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
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. If you are receiving ‘Acting Pay’ the lender will require a letter from your employer confirming your regular annual salary and when your acting pay ends. If you are unsure if you are receiving acting pay, you can tell if your pay stub notes ‘Acting Pay’. Click here to see a sample of a pay stub noting Acting Pay.
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
- the letter of employment is to show the lender that you are:
3) Verbal confirmation with employer
Why is this needed:
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- 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
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- 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?
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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Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
