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Funds from abroad for a purchase in Gaspésie-Îles-de-la-Madeleine require proof of the transfer and of their origin. What the lender wants to see, and how long the money has to be here.
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.
Where the down payment comes from changes the paperwork. Savings, a family gift, an RRSP withdrawal or an FHSA: each has its own proof. Money that has been in a Canadian account for 90 days draws the fewest questions.
Statements in order, big deposits explained. Do that before the offer, not after the lender asks.
Under 20% down, mortgage default insurance is mandatory and amortization is capped at 25 years. Getting to 20% on a purchase in Gaspésie-Îles-de-la-Madeleine removes the premium and the cap. Waiting a few months for it is often worth it.
The notary, the transfer duty and the inspection are paid in cash, on top of the mortgage. Lenders often want to see money left after closing too, so draining every account is a bad idea.
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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Contact
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.