media and big news announcements, mostly everyone is regurgitating the same content. I saw it 1000 times yesterday. The variable rate dropped! Contact me to find out how this affects you! I get it. Everyone’s trying to use interest rates as a talking point to spur on business. It’s easy […]

No matter where you are in the buying process, its always the right time to setup a call with a mortgage specialist!
Olympic Mortgage - Logo
At Olympic Mortage, we want the best for the people around us. We care for our clients, whomever they are, wherever they’re from. Everyone gets the best of us, because that’s what we want to be putting out to the world. So go ahead, try us.

CONTACT DETAILS

JOIN OUR NEWSLETTER

Stay in the know. Sign up for our weekly newsletter.
Please enable JavaScript in your browser to complete this form.
© Olympic Mortgage 2024 | All Rights Reserved. | FICOM license number: 145716.