Source deductions are the funds that your employer is required to withhold from your income. These funds are remitted to the Canada Revenue Agency and are for items such as income tax, employment insurance premiums and Canada Pension Plan contributions.
What is required 1) Notice of Assessment for the last two years 2) T1 Generals (all pages including schedules) for the last two years 3) Lenders may also request one or more of the following: two years of business financials business license GST return Articles of Incorporation DOES IT PASS THE TEST OR WILL […]
What is required 1) One pay stub dated within the last 30 days Why are this needed: pay stubs are used to show the lender your year to date income total, that you are currently being paid and that there are source deductions 2) Letter of employment dated within the last 30 days Why is this […]
The mortgage process must be 100% complete and sent to your real estate lawyer no later then 10 business days (2 weeks) prior to your closing date To be 100% complete all your documents and/or change requests must be not only be received but also reviewed and approved by the lender To meet this deadline, […]
What is required for all applications 1) Photo ID A photo of your passport or driver's licence is acceptable ID must not be expired Health cards are not accepted 2) Void cheque or pre authorized debit form A photo of a void cheque is acceptable Most online banking websites allow you to access a sample […]
What is required 1) Three months of account history showing you have had the closing costs saved for at least three months the best way to complete this is to log into your online banking, go to your e-statements, save and send the last three months of statements What you must know all lenders in Canada […]
1) Lender's gifted down payment document completed and signed by the gift giver(s) and receiver(s) 2) One month of bank account history showing the gift funds have been received prior to the closing date 3) One month of account history from the gift giver(s) showing the source of the funds Important: the gift funds must come […]
