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If you have been in business for two or more years and have documentation to prove this, it's likely you can qualify for a mortgage. I will ask you to provide either verifiable proof of your income (for example, two years worth of NOAs from Revenue Canada) to “qualify” your income or we will have to claim stated income.
When using stated income, we declare a reasonable income for your profession and use two years proof of business-for-self, as well as the previous year's NOA from Revenue Canada to show that you do not owe taxes.Common proof of business-for-self include: Municipal Business License, GST returns, corporate ownership documents and tax returns signed by an accountant.
Stated income interest rates are often slightly higher than income verified mortgages because they represent greater risk to the lender.
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