Income Requirements Download Guide

Income Requirements – Pension/Disability/Support

Pension Income:
  • 2 Years Full T1 General
  • Years Notice of Assessment’s
  • Proof no taxes owing to CRA.
  • If the Pension is less than 2 years, the lender will require 3 months bank statements to confirm that the funds are being deposited into your account.
  • For government paid pension, the lender may require your last year’s T4A showing the income collected

Disability Income:
  • For employer paid disability, the lender will require a letter from the employer/insurance company stating the payments you will be receiving, confirming it is a permanent status and confirmation on whether or not the income is taxable.
  • 3 months bank statements to confirm that the funds are being deposited to your account.
  • For government paid disability, the lender may require your last year’s T4A showing the income collected

Child Support
  • If the down payment is 20% or more, you are able to use child support for children up to 15.
  • If the down payment is less than 20%, you are able to use child support for children up to 13.
  • Legal Documents (Separation Agreement, Child Support Agreement) Must be in place
  • 6 Months Bank Statements showing steady deposits of the Child Support income
  • If the legal document is not available, additional support information may be required

Spousal Support
  • Legal Documents (Separation Agreement, Divorce Certificate) With spousal support details outlined must be in place
  • 6 Months bank statements showing steady deposits of the Spousal Support Income
  • If the legal documentation is not available, additional support income may be required

Please Note, further documentation may be required upon review. If your income doesn’t meet any of the above guidelines, please contact us directly and we will be happy to advise you on what we will require to proceed.