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A lender has to trace your down payment over three months. A large unexplained deposit blocks a Gaspésie-Îles-de-la-Madeleine file more surely than a small down payment.
Where the money came from counts as much as how much there is. The lender has to trace the funds over about three months, and one large unexplained deposit stalls a file more surely than a small down payment. A gift has to be a real gift, with a letter saying it is not repayable.
Three months of statements for every account the money leaves, and the trail for any unusual deposit. For a gift, the donor’s letter. For funds from abroad, proof of the transfer and of their origin. For the HBP or FHSA, the plan statements.
Current, legible, consistent: that’s the test. One page missing from a statement, or a name that doesn’t match your notice of assessment, and the file goes back for clarification.
Names, dates, balances and the origin of the funds have to match from one document to the next. An unexplained deposit is the most common reason a file stalls at verification.
If something looks off (a large amount, a missing page, records that don’t match), expect questions. Answer them before they’re asked. Gifts, bonuses and transfers between your own accounts go through easily when they’re documented.
The lender’s calendar, the insurer’s and the notary’s all have to line up. Most of the time it’s the last link that sends its confirmation after the condition has already expired.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Yes, with a letter from the donor confirming the money does not have to be repaid. The gift itself blocks nothing. A large deposit you cannot trace over three months does.
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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.