How the CRA Could Help YOU Get a Better Mortgage

August 1, 2025

Welcome to the latest episode of Make Money Count! In this episode, Marcus and Justin break down a game-changing discussion from a recent CRA roundtable. The topic? Giving mortgage brokers direct access to CRA income data to speed up mortgage applications and reduce fraud. Sounds simple, but the implications are huge.

Episode Highlights

CRA + Mortgage Brokers: A New Era of Transparency?

Mortgage brokers recently proposed having CRA-verified access to client income data. The goal?

  • Faster mortgage approvals
  • Less fraud in the system
  • More accurate income verification, especially for self-employed borrowers

Marcus and Justin are all for it. After all, accountants have had access to this data for years, so why not mortgage professionals?

Fraud Is Expensive — But Is That Stat Even Real?

One stat cited in the discussion: “Every dollar lost to fraud costs $4 to recover.” Sounds dramatic, and Marcus questions the math. The team agrees that anti-fraud efforts require financial resources. Still, the bigger point is that smarter systems (like verified CRA access) could reduce that cost significantly and improve the borrower experience.

So… Why Hasn’t This Happened Yet?

According to Marcus, the biggest roadblock is clear: The banks don’t want it to happen. Why? Because income verification shines a light into their black box of underwriting, and they prefer it to stay dark.

Marcus explains that banks benefit from vague lending guidelines, unclear penalty structures, and complex internal incentives. Making income verification more transparent would:

  • Level the playing field
  • Eliminate income fraud
  • Possibly lower rates for borrowers

But it would also force banks to compete more openly, something they don’t love.

Open Banking: Another Missing Piece

This ties into another ongoing issue: open banking in Canada, or the lack of it. Open banking would allow consumers to easily share financial data between providers. The U.S. and U.K. are already moving fast here, but Canada? Not so much. Marcus and Justin believe this slow pace is no accident:

  • Banks don’t want consumers shopping around
  • They prefer loyalty by default
  • And they’re holding back fintech innovation as a result

“If Canada doesn’t open up, the innovation will just leave,” Marcus warns.

How Cannect Is Already Doing Things Differently

While banks are dragging their feet, Cannect is using its unbiased tech platform to:

  • Help borrowers understand penalties and savings
  • Collect and analyze real-time data
  • Offer transparency at every step

Cannect’s system empowers clients to make smarter decisions — without relying on vague or outdated tools.

CRA + Brokers = Progress (Even If It’s Small)

Despite the resistance, Marcus sees this CRA roundtable as a step in the right direction, one that could lead to:

  • A fairer mortgage process
  • Better tools for brokers
  • Less friction for borrowers

“One small step for mortgage brokers. One giant leap against the Canadian banks.”

Final Thought

If there’s one thing Marcus and Justin want you to remember, it’s this:

The banks are not always on your side. The more transparent the system, the better your chances of getting the best mortgage for you.

🎧 Catch the full episode of Make Money Count to watch the unfiltered breakdown, and learn how to navigate Canada’s mortgage system like a pro.

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