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Commissions, uneven hours, contracts: how a lender averages income that moves, and why the same Bas-Saint-Laurent file gets two very different amounts.
What matters is whether the income is declared and steady. A lender that wants two years of history will turn down a file another accepts on a twelve-month average. Undeclared income counts nowhere, whatever the amount.
Two years of notices of assessment, still the one proof a lender accepts without argument. Add your employment or commission statements for the period and, if your income follows the seasons, something that shows a full year and not just your best months.
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.
Variable income gets averaged over one or two years, depending on the lender. That difference in method, more than the amount, explains why two lenders can land on very different capacities.
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.