For salaried employees, lenders look for steady, full-time employment. You should be past any probationary period before the mortgage closes.

Documentation Required:

• Recent pay statement(s)
• One annual income document, such as a T4 or CRA Notice of Assessment
• Letter of employment

For commission, bonus, or overtime income, lenders typically average your earnings over a two-year period.

Documentation Required:

• Recent pay statement(s) and, if applicable, year-end pay statement(s)
• Last two years of CRA Notices of Assessment, with proof of no taxes owing
• Letter of employment detailing bonus or commission structure

For employees with variable hours, lenders use a two-year average to confirm stability.

Documentation Required:

• Recent pay statement(s)
• Last two years of CRA Notices of Assessment, with proof of no taxes owing
• Letter of employment

For recent hires, lenders prefer consistent work history in the same field.

Documentation Required:

• Recent pay statement(s)
• Letter of employment

Commission-only income is typically averaged over two years due to variability.

Documentation Required:

• Last two years of T1 General tax returns or T4s
• Last two years of CRA Notices of Assessment, with proof of no taxes owing

Letter of employment outlining commission structure

Lenders average seasonal or part-time incomes over a two-year period.

Documentation Required:

• Recent pay statement(s)
• Last two years of CRA Notices of Assessment, with proof of no taxes owing
• Letter of employment

Consistent monthly deposits are required to confirm retirement income.

Documentation Required:

• Pension slips
• T4A slips

Bank statements showing direct deposits

Spousal and child support payments can be used as qualifying income if they are consistent and legally binding. Lenders may consider up to 30-50% of this income, depending on lender guidelines.

Documentation Required:

• Legal separation or divorce agreement, detailing the support payment terms
• Bank statements showing regular support payments received over the past 6-12 months
• For child support: Birth certificates or government-issued documents confirming children’s ages

For Child Tax Benefits, lenders require proof of regular payments and confirmation of child age for income qualification.

Documentation Required:

• Canada Child Benefit (CCB) Annual Statement issued by the CRA, or bank statements showing automatic CCB deposits

Confirmation of age for each child

Lenders generally require a two-year average of self-employment income.

Documentation Required:

• Last two years of CRA Notices of Assessment and full T1 General tax returns, with proof of no taxes owing
• 12 months of business bank statements
• For incorporated businesses: Articles of incorporation and corporate financial statements

Rental income is assessed based on proven rental history or projected earnings for new units.

Documentation Required:

• Lease agreements
• Bank statements showing rental deposits
• Last two years of T1 General with Statement of Real Estate Income and CRA Notices of Assessment, with proof of no taxes owing
• For new units: Fair market rent assessment if required

Consistent investment income over a two-year period is typically required.

Documentation Required:

• Investment statements
• T5 slips

Last two years of CRA Notices of Assessment, with proof of no taxes owing

Lenders evaluate maternity leave income based on return-to-work plans.

Documentation Required:

• Most recent pay statement(s)

Letter from employer confirming maternity leave details and return-to-work date

Lenders assess disability income based on stability and duration, with a preference for long-term or permanent benefits.

Documentation Required:

• Letter of confirmation for status (permanent or non-permanent) and amount
• Bank statements showing regular deposits
• CRA Notice of Assessment, if applicable

Special mortgage programs with flexible terms are available for newly practicing physicians, dentists, and veterinarians.

Documentation Required:

• Proof of enrollment or recent program completion (within the last 24 months)
• For foreign-trained professionals: Confirmation of active registration with a provincial college, if applicable