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Incorporated, you decide what you pay yourself. The lender decides what it counts: salary, dividends or company earnings. What that gives you on a Grand Montréal file.
A lender doesn’t 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 method, more than the amount, decides the answer.
Two years of complete notices of assessment and T1s, your financial statements or balance sheets if you’re incorporated, and recent business account statements. If you expect some expenses to be added back to qualifying income, bring what justifies them.
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.
The starting point is net income after expenses, and each lender reads it its own way. Some add back non-recurring expenses, others look at 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.