Taxable income understates what you earn
Legitimate business deductions lower your net income. Lenders who rely only on that figure may approve less than you can comfortably afford.
Self-employed mortgages in Markham & TorontoYour income is real. We help lenders see it.
Self-employed borrowers are often declined on paper for the same reason their tax return looks good: write-offs reduce the income a lender sees. Because your tax return and your mortgage are handled in the same firm, we can present your income properly and match you with a lender whose program fits.
The challenge
Why self-employed mortgages are different
Lenders want a track record
Many lenders look for about two years of self-employment history, shown through tax returns and notices of assessment.
Programs vary widely
Some lenders add back certain expenses, some consider business financials or bank statements, and alternative and private lenders can help where traditional programs do not fit.
Your corporation matters too
If you are incorporated, how you pay yourself, salary or dividends, affects both your tax bill and what a lender will count.
How we help
What RNN does differently
We read your return like a lender will
We review your documents from both the tax and the lending side before anything is submitted, so there are no surprises in underwriting.
We prepare the documents lenders ask for
Tax returns, notices of assessment, financial statements and business registration documents, organised and consistent.
We shop 100+ lenders
Banks, credit unions, monoline lenders and private lenders, compared for the program that fits self-employed income.
We plan the next return with the mortgage in mind
If you are buying in a year or two, the way you file between now and then can make a real difference.
What to bring
Documents that are usually requested
Personal tax documents
Your most recent two years of T1 General returns and notices of assessment.
Business documents
Financial statements, your business licence or articles of incorporation, and HST/GST registration if you have one.
Bank statements
Recent personal and business statements showing your down payment and regular income.
Identification and property details
Government ID, and the purchase agreement or current mortgage statement if you are refinancing.
Lender requirements differ and change. This page is general information, not a commitment to lend or tax advice for your situation. Mortgage services are provided through Northwood Mortgage Ltd., Licence #10349.
Let's talk.
Book a free consultation. In about 30 minutes, we learn your situation and show you how we can help. There's no obligation.