Personal tax documents
Recent Notices of Assessment and T1 tax returns are common starting points.
Self-Employed Mortgages in Barrie & Simcoe County
Self-employed? Brent can help you understand what lenders may need, how your income can be assessed, and which mortgage options may fit, whether you are a sole proprietor or incorporated.
Get My Free Self-Employed Mortgage ReviewServing Barrie, Collingwood, Innisfil, Orillia, Midland, Wasaga Beach and communities throughout Simcoe County.
Your tax return doesn't always tell the whole story. Salary, dividends and legitimate business expenses can all affect how your income looks on paper.
The self-employed challenge
Self-employed income doesn't always fit neatly into a lender's box.
You may pay yourself a salary, take dividends, leave money in your corporation or deduct legitimate business expenses. The issue is not necessarily what you earn. It is how that income can be documented for a mortgage application.
? What documents will I need?
? Does my tax return show the full picture?
? Does being incorporated change things?
? Are there mortgages designed for self-employed borrowers?
What to bring to the table
What might a lender ask you for?
The exact list depends on your business structure and the lender. Start with the basics below. Brent can narrow things down once he understands your situation.
Good to know Don't collect everything before you talk to Brent.
A quick review can save you from chasing documents you may not need.
Proof of your business
This may include a business licence, registration or articles of incorporation.
Business financials
Financial statements, GST/HST records or business banking information may be requested.
Your personal finances
Expect to discuss your down payment or equity, debts, credit and source of funds.
Sole Proprietors
If you operate the business personally
Depending on the lender and program, you may be asked for:
- T1 General personal tax returns
- CRA Notices of Assessment
- T2125 Statement of Business or Professional Activities
- Business licence or registration
- GST/HST information where applicable
- Business bank statements where requested
- Financial statements where applicable
Some programs may allow eligible business expenses to be added back or income to be grossed up when qualifying.
Incorporated Business Owners
If you own a corporation
Your personal income and the finances of the corporation may both be relevant. Documents can include:
- Articles of incorporation
- Your percentage of business ownership
- Personal T1 General and Notices of Assessment
- Corporate financial statements
- T2 corporate tax returns where requested
- Business licence or registration where applicable
- Business bank statements where requested
Salary, dividends, business performance and ownership can all affect how the application is reviewed.
You may not need every document listed above. Brent can provide a more specific list after reviewing your situation.
Mortgage options
Review My Self-Employed Options
There is more than one way to qualify.
Being self-employed does not automatically mean private lending or a 20% down payment. The right option depends on your income, documentation and overall application.
Traditional qualification
If your tax returns support the income needed, a traditional mortgage may work just fine.
When the numbers fitIncome adjustments
Some programs may allow eligible add-backs or gross-ups when business deductions reduce your taxable income.
Your tax return may not tell the whole storyBusiness-for-Self programs
Programs such as CMHC Self-Employed, Sagen Business for Self and Canada Guaranty Low Doc Advantage are designed with business owners in mind.
Options for self-employed borrowersAlternative lenders
If traditional income rules do not fit your business, an alternative lender may provide another path.
More than one lender optionGet the lender strategy right before the application goes in.
The goal isn't more paperwork. It is the right paperwork for the right lender.
How it works
A simpler way to prepare your application.
Start with a conversation. Brent can help you figure out what matters next.
01
Tell Brent about your business
Sole proprietor or corporation, how long you've been in business, how you pay yourself and what you want to do.
02
Gather what matters
Brent can identify the documents most likely to support your mortgage application.
03
Review your options
Compare suitable traditional, self-employed and alternative lender options before applying.
Meet the advisor
Brent Winslow
Brent helps self-employed borrowers make sense of the gap between business income and mortgage qualification. He looks at how you earn, how your business is structured and what documentation can support the application.
Whether you are a sole proprietor, contractor, professional or incorporated business owner, the goal is simple: prepare the file properly before it reaches a lender.
Mortgage Agent Level 1, Licence #M26001288. Brokered by Breezeful Inc., Brokerage Licence #13470. Mortgage approval and available options depend on borrower qualification, property details and lender requirements.
Self-employed mortgage FAQ
Quick answers for self-employed borrowers.
Every application is different, but these are some of the questions Brent hears most often.
Yes. Self-employed borrowers can qualify through traditional lenders, self-employed mortgage programs and alternative lenders. The right option depends on your income, documentation, credit, down payment or equity and the property.
Common documents include T1 tax returns, CRA Notices of Assessment, your T2125 and proof of the business. Financial statements or business banking records may also be requested.
The lender may look at both your personal income and information about the corporation. Articles of incorporation, financial statements, tax documents and confirmation of your ownership may be required.
That is common for business owners. Some programs may allow eligible expenses to be added back or income to be grossed up. Brent can review how the numbers may be treated before choosing a lender.
Two years is common, but it is not an absolute rule for every lender or program. Previous experience in the same industry and the strength of the overall application can sometimes matter.
Yes. There are insurer and lender programs designed specifically for self-employed Canadians, along with traditional and alternative mortgage options.
No. Qualifying self-employed borrowers may have mortgage options with less than 20% down. The required amount depends on the mortgage program and the overall application.
Brent will learn a little about your business, income and mortgage goal. From there, he can tell you what documents may be useful and which mortgage options are worth exploring.
Self-employed? Start with a conversation.
Find out what documents you may need, how your income could be viewed and which mortgage options may fit.
