What’s your mortgage potential? Lenders first look at your annual income amount, source, and history to assess your ability to handle mortgage payments. Your income can include overtime, commissions, dividends, and any other sources.
Showing a steady history of employment in any occupation helps strengthen your mortgage application. Talk to an expert mortgage broker if you have questions about how a lender will perceive your details.
Click here to download the income checklistPrimary Income Types & Lender Requirements
Part-Time
- Minimum guaranteed hours
- 2-year history of employment (using 2-year average)
Full-Time
- Guaranteed annual salary or hours
- Bonus can be used only if guaranteed or 2- year history
Self-Employed or Contract
- 2-year history of this income source
- AFTER deductions income (Line 26000 on your T1’s)
Additional Income Sources
May Be Accepted
- Government benefit
- Rental or investment income
- Vehicle allowance
- Pension or Disability incom
- Alimony or child support
Won't Be Accepted
- Cash (under the table) income
- Projected income (unless new dr/lawyer/dentist)
- Income not reported to Canada Revenue Agency (CRA)
- Employment Insurance (EI), unless for parental leave