For different employments, lenders need different documents. Most lenders classify 2 types of borrowers based on their jobs, salaried employment and self-employment.
A. For Salaried Individuals: most lenders only want 2 of income proving (No.1 ~ 4 below) plus No.5
- T4 (T4A for commission earning)
- Notice of Assessment
- Recent Pay Stub
- Income Tax Return (T1)
- Letter of Employment
B. For Self-Employed Individuals
- Personal Tax Returns for the past 3 years, including schedules
- Notice Of Assessment for business or personal
- Signed Income Statement & Balance Sheet
- Audited Financial Statement or Business Tax Return
- Business Credit Report
- Articles of Incorporation
Except the income verification, the lenders need your property and down payment information:
- Purchasing agreement with all amendments
- MLS listing feature sheet for MLS listing home
- Receipt for deposit paid to the purchasing
- Appraisal report if needed by the mortgage insurer (CMHC or Genworth)
- 3 month bank statements showing your having adequate down payment
