Region served
Commissions and bonuses are averaged over two years. What to provide so a lender counts them on a Grand Montréal file.
Two things: is the income declared, and does it repeat? One lender wants two years of history, another works from a twelve-month average, so the same file gets different answers. Undeclared income? Zero, no matter how much.
Two years of notices of assessment: still the one proof no lender argues with. Add your commission or employment statements for the period. If your income follows the seasons, include something that covers a full year, not just your best months.
Two years of notices of assessment, recent pay stubs, an employment letter. The lender goes by what your tax records show, not by what lands in your account. Income that shows up nowhere does not count toward a purchase in Grand Montréal.
Depending on where the income comes from, the lender takes the current year, a two-year average or a simple employment confirmation. That period sets the amount, not what you are earning this month. Expect it to differ from one lender to the next in Grand Montréal.
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Get them all together before you make an offer. That is what makes a short financing condition workable, since the delay nearly always comes from a third party who has not sent their piece yet.
Most lenders average commissions and bonuses over two years. One big year does not count on its own. It is the consistency across the period that sets the amount.
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.
It gets averaged, over one or two years depending on the lender, from what is declared. A good month counts no more than a bad one, and income missing from your notices of assessment does not count at all.
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.