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.
Documents before comparison
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.
Income documents
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 Rive-Sud.
Income period reviewed in Rive-Sud
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 Rive-Sud.
Supporting records
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.
Lenders that can assess the file
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
What to gather.
Income history
Current employment
Recent pay records
Tax documents
Debt ratios
Lender income rules
Frequently asked
Can the file be reviewed remotely?+
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.
How does a lender calculate income that changes month to month?+
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.
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.
