DOCUMENT CHECKLIST

Self employed borrower

Two years of everything, and the business itself. This is the file that most often goes back for more.

All checklists

For sole proprietors, incorporated business owners and contractors. A lenders want two years of history. B lenders will look at bank statements instead, which is the route when the tax returns do not show enough income.

Personal income

  • Two most recent notices of assessment, showing no tax owing or proof it has been paid
  • Two most recent T1 Generals, complete, including the statement of business activities
  • Two years of T4s if the client also pays themselves a salary
  • Proof of any dividend income: T5s

The business

  • Business registration, licence or articles of incorporation
  • Two years of accountant prepared financial statements for a corporation
  • Six to twelve months of business bank statements
  • GST or HST registration and most recent filing, where applicable
  • Client's own summary of what the business does and how long it has operated

Stated income or B lender route

  • Twelve months of business and personal bank statements, every page
  • Contracts or invoices supporting the stated income
  • Larger down payment and a written explanation of the income if it differs materially from the NOAs

Down payment, identity and property

  • 90 days of statements for the down payment, with business withdrawals explained
  • Two pieces of government identification, one with a photo
  • Void cheque
  • Purchase agreement, MLS listing and property tax bill, or current mortgage statement on a refinance

Two things that stall this file

Tax owing on the latest NOA, and an accountant who takes three weeks. Ask for the NOAs first, and tell the client to call their accountant the day the offer is accepted.

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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