If you are self employed and haven’t taken a mortgage in a few years, be prepared for a different process than what you are used to.  Lenders have tightened up on what they will allow and want to see that you have a viable business before approving your loan.  

Here are the most typical documents that you should have available when applying for your next mortgage:

• Last 2 years T1 Generals  – these are provided to you from your accountant and it’s the full copy of your tax return.  Include your Statement of Business Activities and any additional schedules.  
• Last 2 years Notice of Assessments – these are your personal Notice of Assessments that you get back from CRA after you file your taxes
• Confirmation that any outstanding income tax owed to CRA has been paid
• Corporate Documents – If you are incorporated, include your incorporation paperwork confirming how long you have been in business
• Last 2 years Financial Statements for your company

If you would like to know what you qualify for and how most lenders determine that, contact me directly for a consultation on how to best structure your next mortgage.