I have an employer and a set annual salary

What is required

1) One pay stub

Why is this needed:

    • pay stubs are used to show the lender your year to date income total, that your are currently being paid, your income is consistent with each pay and that there are source deductions

2) Letter of employment

Government of Canada employees, please visit your MyGCPay app for a letter of employment that you can have signed by your manager. Alternatively, you can access a letter of employment here.

Why is this needed:

    • the letter of employment is to show the lender that you are:
      • currently employed
      • full-time/part-time, permanent/temporary, hourly/salary, and so on
      • currently not on probation
      • on leave, if applicable
      • in an acting position, if applicable
    • letters of offer, pay stubs and T4 do not show this and with that, a letter of employment is mandatory

3) Verbal confirmation with employer

Why is this needed:

    • Many lenders will call the employer from your employer letter to confirm the details of the letter
    • This call will usually take place some time prior to your closing date
    • It is important that the income letter has the most convenient contact information for the person who provided it
    • It is crucial that they employer is able to confirm the details of the letter of employment and that you are not on probation as any discrepancies will affect your mortgage approval

 

What you must know

    • income documents will only be accepted if they are dated within the last 30 days
    • lenders are typically not able to use income from an applicant on probation

 

DOES IT PASS THE TEST OR WILL IT BE REJECTED?

Is the date on my past stub within the last 30 days?
Is the date on my letter of employment within the last 30 days?
Is my letter of employment on letterhead?
Does my letter of employment have a contact name and phone number on it?
Does my Notice of Assessment say Notice of Assessment at the top of the document?

If you answered YES to all of the above, please send the document
If you answered NO to any of the above, the document will not be accepted by the lender

 

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