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The income a lender counts for a self-employed borrower in Gaspésie-Îles-de-la-Madeleine is what your notices of assessment show, not your deposits. How to present it.
A lender does not read business income like a salary. Some take a two-year average after expenses, others agree to add back non-recurring expenses or to look at the company’s own income. That difference in reading decides the answer, more than the amount does.
Two years of complete notices of assessment and T1s, your financial statements or balance sheets if you are incorporated, your recent business account statements. If you expect expenses to be added back to qualifying income, pull together what justifies them as well.
You’ll need two years of notices of assessment, recent pay stubs and an employment letter. Tax records rule. Cash deposits that never appear on a return don’t count, whatever you’re buying.
Depending on where the income comes from, the lender may use this year’s figure, a two-year average, or just a confirmation of employment.
Bring the notices of assessment, returns, financial statements, pay stubs and deposit records, and have all of it before the offer. When a financing condition is tight, it’s a third party’s missing paper that sinks it.
Net income after expenses is the starting point, and each lender reads it differently. Some add back non-recurring expenses, others go by the company’s own income.
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, if the declared income supports the loan. The rate follows the file, not the status. What caps the amount is net income after expenses, and that is where the choice of lender changes the result.
Pick the situation closest to yours.
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.