Mortgage Documents
Here is a list of documents you may need to provide and an explanation for each one:
General
Identification
A picture of the front and back of your photo identification and your birth certificate, which will be required by the lawyer at closing.
Application
A link to my online application will be sent to you for you to fill out.
Down Payment &
Closing Costs
You will be required to supply 90 days of bank statements to prove that you have been saving your down payment & closing costs.
Closing costs include the 1% land transfer tax & lawyers fees.
Income
Letter of Employment
On company letterhead with contact information for the signer, along with:
1) Start Date
2) Position
3) Type of Pay (hourly wage, salary, commission, etc)
4) Probation (If Applicable)
5) Number of Guaranteed Hours
6) Full-time, Part-time, Seasonal, etc...
Paystub
Most recent paystub.
Information should match what is written on the letter of employment.
T4, T4A or T4E Tax Slips
Tax slips from your employer or tax slips for employment insurance (EI).
EI tax slips are available on My Service Canada Online.
Must have your name on copy.
Other Income
Canada Child Benefit (CCB)
CCB is a tax-free monthly payment made to eligible families to help with the cost of raising children.
Go CRA online into Mail and find the most recent CCB Notice. Click PDF to the right to download the copy with your name on it.
We also require the child's birth certificates to confirm they of the age we can include the benefit as income.
Old Age Security (OAS) & Canada Pension Plan (CPP)
OAS is a universal benefit from the federal government to anyone over age 65 in Canada – who have lived here for a minimum of 10 years.
CPP is a benefit for working Canadians who paid into the CPP over the years through regular contributions.
T4A (P) & T4A (OAS) tax slips are available on My Service Canada Online.
Child Support
Child support is an ongoing periodic payment made by one parent to another for the financial benefit of a child.
A copy of the Court Order would be required, along with 3 months of deposits.
We also require the child's birth certificates to confirm they of the age we can include the support as income.
Self Employed Income
T4 & T5 Tax Slips
T4 Tax slips if you take your income as salary, or T5 slips for dividends.
Must have name on copy.
Notice of Assessment (NOA)
These are issued by CRA after you file your taxes.
It states how much money you made that tax year, how much tax you paid, and whether you owe taxes or are getting a refund.
Available on CRA online.
T1 General
T1 is the form to complete your annual tax return.
Part of this is the Form T2125 is used to calculate self employed income as a sole proprietor.
Your accountant can supply this.
Incorporated Businesses
Articles of Incorporation
Articles of Incorporation are legal documents submitted to governments within Canada which are necessary in order to establish your business as a legal entity—they also help set out your corporation's purpose and regulations.
Business Financials
A financial statement for an incorporated business is a summary of the company’s financial activity and position, usually prepared by an accountant. It shows the business’s income, expenses, assets, and liabilities for the year, helping lenders or investors understand how profitable and stable the company is.
Bank Statements
Bank statements may also
be required in order to find the best method of qualifying.