Lenders vary in terms of the type of
income proof required to support an
application for mortgage financing.
Examples of Income Verification
Income Verification Form (completed
by the employer of the applicant)
Income Tax T-4 Form - Useful but
reflects on the past years income, does
not show increases during the current
period, and may not reveal certain
passive income sources appearing on T5
forms.
Notice of Assessment - provided by
the Canada Customs and Revenue Agency,
confirms amounts stated by the borrower
regarding income tax filings.
Letter from employer regarding
hourly rate.
Pay Stubs
Detailed letter from employer
Self Employed or Commissioned Person
- as much information as possible should
be provided to your mortgage broker or
banker, including; copies of T4 forms
and assessment notices as well as
documented record of earnings is
required.
Other Documentation Required by
the Lender
Copy of the agreement of Purchase of
Sale or Contract
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