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Originally Posted by NoCarrier
Yes. When I bought a house I had to give them my financial statements and my income tax statement from the last 3-4 years. It's nothing unusual. They just want proof that you really have a revenue. Your credit record does not have that proof. And it's against federal law for the bank to ask about your tax reports/financial statements to the "Canada revenue agency".
If you don't want to do it, just close your account and go to another bank. But you will propably need to do the same to get credit anyway.  |
But a house is not a secured loan. I have a high credit card limit on the company account but I have paid it in full every month for 4 years and I gave up the equivalent maximum in the form of a GIC to secure it. I just find it odd that the bank wants to know my financials on a regular basis.
WG