A lender doesn’t read business income like a salary. Some take a two-year average after expenses. Others will add back non-recurring expenses, or look at the company’s own income. That difference in how they read it decides the answer more than the amount does.
Documents before comparison
Two years of complete notices of assessment and T1s, your financial statements or balance sheets if you’re incorporated, and recent business account statements. If you expect some expenses to be added back to qualifying income, bring what backs them up.
Required document
The document has to be current, legible and consistent with the rest of the file. A statement missing a page, or a name spelled differently than on your notice of assessment, and the Québec file goes back for clarification.
What gets verified
Names, dates, balances, where the money came from: all of it has to match from one document to the next. An unexplained deposit is the most common reason a file in Québec stalls at verification.
Differences to explain
An unusual amount, a missing page or two records that disagree will draw questions, so explain them up front. A gift, a bonus or a transfer between your own accounts is fine once it’s documented, in Québec like everywhere else.
Delivery deadline in Québec
The lender’s calendar, the insurer’s and the notary’s all have to line up. It’s nearly always the last link that delivers a confirmation after the condition has already expired.
To prepare
What to gather.
Document to replace
Available supporting records
Income consistency
Transaction history
Explanation letter
Lender documentation rules
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Can a self-employed borrower get the same rate as a salaried one?+
Yes, if the declared income supports the loan. The rate follows the file, not your status. What caps the amount is net income after expenses, and that’s where your choice of lender changes the outcome.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
