When you are incorporated, you pick what you pay yourself. The lender picks what to count: salary, dividends or company earnings. What that does to your file.
Lenders go by what your tax documents show, not by what you really earn. Income that never shows up on a notice of assessment can’t be counted, no matter how steady it is.
Pick the lender based on your proof
Variable, self-employed and commission income are not treated the same everywhere. Some lenders average two years, others take the weaker of the two. That gap moves your approved amount much more than the rate does.
Don’t send a thin file
An incomplete file invites a decline that a complete one would have avoided. Sort the documents first. Otherwise the lender fills the gaps with its own assumptions, and they are rarely generous.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Since you own a company, add two years of financial statements and your business records. Get them together before you make an offer, and a short financing window stays realistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
