Documents required in Canada
For salaried and employed people:
- Most recent employment letter (With in the last 30 days)
- 3 or 4 most recent pay stubs
- Min 3 month bank statements showing pay is being deposited there.
- How much down payment and where it is?
- if down payment is in RRSP’s or other investments, 3 months history of those deposits. Butif down payment is in a bank account, 3 months history.
- If they have already bought the house, agreement of purchase and sale.
- Last 2 years of Notices of Assessment and T4’s for last 2 years
Please note that min down payment is 5%.
For Self employed people/ business owners/ taxi drivers/ truck drivers or store owners:
- 3 months self and business account statements
- Last 2 years of T1 Generals for self
- Last 2 years of statement business activities for the business
- Last 2 years of Notices of Assessments
- Copy of business licence (must be 2 years old ) — in some cases lenders make exceptions
- If this is a corporation, copy of articles of incorporation.
Please note the minimum down payment is 10% for self employed.
For final approval (Purchase)
Client must send the above documents along with:
– Firm Purchase Agreement (all pages including shcedules, plan, disclosures if any)
– Property’s MLS Listing
– Copy of initial deposit receipt made to the seller/builder
– Bank statement showing the withdrawal of the inital deposit to the seller/builder
Below are the list of required documents
– Clear copy of ID (driver’s license, Passport, etc)
– Clear copy of SIN card
– Letter of employment
– Notice of Assessment from 2 most recent tax year to show if there are any taxes owed
– Last 3 months of Official Bank statements (or RRSP Statements) — all pages, even if intentionally blank with account ownership details
– Last 3 months of Pay Stub / Pay Slip
– Last Mortgage Statement (or paid off statement)
– Most Recent Homeowner Insurance,
– Property Tax Bill for subject property
For self-employed additional documents needed:
– T1 General for last 2 year (2012 2011 or 2013 when applicable)
– Financial Statement / Financial Report of your business
– Copy of Articles of Incorporation, showing that you are the owner/ directors of the corporation
Other than the above-mentioned documents, please complete the following question:
– What was the original purchase price of this Property?
– When was it purchased?
– What is the total property tax?
– What do you think it is worth today?
– What is the current balance?
– Do you need to take equity out? If not, what is the balance you would like to refinance?
– What is your present rate?
– How soon would you like to close this deal?