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Solving The Income Puzzle
 July 13 2016     Posted by Mary Poburan


Solving The Income Puzzle...

 
Proving income is going to continue to get harder as lending rules evolve. Very rarely do we see the standard 40 hour work week with no variance in pay anymore and rarely if ever is a paystub enough. In order to cover all bases the following are requested for mortgage approval:
 
1) current paystub( we look to make sure that YTD earnings reflect what you earn annually)
2) Letter of employment( employers are called to verify the employment status)
3) last 2 years T4s
4) COMPLETE T1 Generals( this is the tax return you submit and YES I need ALL the pages)
5) The NOA's( Notice of Assessments are the document that CRA returns to you to verify that what you submitted is correct and if you owe them money. In 2015 we saw a format change in this document and YES...I now need all 6 pages.)
6) If there are any other sources of income please provide any corresponding  tax slips( as in pension, investment or disability income)
This is just one piece of the puzzle but being preared is half the battle.

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