RFA Bank of Canada

What RFA Bank of Canada does

RFA Bank of Canada is a federally regulated Schedule I Bank headquartered at 145 King Street, Toronto, that originates Alternative (Alt-A) residential mortgages and issues CDIC-insured Guaranteed Investment Certificates (GICs). It is a wholly-owned subsidiary of RFA Capital Holdings Inc., which in turn sits under the publicly traded parent RFA Financial Inc. (TSX: RFA) — the entity formed by the September 15, 2025 announced combination of RFA Capital with Artis Real Estate Investment Trust. The bank operates alongside affiliated entities RFA Mortgage Corporation (Prime lending, Insured/Insurable/Uninsurable), RFA Asset Management (diversified North American real estate), and RFA Wealth Management (operated through Five Continents in the Cayman Islands).

The bank's technology footprint is built around web-based customer and broker portals — myrfamortgage.ca and my.rfa.ca for borrower self-serve (balance checks, payment-frequency changes, prepayments, profile updates), and pegasus.rfabank.ca for broker access — together with online mortgage calculators (affordability, payment, prepayment) and an IFDS Group-managed deposit-servicing interface. Mortgage servicing operations are split across Toronto (offices at 16 York Street and 30 Adelaide Street East) and Waterloo, Ontario (451 Phillip Street), while a FCT (First Canadian Title) partnership handles closing documentation end-to-end. As a Schedule I Bank, RFA publishes quarterly B-20 and Pillar 3 regulatory disclosures.

RFA generates revenue primarily through net interest spread and origination fees on Alt-A mortgages placed through a national, broker-only distribution channel — borrowers who fall outside prime lending criteria owing to non-traditional income, limited Canadian credit history, recent immigration, self-employment, or prior credit events. Its 12+ distinct sub-products (Self-Employed, New to Canada, Micro Condo, Frontline Worker with up to $2,000 cashback, Credit Restore, Purchase Plus Improvements, Second Home, Rental Property, Renewal, Refinance, Transfer, First Time Homebuyer) are explicitly designed for borrower profiles underserved by the chartered banks. A secondary revenue stream comes from the spread between GIC investment rates paid to retail depositors and the returns earned on the resulting invested asset base, with GICs distributed via CIRO-regulated deposit dealers. The organization supports 11–50 employees, with women comprising approximately 65% of the workforce.

Name

RFA Bank of Canada

Legal name

RFA Bank of Canada

Website

https://rfa.ca

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

RFA Bank of Canada is a federally regulated Schedule I Bank that originates Alternative (Alt-A) residential mortgages exclusively through a national broker channel and issues CDIC-insured GICs, serving Canadian borrowers with non-prime credit profiles and retail deposit investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Alternative Mortgage Lending (Alt-A): RFA Bank of Canada originates and services alternative (Alt-A) residential mortgages through the broker channel. Alt-A mortgages are offered to borrowers who may not qualify for prime lending due to non-traditional income, limited credit history, or other factors. Revenue is generated through interest income and origination fees on closed mortgages.
2. GIC / Deposit Products: RFA Bank of Canada offers Guaranteed Investment Certificates (GICs) to retail investors through a national network of CIRO-regulated deposit dealers. Products include cashable GICs, non-redeemable GICs, and registered/non-registered/commercial variants with terms from 1 to 5 years. Revenue is generated from the spread between borrowing costs and investment returns.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

RFA Bank of Canada is a federally regulated Schedule I Bank that originates and services Alternative (Alt-A) residential mortgages distributed exclusively through a national network of independent mortgage brokers. The bank also issues CDIC-insured Guaranteed Investment Certificates (GICs) — including cashable and non-redeemable variants with 1- to 5-year terms — distributed through CIRO-regulated deposit dealers. Revenue is generated primarily from interest income on originated mortgages and the spread earned on GIC deposits.

Product overview

RFA Bank of Canada is a federally regulated Schedule I Bank offering Alternative mortgage lending (Alt-A) through the broker channel, combined with CDIC-insured Guaranteed Investment Certificates (GICs). The company operates within the RFA Capital Holdings group alongside RFA Mortgage Corporation (Prime lending), RFA Asset Management, and RFA Wealth Management. The core product portfolio includes Alternative mortgage products (First Time Homebuyer, Transfer, Self-Employed, Frontline Worker, Micro Condo, New to Canada, Credit Restore, Purchase Plus, Second Home, Rental Property, Renewal, Refinance) and GIC deposits (Cashable and Non-Redeemable). An affiliated company, RFA Mortgage Corporation, provides Prime mortgage solutions (Insured, Insurable, Uninsurable). Customers access services through online portals and broker networks, supported by mortgage calculators for financial planning.

Differentiator

Problem solved

Functional benefit

Brands

• RFA Bank of Canada: Alternative mortgage lending (Alt-A) through the broker channel; CDIC-insured GIC deposits; federally regulated Schedule I Bank
• RFA Mortgage Corporation
• RFA Asset Management
• RFA Wealth Management

Products and services

• Alternative Mortgage Lending (Alt-A) End-to-end origination and servicing of Alternative (Alt-A) residential mortgages distributed through independent mortgage brokers across Canada. Targets borrowers who do not qualify for prime lending — including self-employed, newcomers, and credit-restoration candidates — and generates revenue through interest income and origination fees on closed mortgages.
• First Time Homebuyer Mortgage Alt-A mortgage product guiding first-time Canadian homebuyers through the home-buying process with competitive broker-quoted rates, available through the broker channel.
• Transfer Mortgage Full-featured Alt-A mortgage enabling borrowers to switch from an existing lender to RFA at competitive broker-quoted rates.
• Self-Employed Mortgage Alt-A mortgage product designed for self-employed borrowers with non-traditional income documentation, helping them qualify for homeownership through flexible underwriting via the broker channel.
• Frontline Worker Mortgage Exclusive Alt-A mortgage for frontline workers (border services, corrections, firefighters, paramedics, police, physicians, nurses, teachers, principals, professors) featuring discounted rates and tiered cashback ($500-$2,000) on new mortgages, Purchase Plus Improvements, and transfers.
• Micro Condo Mortgage Alt-A mortgage for micro-condo units as small as 300 sq ft in metropolitan-area downtown cores and 500 sq ft in other areas, designed for first-time or subsequent urban buyers.
• New to Canada Mortgage Alt-A mortgage for new permanent and non-permanent residents with limited Canadian credit history, including valid work-visa holders and recent immigrants within 60 months of arrival.
• Credit Restore Mortgage Alternative mortgage product for borrowers who have experienced financial difficulties and cannot qualify for traditional prime mortgages, distributed through the broker channel.
• Purchase Plus Improvements Mortgage Mortgage program that rolls renovation costs into the mortgage amount, allowing qualified buyers to finance home improvements immediately after taking possession.
• Second Home Mortgage Alt-A mortgage for financing a vacation home, cottage, or property held for a family member.
• Rental Property Mortgage Investment-property Alt-A mortgage for first-time or experienced real-estate investors building a rental portfolio.
• Mortgage Renewal Service for existing mortgage customers to customize their mortgage term to fit lifestyle changes and potentially reduce interest charges at end of term.
• Mortgage Refinance Mortgage refinancing for lower rates, debt consolidation, change of mortgage terms, or accessing additional funds from existing home equity.
• Guaranteed Investment Certificates (GICs) CDIC-insured term deposits issued by RFA Bank of Canada and distributed through a contracted national network of Canadian Investment Regulatory Organization (CIRO) regulated deposit dealers. Includes Cashable GICs (1-year, redeemable after 90 days) and Non-Redeemable GICs with 1- to 5-year terms, in registered, non-registered, and commercial variants; minimum deposit $5,000.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• FCT (First Canadian Title)coreStrategic or Co-development PartnerRFA retains FCT to manage the closing of all mortgage transactions. FCT issues the Solicitor Instruction package to solicitors and receives final documentation (Final Report) for mortgage closings. This is a consistent operational partnership central to RFA's mortgage closing workflow.
• CEE Centre For Young Black ProfessionalsminorOthersRFA partnered with CEE in 2022 to launch an educational program (Walk This Way) preparing Black youth for careers in finance. RFA serves as an employment partner, providing career opportunities to program graduates. CEE's mission is creating economic opportunity for Black youth through career education and training.
• BeaYOUtiful FoundationminorOthersRFA is an ongoing supporter of the BeaYOUtiful Foundation, which provides self-esteem and confidence-building resources for female and non-binary youth across Canada through programs, workshops, and conferences.
• IFDS GroupcoreTechnology or IntegrationRFA Bank of Canada uses IFDS for deposit account servicing, re-registrations, estates, and general deposit inquiries. Contact via [email protected] with 30 Adelaide Street E, Toronto office handling deposit operations.
• Canadian Deposit Insurance Corporation (CDIC)coreOthersRFA Bank of Canada is a member of CDIC. GICs issued by RFA Bank of Canada are eligible for deposit insurance protection up to applicable limits. This membership is a fundamental regulatory trust signal for deposit products.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• First National Financial LP: Canada's largest non-bank mortgage finance company, distributing primarily through the mortgage broker channel across both Prime and Alternative segments. Closely comparable to RFA in distribution model, product breadth, and target customer (broker-originated residential mortgages).
• MCAN Mortgage Corporation: Canadian mortgage investment company focused on alternative residential lending through the broker channel. Comparable to RFA Bank of Canada's Alt-A underwriting focus and broker distribution model.
• Equitable Bank (EQB): Canadian Schedule I Bank (EQB) specializing in alternative residential mortgages and insured GIC deposits. Highly comparable business model to RFA Bank of Canada — broker channel origination balanced against a CDIC-insured deposit franchise.
• Home Trust Company (Home Capital Group): Canadian alternative mortgage lender historically focused on self-employed, newcomer, and non-prime borrowers via the broker channel. Closely comparable to RFA's Alt-A product suite, though now operating under different ownership following the 2017 OSFI-driven restructuring.
• Fairstone Bank of Canada: Canadian Schedule I Bank (formerly Duo Bank) offering deposits and alternative lending products. Comparable as a federally regulated, deposit-funded lender pursuing non-prime consumer credit markets.
• Bridgewater Bank: Canadian Schedule I Bank within the Daniel Effect Group, focused on single-family residential mortgages funded by GIC deposits. Comparable deposit-funded, broker-originated mortgage business model to RFA Bank of Canada.
• Quest Financial (QuestMortgage): Canadian monoline mortgage lender distributing exclusively through the broker channel with a focus on alternative and non-prime borrowers. Closely comparable distribution and product profile to RFA Bank of Canada's Alt-A focus.

Broad incumbents

• CWB Financial Group (Canadian Western Bank): Canadian Schedule I bank with diversified commercial and personal banking, including broker-originated mortgages. Less Alt-A-focused than RFA but comparable as a mid-sized federally regulated Canadian bank pursuing scale.

Emerging players

• B2B Bank (subsidiary of Element Fleet): Canadian Schedule I Bank offering deposit and lending products distributed through advisor and broker channels. Comparable in deposit-funded, broker-distributed financial services model, though more focused on advisor-sold investment products.

Others

• Street Capital Financial (Street Capital Bank, pre-acquisition): Canadian Schedule I Bank that was acquired by RFA in 2019 to launch its Prime lending segment. Historical comparable and direct precedent for RFA's broker-channel, deposit-funded monoline banking model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rfa-mortgages
• Instagraminstagram.com/rfamortgages

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RFA Bank of Canada