Proof of Income

To figure out what you can comfortably afford — and how much risk they’re taking on — lenders need to verify your income. What you’ll need to provide depends on how you earn your money.

If you’re a full-time or salaried employee, here’s what lenders usually want to see:

• Your most recent 2–3 pay stubs
• A letter of employment (include your job title, start date, whether you’re full- or part-time, and your salary or hourly wage)
• Your latest T4
• Your most recent Notice of Assessment (NOA) from the CRA

Self-employed? You’ll need to provide a bit more detail:

• T1 Generals with Statement of Business Activities (from the past 2–3 years)
• NOAs from the last 2–3 years
• Business financials (if incorporated)
• GST/HST registration or business licence (if applicable)

Heads-up for self-employed buyers: One good year won’t cut it. Lenders are looking for consistent, stable income over time. The steadier your earnings look, the better your chances of approval.