Self-Employment Strategy

Our guide to home ownership when being self-employed

If you own your own business, I have specialized mortgage products and lender access to help you secure mortgage financing.

You can have your cake and eat it too.

Being self-employed doesn't mean you should be limited or restricted from the appreciating and tax-efficient growth of Canada's real estate market.

Banks have a limited and narrow-minded box that they lend in, requiring two full years of income statements. So how do you overcome this if you've recently become self-employed? Well, the good news is that as your mortgage broker, we don't.

We can work with as little as six months of you being self-employed, by using your gross deposit over the last six months and doubling it to annualize.

Further to this, banks use your net income. So if your accountant is creative, thus lowering your income to mitigate taxes, you likely won't qualify for a mortgage.

Fortunately, we've created a guide to help you overcome the challenges of being self-employed and help you move forward with your goals.

Many small business owners have a hard time proving their income when applying for mortgage financing. We'll guide you through the process.

Get started right away

The best place to start is to connect with us directly. The mortgage process is personal. Our commitment is to listen to all your needs, assess your financial situation, and provide you with a clear plan forward.

Get a clear plan

Sorting through all the different mortgage lenders, rates, terms, and features can be overwhelming, especially if you're self-employed. Let's put together a plan to get you the best mortgage available.

We'll handle the details

When it comes time to arranging your mortgage, we have the experience to make it happen. We specialize in helping business owners secure mortgage financing.

Don't let self-employment keep you from getting a great mortgage

We'll outline financing options and secure the best mortgage for you.

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Overcoming the challenges of being self-employed.

How can I qualify for more without increasing my net income?

If you keep most of your income inside your company, we can qualify you for a mortgage using the gross deposit of business income over the last 12 months or allowing for retained earnings within your corporation to be included. Meaning you can have your cake and eat it too.
So what exactly is considered as qualifying income?

Qualifying income at most banks would be considered your line 150 net income averaged over the last two years. We, as your broker, can further "gross-up" your net income by 15% or use add-backs from your T1 General.

If the above income is insufficient or less than two years in business, we can qualify you with lenders with as little as six months of business for self.

Qualifying income can be dividend income, T4'd salary income and commission earnings.
What income documents will I need?

Lenders will require:

- Your last two years of full T1 General's and the associated notices of assessment
- If incorporated: your whole articles of incorporation
- If sole proprietor: your business or HST registration
- Last six months of bank account statements
If my business produces a seasonal income, will I still qualify?

Yes, the same averages and same income requirements apply as if you earned full-year income.
Why do I need so much documentation?

We recommend connecting us via email with your accountant so we can obtain the relevant documentation on your behalf.

Our document collection process has made sharing and uploading these documents easy and convenient.