DOCUMENT CHECKLIST

New to Canada borrower

Insured new to Canada programs exist for a reason. Here is what they ask for.

All checklists

For clients who arrived within the last five years and may not have a full Canadian credit history. The insured new to Canada programs from the three insurers, and several lenders' own programs, replace the credit history with alternative references. Requirements differ by program, so confirm the lender's version before you collect.

Status

  • Permanent resident card, confirmation of permanent residence, or a valid work permit
  • Passport
  • Proof of arrival date in Canada

Credit and references

  • International credit report from the home country, where available
  • Alternative credit references: twelve months of rent payments, utility bills, phone bills or insurance payments, on the program's required combination
  • Letter from a Canadian bank confirming account history if the client has been here more than a few months

Income

  • Letter of employment and two pay stubs, with at least three months of full time Canadian employment on most programs
  • Employment contract or offer letter
  • Most recent T4 and NOA if the client has been in Canada through a tax year

Down payment and property

  • 90 days of statements, with international transfers documented from the sending account to the Canadian account
  • Gift letter if applicable
  • Two pieces of identification, void cheque, purchase agreement, MLS listing and property tax bill

What stalls this file

Down payment that arrived from overseas without a paper trail. Ask for the sending bank's statement and the wire confirmation before anything else.

Want a brokerage that processes the file for you?

At A.I.M.I. Collective deal processing and compliance are handled at head office. Book a call to see how a file runs here.

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