Write-offs are great at tax time but can make your income look small to a bank. Here’s how self-employed Canadians still get approved.
Path 1 — Traditional (best rates). Use your last 2 years of income from your Notice of Assessment and tax returns. If your reported income supports the mortgage, you get the same sharp rates as everyone else.
Path 2 — Business-for-self programs. If your reported income is low, some lenders accept your bank statements or business income instead, usually with a slightly larger down payment (often 10%+). Rates are a touch higher, but it gets deals done.
You can still use the FHSA (up to $8,000/yr, tax-free) and the RRSP Home Buyers’ Plan (up to $60,000). Ask and I’ll help you line them up.
It can. A lower reported income means a smaller mortgage under traditional lending. If you’re planning to buy in the next 1–2 years, it’s worth talking to your accountant and me together beforehand.
Often 10% or more, compared to the standard 5% minimum. That’s the trade-off for qualifying on bank statements or business income instead of your NOA.
Most lenders like to see about two years of self-employment history, though some business-for-self programs will consider less with strong compensating factors.
Yes. We can look at your salary, dividends, or the company’s retained earnings depending on how you pay yourself. Bring your corporate financials and we’ll find the best fit.
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