Documentation Checklist
Be prepared to provide the following to ensure a smooth mortgage application
Personal
Income
Purchases
Properties
Businesses
Scenarios
Personal
Political Person/Head of international Organization Declaraction Form
Lenders on behalf of FINTRACT (Financial Transactions and Reports Analysis Centre of Canada) require all borrowers to complete the Political Person/Head of International Organization Declaration Form. Using this form, you declare if you are:
- A Politically Exposed Domestic Person (PEDP)
- A Politically Exposed Foreign Person (PEFP)
- A Head of an International Organization (HIO)
See this article for more information: “Are You a Politically Exposed Person?”
Two (2) Pieces of Identification (every borrower)
Lenders require two pieces of ID for every applicant on the mortgage.
Primary Identification
Driver’s license (front and back), passport, certificate of Canadian citizenship, Canadian Armed Forces ,document or card issued by either the provincial or federal government containing a photo and signature. (Ontario health card is not valid ID)
Secondary Identification
You must have at least one form of ID from the primary section. Acceptable secondary forms of ID include: Birth Certificate issued in Canada, Certificate of Indian Status issued by the Government of Canada, Old Age Security Card issued by the Government of Canada, Signed Bank Card, Signed Credit Card, Social Insurance Number (SIN) Card
Credit Authorization (signed)
Asset List (every borrower)
Divorce or Separation Agreement (if applicable)
Child / Spousal Support Payments (if applicable)
Are you divorced? Do you make support payments? You must report these payments in your mortgage application:
- Support payments are reported on tax returns.
Child support payments are not tax-deductible; spousal support payments are tax-deductible and increase your income improving your mortgage application - Notice of Assessment (NOA): Reflects any deductions or credits related to support payments.
- Issues around support payments may appear your credit report
- Use Pay stubs to show deductions for support payments (as applicable)
Documents
Lenders may require the following documents:
- Payment proof:
Bank statements, cancelled cheques, payment receipts, Regular statements from a government agency (such as the Family Responsibility Office in Ontario) or a financial institution that administers the support payments - Documentation:
Separation Agreement/Divorce Decree/Court Orders/Written Agreements (if informal arrangement), Form T1158 – Registration of Family Support Payments
Declaration and Consents Form (some lenders)
To ensure that the information provided in the mortgage loan application is truthful and complete in every respect, including the full disclosure of all creditors, some lenders require applicants to sign a Declaration and Consents Form.
The form also requires the loan applicant to consent to the lender collecting information from anyone, including credit rating agencies, the information required to analyze the mortgage application, and each of the undersigned authorizes the lender to use and share said information, as well as the information on the mortgage application, to evaluate such application and act on it.
To serve the mortgage applicants effectively and fulfill the lender’s legal obligations, the lender needs to collect, use, and disclose information about the mortgage applicant in accordance with the lender’s privacy policies and all applicable legislation.
Income
Notice of Assessment (every borrower, all pages)
The Notice of Assessment (NOA) is mailed to you by the Canada Revenue Agency (CRA) each year after you file your taxes. This document indicates:
- How much money you made for that year
- How much you had to pay in taxes
- Current outstanding income taxes owed
- Amount of your tax refund
Pay Stub(s) (Employment income)
Letter of Employment (employment income)
T4 Statement of Remuneration Paid (employment income, retirement income)
T4A Statement of Pension, Retirement, Annuity, and Other Income (employment income, pension, CPP, OAS)
T4E Statement of Employment Insurance and Other Benefits (if seasonally employed or as applicable, i.e. Maternity Leave)
T1 Income Tax Return (self-employment income)
Self Employed Master Business License (MBL) / Articles of Incorporation (self employment income)
T5 Statement of Investment Income (if applicable)
For some net worth programs and when investment sources are included in the mortgage application (e.g. RIF), the T5 is required to prove income by lenders.
T5 Statement of Investment Income reports various types of investment income earned by an individual during a tax year.
Canada Child Benefit Notice (if applicable)
The Canada Child Benefit (CCB) Notice is an annual statement sent by the Canada Revenue Agency (CRA) that outlines the amount of CCB you are entitled to receive for the year. It includes details such as the monthly payment amount and the total benefit for the year.
CCB income can be included in the mortgage application to demonstrate additional income and qualify you for a better mortgage.
If you have access to the CRA’s My Account online service, you can print out the summary of your CCB payments. This will show the dates and amounts of payments received. The CCB notice should be mailed to you annually.
Be sure to list the number of children living in the home and their ages. Some Lenders require birth certificates to prove children’s ages.
If there is any confusion or if the CCB payments are a significant part of your income, consider including a brief explanation letter which I will discuss with you and help you. This letter can clarify the source of the payments and how they contribute to your overall income.
Spousal/Child Support (if applicable)
Spousal Support: Spousal support, also known as alimony, is financial assistance provided by one spouse to the other following a separation or divorce. Spousal Support must be reported on your income tax return. Your T1 Income Tax Return (line 12800), a statement from a government agency (such as the Family Responsibility Office in Ontario), or regular deposits into your bank account (bank statements) may be used as evidence to report income that will help you get a better mortgage.
Child Support: Child support is financial assistance provided by one parent to the other for the care and upbringing of their children following a separation or divorce. While child support payments are not considered taxable income and are not reported on your T1, demonstrating that you receive child support through bank deposits labeled as ‘child support’ (bank statements) maybe be used as evidence to report income that will help you get a better mortgage.
Disability Income
Various types of disability income can be used to support a mortgage application, provided that they meet the lender’s criteria for stability and permanency. Here are the common types of disability income that can typically be used:
- Canada Pension Plan (CPP) Disability
- Long-Term Disability Insurance
- Workers’ Compensation
- Disability Support Programs (ODSP)
- Veterans Affairs Disability Pension
- Private Disability Pensions
Lenders will evaluate these sources of income based on their consistency, duration, and the likelihood of continuation for the term of the mortgage. It’s important for applicants to provide comprehensive documentation to demonstrate the stability and permanence of the disability income.
DOCUMENTS REQUIRED
- Letter from Disability Income provider stating that disability income is provided to age 65 or death (in case of pension).
- 3 months bank statements (demonstrating deposit of disability income).
- T4A issued by the payer of disability benefits showing total amount of disability income received by the individual during the tax year.
Foster Care (if applicable)
Foster care income may be included as additional income in the mortgage application of many lenders. How much income may be applied, and the criteria of foster care income inclusion varies from lender to lender.
The following is a common criteria for including foster care income:
- Must have 2 years of experience providing foster care
- Must provide foster care letter (or letter of employment) and associated paystubs from social services agency
- Foster care income may be added for up to 6 children (maximum).
- Foster care income can account for no more than 50% of the applicants total income
Some lenders have additional criteria requirements.
Contact me for details.
Foreign Income (if applicable)
When applying for a mortgage, reporting foreign income requires thorough documentation and transparency. Lenders need to verify the stability, amount, and legality of your foreign income.
- Income must be declared in Canada
- You must be a Canadian citizen or permanent resident
- Salary is converted to Canadian dollars using Bank of Canada monthly average exchange rate for last year
- Foreign bank statements may be required to demonstrate payroll deposits
- Foreign income cannot come from a restricted country (see me for details).
- If working in the United States, W2 and IRS T4 Tax Statement
Lenders may have additional requirements depending on circumstances.
Rental Income (if applicable)
Different lenders have different policies in regards to rental income.
You may be asked for:
- Completion of Lender worksheet
- T776 Statement of Real Estate (The T776, also known as the “Statement of Real Estate Rentals,” is a form used by individuals in Canada to report income and expenses related to rental properties on their tax returns. This form helps calculate the net rental income or loss that must be reported on your T1 General Income Tax and Benefit Return.)
- Proof of Income Statement (A Proof of Income Statement from the Canada Revenue Agency (CRA), often referred to as an “Option C Print,” is a comprehensive document that summarizes an individual’s income and deductions as reported to the CRA. This statement is commonly used for various purposes such as applying for a mortgage, rental applications, financial aid, and other instances where proof of income is required.)
You can get a Proof of Income Statement by calling the CRA at 1-800-959-8281 and following the automated instructions. - Proper Lease Agreement combined with support bank statements showing rental payments
- Proof of Fair Market Rent (I can help you with this)
- Other documents as may be required by the vendor
Purchases
MLS Listing (borrower has found a property)
Signed Purchase and Sales Agreement (borrower has found a property)
Signed Waiver - Agreement of Purchase and Sale (borrower has found a property)
Waiver Agreement of Purchase and Sale Form is a common form used in real estate transactions. It is a simple form that can be easily completed by both the buyer and the seller. The form protects both parties by clearly stating the terms of the sale and the buyer’s waiver of their right to cancel the contract. The form is used to waive conditions of sale, such as condition of financing and condition of home inspection.
Copy of Preliminary Contract (when purchasing from a builder or developer)
When purchasing a new home from a developer or builder in Ontario, the preliminary contract is typically called an “Preliminary Contract”. This is a legally binding document that outlines the terms and conditions of the sale between the buyer and the builder/developer.
Key Elements of the Agreement of the Preliminary Contract:
Identification of Parties:
The names and addresses of the buyer(s) and the builder/developer.
Property Description:
Detailed description of the property being purchased, including the lot number, unit number (if applicable), and the full address.
Purchase Price:
The total purchase price of the home, including any deposits and payments required before closing.
Deposit Structure:
Details of the deposit amounts, payment schedule, and any conditions tied to the deposits (e.g., timelines, conditions of refund).
Closing Date:
The date on which the buyer takes possession of the home and the balance of the purchase price is paid.
Adjustments:
A list of any adjustments that will be made on the closing date, such as property taxes, utility costs, and any other prorated expenses.
Upgrades and Customization:
If applicable, details of any upgrades or customizations the buyer has requested, including costs and timelines.
Tarion Warranty Information:
Information about the Tarion Warranty Program, which covers new homes in Ontario. This includes details about the coverage period and what is covered under the warranty.
Builder’s Responsibilities:
The builder’s obligations regarding the completion of the home, quality of construction, and any warranties provided.
Buyer’s Responsibilities:
The buyer’s obligations, including securing financing, adhering to payment schedules, and other responsibilities.
Conditions and Contingencies:
Any conditions that must be met for the sale to proceed, such as the buyer securing financing or the completion of certain construction milestones.
Occupancy Date:
If the home is a condominium or part of a phased development, the APS may include a tentative or firm occupancy date, which is when the buyer can move into the home, even if title transfer hasn’t occurred yet.
Termination Clauses:
Circumstances under which either party can terminate the contract and any penalties or consequences of termination.
Dispute Resolution:
Mechanisms for resolving any disputes that may arise between the buyer and the builder.
Miscellaneous Provisions:
Any other terms or conditions that are relevant to the transaction, including those related to insurance, title search, and legal fees.
Important Considerations:
- Cooling-Off Period: For newly constructed condominiums, there is a mandatory 10-day cooling-off period during which the buyer can reconsider the purchase and cancel the contract without penalty.
- Review by a Lawyer: It is highly recommended that the buyer have the APS reviewed by a real estate lawyer before signing, as the contract is complex and has significant legal implications.
This preliminary contract is crucial because it sets the foundation for the purchase, and understanding all the terms is essential for protecting the buyer’s interests.
Detailed Cost Estimates & Documentation (Purchase Plus Improvements)
Often lenders will require applicants of Purchase Plus Improvement programs to provide detailed cost estimates and supporting documentation for the renovations being done on the property they are purchasing.
Lenders may have a ‘Declaration of Renovations’ form applicants can complete which has a section that lists the renovations being done along with quotes and amounts. There may also be a declaration section where the applicant ensures that permits and licenses are in place and that all work is done in accordance with the requirements of the local municipality.
90 Day Bank Statement (every borrower)
Bank statements can be serve a number of purposes:
- Verify down payment and cash for closing costs
- Prove your income by showing paychecks being deposited into your bank
- Show other supporting deposits or expenses (e.g., for self employed individuals)
- Confirm gifted down payments have been received
It’s important your bank statements show your name, account number, and full (unaltered) transaction history. If your down payment is in multiple accounts or has been transferred between accounts, a 90-day history is required for ALL accounts.
You can find these statements by logging into your online banking portal and download a monthly statement PDF.
Gift Letter (if applicable)
If the down payment, or part of the down payment, is a gift from a family member.
This lender confirms an immediate family member is assisting you with a down payment. I’ll provide you with a template to complete
The letter must include the following:
- Your name (as the gift recipient)
- Giver’s name, relationship to you and contact information
- The total amount
- Validate the gift does not need to be repaid and is not from a third-party interest in the property.
NOTE: Some lenders have their own gift letters they require borrowers to complete. If this is the case, I will provide you with a gift letter template from the lender for you to complete.
Gift Letter: Donor's account statement showing source of funds (if applicable)
If the down payment, or part of the down payment, is a gift from a family member, along with the gift letter, some lenders also require (due to AML legislation and policies) the donor to provide the account statement showing the source of funds for the gift as supported by the gift letter.
Confirmation of Gift Letter Deposit (as applicable)
If down payment is a gift from a family member.
Proof the money has been deposited into your account. See the 90 day bank statement requirement.
Proof of Home Insurance
If d
Properties
Mortgage Statement(s) (keeping property with a mortgage)
If keeping property with a mortgage.
If you have any outstanding mortgages, you need to provide a mortgage statement from your lender.
The Mortgage Statement(s)needs to show the lender’s name, your name, mortgage number, interest, payment, balance, and maturity date.
If you don’t have a copy, you can obtain one through:
- Your bank’s online portal
- By calling your mortgage holder’s customer service line
Property Tax Statement (keeping property with a mortgage)
Property tax statement showing your property tax bill and the amount owing/paid. You can acquire a statement from the city, town, or municipality.
Provide a statement for every property you own.
Detailed Cost Estimates & Documentation (Purchase Plus Improvements: Refinance)
Often lenders will require applicants of Purchase Plus Improvement programs to provide detailed cost estimates and supporting documentation for the renovations being done on the property they are purchasing.
Lenders may have a ‘Declaration of Renovations’ form applicants can complete which has a section that lists the renovations being done along with quotes and amounts. There may also be a declaration section where the applicant ensures that permits and licenses are in place and that all work is done in accordance with the requirements of the local municipality.
Signed Purchase and Sale Agreement (if selling)
Signed Waiver Form: Purchase and Sale Agreement (selling property)
Waiver Agreement of Purchase and Sale Form is a common form used in real estate transactions. It is a simple form that can be easily completed by both the buyer and the seller. The form protects both parties by clearly stating the terms of the sale and the buyer’s waiver of their right to cancel the contract. The form is used to waive conditions of sale, such as condition of financing and condition of home inspection.
Rental Tenancy Agreement (receiving rental income)
Status Certificate (keeping condo with condo/strata fees)
Rural, Cottage, and Recreational Properties
Water Potability Test Certificate
A water potability test certificate is a document that certifies the safety and quality of drinking water, indicating that the water is free from contaminants and is safe for human consumption. This certificate is often required during real estate transactions, especially for properties with private water systems such as wells.
Purpose of the Water Potability Test Certificate
Real Estate Transactions: To assure buyers and lenders that the water is safe to drink.
Compliance: To meet health and safety standards set by local health authorities.
Health Assurance: To ensure the water does not pose any health risks to consumers.
Parameters Tested
- Bacterial Contaminants: Such as E. coli and coliform bacteria.
- Chemical Contaminants: Including nitrates, nitrites, and various heavy metals.
- Physical Parameters: Such as turbidity and pH levels.
Where to Get a Water Potability Test Certificate
1. Public Health Units: Many local health units offer water testing services. You can contact your local public health unit for information on how to submit a water sample and obtain a potability certificate.
2. Accredited Laboratories: Several private laboratories are accredited by the Canadian Association for Laboratory Accreditation (CALA) or equivalent bodies to perform water quality testing. These labs can analyze your water sample and provide a potability certificate.
3. Water Testing Companies: There are companies specializing in water testing and certification that can come to your property, collect samples, and provide detailed reports and certificates.
Steps to Obtain the Certificate
1. Collect Water Sample: Follow the guidelines provided by the testing facility to collect a water sample. This usually involves using a sterilized container and following specific procedures to avoid contamination.
2. Submit the Sample: Deliver the sample to the health unit, laboratory, or testing company. Ensure it is submitted within the required timeframe to maintain sample integrity.
3. Analysis: The sample will be analyzed for various contaminants and parameters to determine water quality.
4. Certificate Issuance: If the water meets the safety standards, the testing facility will issue a water potability test certificate. If not, they will provide a detailed report indicating any issues and possible remedies.
Key Contacts for Water Testing
Local Public Health Units: You can find contact information for your local health unit through the Ontario Ministry of Health website.
Ontario Ministry of the Environment, Conservation and Parks: They can provide information on accredited labs and additional resources.
Private Accredited Labs: Examples include SGS Canada, Bureau Veritas, and Maxxam Analytics.
Resources
Ontario Ministry of Health: [Public Health Units Contact Information](https://www.health.gov.on.ca/en/common/system/services/phu/locations.aspx)
CALA Accredited Labs Directory: [Find a CALA Accredited Lab](https://www.cala.ca/index.php/en/members/labs/)
Septic Inspection Certificate
A septic inspection certificate is a document that verifies the condition and proper functioning of a septic system. This certificate is often required during real estate transactions to assure buyers and lenders that the septic system is in good working order and complies with local regulations.
Purpose of the Septic Inspection Certificate
- Real Estate Transactions: To provide evidence that the septic system is functioning properly and is compliant with regulations.
- Maintenance: To identify any issues with the septic system that need to be addressed to prevent failures and environmental contamination.
- Compliance: To meet local health and environmental regulations.
What is Inspected?
- Tank Condition: Checking for leaks, cracks, and proper levels of scum and sludge.
- Drain Field: Inspecting for signs of failure, such as soggy areas or sewage odours.
- System Components: Ensuring all parts, including baffles, filters, and pumps, are in good working condition.
- Usage Compliance: Verifying that the system is being used in accordance with its design capacity.
Where to Get a Septic Inspection Certificate
1. Certified Inspectors: Licensed septic system inspectors or certified environmental health professionals can perform the inspection and issue a certificate.
2. Septic System Companies: Many companies specialize in septic system services, including inspections, maintenance, and repairs. They can provide comprehensive inspections and issue certificates.
3. Local Health Units: In some regions, local health units or departments may offer inspection services or can refer you to qualified professionals.
Steps to Obtain a Septic Inspection Certificate
1. Schedule an Inspection: Contact a licensed inspector or septic system company to schedule an inspection. Ensure they are qualified and certified to perform the inspection.
2. Inspection: The inspector will conduct a thorough examination of the septic system, including the tank, drain field, and all components. This may involve pumping the tank to inspect its interior.
3. Report and Certification: After the inspection, the inspector will provide a detailed report on the condition of the septic system. If the system meets all necessary criteria, they will issue a septic inspection certificate. If issues are found, they will provide recommendations for repairs or maintenance.
Key Contacts for Septic Inspection
Local Health Departments: They can provide information on regulations and refer you to certified inspectors.
Professional Associations: Organizations like the Ontario Onsite Wastewater Association (OOWA) or similar bodies in other provinces can help you find qualified professionals.
Septic System Service Companies: Search for reputable companies in your area that offer septic system inspections and services.
Resources
Ontario Onsite Wastewater Association (OOWA): [Find a Professional](https://www.oowa.org/)
Canadian Association of Home and Property Inspectors (CAHPI): [Find an Inspector](https://www.cahpi.ca/en/)
Obtaining a septic inspection certificate is essential for ensuring the long term functionality and compliance of a septic system, particularly during property transactions.
Road Access and Maintenance Agreeement
A Road Access and Maintenance Agreement is a legal document that outlines the responsibilities and rights of property owners regarding the use, maintenance, and repair of a shared private road. This agreement is particularly important in rural areas or communities where access to properties is provided by private roads not maintained by municipal or government authorities.
Purpose of the Road Access and Maintenance Agreement
- Clarifies Responsibilities: Specifies who is responsible for maintaining and repairing the road.
- Cost Sharing: Details how the costs for road maintenance and repairs will be shared among the property owners who use the road.
- Usage Rights: Defines the rights of each property owner regarding road usage.
- Dispute Resolution: Provides a framework for resolving disputes related to road maintenance and access.
Key Components of the Agreement
- Parties Involved: Lists all the property owners who have rights and responsibilities under the agreement.
- Description of the Road: Provides a legal description of the road covered by the agreement.
- Maintenance Responsibilities: Outlines the specific maintenance tasks and who is responsible for performing them.
- Cost Allocation: Details how costs will be divided among the parties, which can be based on usage, property frontage, or an equal split.
- Access Rights: Defines the rights of each property owner to use the road.
- Dispute Resolution: Establishes a process for resolving disputes, which might include mediation or arbitration.
Where to Get a Road Access and Maintenance Agreement
- Legal Professionals: Lawyers specializing in real estate or property law can draft a custom agreement tailored to the specific needs of the property owners. They ensure the agreement is legally binding and compliant with local laws.
- Online Legal Services: Some websites offer templates and forms for creating road access and maintenance agreements. While these can be a good starting point, it’s advisable to have them reviewed by a lawyer.
- Local Government or Municipal Offices: In some cases, local governments may provide templates or guidelines for such agreements, especially in areas where private roads are common.
- Real Estate Agents and Brokers: They often have experience with such agreements and can recommend legal professionals or provide templates.
Steps to Create a Road Access and Maintenance Agreement
- Consult Property Owners: Gather all property owners who will be part of the agreement to discuss terms and responsibilities.
- Hire a Lawyer: Engage a real estate lawyer to draft the agreement, ensuring it covers all necessary aspects and complies with local laws.
- Draft the Agreement: Work with the lawyer to draft the agreement, incorporating input from all parties involved.
- Review and Revise: All parties should review the draft and suggest any necessary revisions.
- Sign the Agreement: Once finalized, all parties sign the agreement, making it legally binding.
- Register the Agreement: In some jurisdictions, it may be necessary to register the agreement with the local land registry office to ensure it is enforceable and recorded against the property titles.
Key Contacts for Assistance
- Real Estate Lawyers: They can provide professional legal advice and drafting services.
- Local Land Registry Offices: For information on registering the agreement.
- Municipal Offices: For local regulations and any available templates or guidelines.
- Real Estate Agents: For recommendations and practical advice based on experience.
Resources
- Canadian Bar Association: Find a Lawyer
- Law Society of Ontario: Find a Lawyer or Paralegal
- Local Government Websites: For guidelines and templates.
A Road Access and Maintenance Agreement is crucial for ensuring the fair and effective management of private roads, preventing disputes, and maintaining property value.
Zoning and Land Use Information
Zoning and land use information includes details about how land within a specific area can be used. This information is governed by municipal zoning bylaws and land use plans that designate areas for residential, commercial, industrial, agricultural, and other uses. Zoning regulations determine:
- Permitted Uses: What activities or developments can occur on a parcel of land (e.g., residential homes, commercial businesses).
- Building Regulations: Rules about building sizes, heights, lot sizes, setbacks, and densities.
- Special Requirements: Any additional requirements or restrictions, such as heritage preservation, environmental protection, or noise control.
Purpose of Zoning and Land Use Information
- Guiding Development: Ensuring that land use is planned and organized in a way that supports community goals and sustainable development.
- Protecting Property Values: Maintaining orderly development and protecting property values by preventing incompatible land uses.
- Health and Safety: Ensuring land use practices comply with health, safety, and environmental standards.
Where to Get Zoning and Land Use Information in Canada
- Municipal Offices: The primary source for zoning and land use information is the local municipal planning or zoning department. They can provide zoning maps, bylaws, and land use plans.
- Municipal Websites: Many municipalities have online portals where zoning maps and bylaws can be accessed. These websites often provide interactive tools for checking zoning information by address.
- Planning Departments: Municipal planning departments can offer detailed information and guidance on zoning and land use regulations. They can also explain the process for zoning changes or variances.
- County or Regional Governments: In some areas, county or regional governments may also have zoning authority and can provide land use information.
- Provincial Government Resources: Provincial ministries or departments related to municipal affairs and housing may provide resources or links to local zoning information.
- Real Estate Agents and Developers: Real estate professionals often have access to zoning information and can provide insights based on their experience and resources.
- Land Registry Offices: These offices can provide historical land use information and details about any registered covenants or restrictions that affect land use.
Steps to Obtain Zoning and Land Use Information
- Identify the Municipality: Determine which municipality or local government has jurisdiction over the property.
- Visit the Municipal Website or Office: Check the municipality’s website for zoning maps and bylaws. If the information is not available online, visit or contact the municipal office.
- Request Specific Information: If you need detailed or specific zoning information, you may need to request it directly from the municipal planning department. This might involve filling out a request form or speaking with a planner.
- Consult Planning Staff: For complex queries or for help understanding the implications of zoning regulations, consult with municipal planning staff. They can provide detailed explanations and guidance.
- Use Online Tools: Many municipalities offer GIS (Geographic Information System) tools that allow you to search for zoning information by entering an address or selecting a parcel on a map.
Key Contacts for Assistance
- Municipal Planning or Zoning Department: The first point of contact for zoning and land use inquiries.
- Real Estate Agents: For practical advice and additional resources.
- Local Libraries: Some libraries maintain copies of municipal zoning bylaws and land use plans.
Example Resources
- City of Toronto Zoning By-law Information: Toronto Zoning By-law
- City of Vancouver Zoning and Development: Vancouver Zoning and Development
- Calgary Land Use Bylaw: Calgary Land Use Bylaw
Obtaining accurate zoning and land use information is crucial for any development project, real estate transaction, or land use planning to ensure compliance with local regulations and to understand the potential and limitations of a property.
Survey or Site Plan
A site plan is a detailed architectural or engineering drawing that shows the layout and design of a property, including the placement of buildings, structures, and other features. It provides a comprehensive overview of how a piece of land is organized and developed. Site plans are crucial for various purposes, including obtaining building permits, planning developments, and ensuring compliance with zoning regulations.
Key Components of a Site Plan
- Property Boundaries: The legal boundaries of the property.
- Buildings and Structures: The location and footprint of existing and proposed buildings and structures.
- Setbacks: Distances between buildings and property lines.
- Landscaping: Information on vegetation, gardens, and other landscape elements.
- Utilities: Locations of water, sewer, electrical, and other utility lines.
- Parking and Access: Layout of driveways, parking spaces, and access points.
- Topography: Contours and elevation data showing the land’s slope and elevation changes.
- Drainage: Details on stormwater management and drainage systems.
- Easements: Areas of the property that are reserved for specific uses, such as utility lines or access roads.
Purpose of a Site Plan
- Building Permits: Required for obtaining building permits from local authorities.
- Development Planning: Essential for planning and designing developments.
- Zoning Compliance: Ensures that the development complies with local zoning bylaws and regulations.
- Environmental Impact: Assesses the impact of development on the environment and includes mitigation measures.
Where to Get a Site Plan in Canada
- Surveyors: Licensed land surveyors can create accurate site plans based on detailed land surveys. They measure the property and produce drawings that show all relevant features.
- Architects and Engineers: Professionals in architecture and engineering can prepare site plans, especially for complex projects that require detailed design and compliance with building codes.
- Municipal Offices: Local municipal planning or building departments may have copies of existing site plans for properties, especially if previous development or building permits were issued.
- Development or Planning Consultants: Consultants specializing in land development and planning can produce site plans as part of their services.
- Real Estate Professionals: Sometimes, real estate agents or developers have site plans, particularly for newly developed properties or subdivisions.
Steps to Obtain a Site Plan
- Determine Your Needs: Understand the purpose of the site plan (e.g., building permit application, development planning) to identify the level of detail required.
- Hire a Professional: Engage a licensed surveyor, architect, or engineer to create a site plan. Ensure they have experience with local regulations and requirements.
- Provide Property Details: Supply the professional with necessary information about the property, including legal descriptions, existing surveys, and any specific requirements.
- Review and Approve: Work with the professional to review the draft site plan and make any necessary adjustments. Ensure it meets all requirements and accurately reflects the property.
- Submit to Authorities: If the site plan is required for a permit or approval, submit it to the relevant municipal or regional authorities.
Key Contacts for Assistance
- Licensed Surveyors: Professional associations such as the Association of Ontario Land Surveyors (AOLS) or equivalent in other provinces.
- Architects and Engineers: Provincial or territorial regulatory bodies for architects and engineers.
- Municipal Planning Departments: Local government offices responsible for planning and development.
Resources
- Association of Ontario Land Surveyors (AOLS): Find a Surveyor
- Ontario Association of Architects (OAA): Find an Architect
- Professional Engineers Ontario (PEO): Find an Engineer
Obtaining a site plan is a critical step in the development process, ensuring that all aspects of land use and construction are properly planned and compliant with regulations.
Year-Round Use Provision
What is a Year-Round Use Provision?
A Year-Round Use Provision is a legal designation or regulation that allows a property, typically a residential dwelling, to be used as a permanent, year-round residence. This provision ensures that the property meets specific standards and requirements necessary for year-round occupancy, such as proper insulation, heating, and access to essential services like water, sewage, and electricity.
Purpose of the Year-Round Use Provision
- Ensures Safety and Livability: Guarantees that the property is safe and suitable for continuous habitation throughout the year, including during harsh weather conditions.
- Compliance with Local Regulations: Ensures that the property complies with municipal or regional building codes and zoning bylaws that govern permanent residences.
- Property Value and Financing: Can impact property value and financing options, as lenders often require this provision for mortgage approval on permanent residences.
- Access to Services: Ensures that the property has reliable access to essential services and infrastructure necessary for year-round living.
Key Components of a Year-Round Use Provision
- Structural Requirements: Adequate insulation, roofing, and structural integrity to withstand seasonal weather variations.
- Heating and Ventilation: Reliable heating systems, proper ventilation, and air quality control.
- Water and Sewage Systems: Year-round access to potable water and effective sewage disposal systems.
- Access and Maintenance: Year-round access to the property, including road maintenance and snow removal.
- Compliance with Building Codes: Adherence to local and provincial building codes and standards for permanent residences.
Where to Get a Year-Round Use Provision in Canada
- Municipal Offices: The local municipal planning or building department is the primary source for obtaining information about year-round use provisions. They can provide details on local regulations, requirements, and the application process for obtaining this designation.
- Provincial Building Codes and Standards: Each province in Canada has its own building codes and standards that may include provisions for year-round use. These can be accessed through provincial government websites or building authority offices.
- Planning and Zoning Departments: Municipal planning and zoning departments can provide information on zoning bylaws and land use regulations that affect year-round residency.
- Real Estate Professionals: Real estate agents, brokers, and developers often have knowledge of local year-round use provisions and can assist in navigating the requirements.
- Legal Professionals: Real estate lawyers can provide legal advice and assistance in ensuring compliance with year-round use regulations and in obtaining the necessary designations.
Steps to Obtain a Year-Round Use Provision
- Contact Local Authorities: Begin by contacting your local municipal planning or building department to inquire about the specific requirements and application process for year-round use provisions in your area.
- Review Building Codes and Zoning Bylaws: Familiarize yourself with the relevant building codes and zoning bylaws that govern year-round residency to ensure your property meets all necessary standards.
- Prepare Necessary Documentation: Gather any required documentation, such as building plans, inspection reports, and proof of compliance with local regulations.
- Submit an Application: Submit an application for the year-round use provision to the appropriate municipal or regional authority, along with any required fees and documentation.
- Inspection and Approval: The property may need to undergo inspections to verify compliance with the year-round use standards. Once approved, you will receive the official designation allowing for year-round use.
Key Contacts for Assistance
- Municipal Planning or Building Departments: Primary point of contact for local regulations and application procedures.
- Provincial Building Authorities: For information on provincial building codes and standards.
- Real Estate Agents and Brokers: For practical advice and local knowledge.
- Real Estate Lawyers: For legal assistance and ensuring compliance with regulations.
Resources
- Ontario Building Code: Ontario Building Code Information
- British Columbia Building Code: BC Building Code Information
- Alberta Building Code: Alberta Building Code Information
- Local Municipal Websites: For specific zoning bylaws and planning information.
Obtaining a year-round use provision ensures that a property is safe, compliant, and suitable for permanent residency, providing peace of mind and potentially enhancing property value and financing options.
Property Survey
A property survey is a detailed measurement and mapping of a piece of land, including its boundaries, dimensions, and physical features. It is conducted by a licensed land surveyor and is essential for various real estate and development activities. The survey provides a precise description of the property’s legal boundaries, locations of buildings and structures, and other significant features such as easements, rights-of-way, and topography.
Purpose of a Property Survey
- Establish Boundaries: Clearly define the property’s legal boundaries to prevent disputes with neighbors.
- Real Estate Transactions: Provide accurate property details for buying, selling, or refinancing real estate.
- Development and Construction: Ensure that new constructions comply with zoning bylaws and setback requirements.
- Land Division: Assist in subdividing land or consolidating multiple parcels.
- Legal Documentation: Support legal descriptions in deeds, mortgages, and other property-related documents.
Types of Property Surveys
- Boundary Survey: Determines the exact boundaries of the property.
- Topographic Survey: Maps the contours and physical features of the land, including elevations.
- Construction Survey: Guides construction projects by marking the locations of proposed structures.
- Subdivision Survey: Divides a large parcel of land into smaller lots.
- Condominium Survey: Maps individual units within a condominium project.
Where to Get a Property Survey in Canada
- Licensed Land Surveyors: The primary source for obtaining a property survey is a licensed land surveyor. These professionals are regulated by provincial associations and have the expertise to conduct accurate surveys.
- Surveying Companies: There are numerous private surveying firms across Canada that offer a range of surveying services.
- Provincial Land Surveyors Associations: Each province has a governing body for land surveyors that can provide referrals and ensure that surveyors are properly licensed.
- Real Estate Professionals: Real estate agents and brokers can often recommend reliable surveyors and provide guidance on obtaining a survey.
- Municipal Offices: In some cases, municipal planning or building departments may have records of previous surveys or can provide information on local surveyors.
Steps to Obtain a Property Survey
- Identify Your Needs: Determine the type of survey you need based on your specific requirements (e.g., boundary survey, topographic survey).
- Find a Licensed Surveyor: Contact a licensed land surveyor or surveying company. You can find surveyors through provincial land surveyor associations or recommendations from real estate professionals.
- Request a Quote: Provide the surveyor with details about the property and the type of survey required to obtain a quote.
- Schedule the Survey: Arrange a convenient time for the surveyor to visit the property and conduct the survey.
- Receive the Survey Report: After the survey is completed, the surveyor will provide a detailed report, including maps and legal descriptions of the property.
Key Contacts for Assistance
- Provincial Land Surveyors Associations: These associations regulate surveyors and can provide referrals.
- Licensed Land Surveyors: Professionals who can conduct the survey and provide official documentation.
- Real Estate Agents: For recommendations and practical advice on obtaining a survey.
- Municipal Planning Departments: For information on any existing surveys and local requirements.
Resources
- Association of Ontario Land Surveyors (AOLS): Find a Surveyor
- Association of British Columbia Land Surveyors (ABCLS): Find a Surveyor
- Alberta Land Surveyors’ Association (ALSA): Find a Surveyor
- Ordre des Arpenteurs-Géomètres du Québec (OAGQ): Find a Surveyor
Obtaining a property survey is a crucial step in ensuring accurate property boundaries, complying with legal requirements, and supporting various real estate and development activities.
Businesses
Incorporated: A-Lender
Based on our discussions I will let you know the documents required.
They may include:
- Articles of Incorporation
- 2 years business financials (see your accountant)
- 2 years T1 Income Tax Return
- 2 years T2 Corporate Tax return and related schedules
- 2 years Notice of Assessment (NOA)
- Statement of Account (SOA) – CRA statement showing the outstanding balance owed to the Canada Revenue Agency
Incorporated: B-Lender
Based on our discussions I will let you know the documents required.
They may include:
- Articles of Incorporation
- 6 to 12 months business bank statements
- 1 year business financials (see your accountant)
- Statement of Account (SOA) – CRA statement showing the outstanding balance owed to the Canada Revenue Agency
Sole Proprietor / Partnership
You will generally need to provide:
- Master Business License
- 6 to 12 months of business bank statements
- Most recent T1 (see above) with T2125 Supplementary Form: Statement of Business or Professional Activities
- Statement of Account (SOA) – CRA statement showing the outstanding balance owed to the Canada Revenue Agency – as required.
Scenarios
Getting Pre-Approved
A pre-approval provides an estimate of how much you can borrow and locks in an interest rate for a specified period, but it is not a guarantee of final approval. It is not a mortgage commitment; it doesn’t guarantee you will be approved for a mortgage (sometimes industry jargon doesn’t mean what it seems to mean)
For pre-approval, the following documents are typically required for each mortgage applicant:
Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Letter of Employment
- 3 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Bank Statements showing the source of down payment (min. 3 months)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
Commission-Based Income:
… the above (as applicable) and:
- Commission statements (T4As) for last two years
- Notice of Assessment (NOA) last two years
Self-Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Purchasing Property
When purchasing a property, the following documents are typically required for each mortgage applicant:
Property Information:
- Realtor version MLS property listing
- Signed Agreement of Purchase and Sale
- Signed waivers – Agreement of Purchase and Sale (if applicable)
- Property Appraisal (if applicable)
- Property Tax Information
- Status / Strata Certificate (Condominium )
- Proof of Home Insurance
Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Letter of Employment
- 3 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Investment statements showing income earned (if applicable)
- Bank Statements showing the source of down payment (min. 3 months)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
- Rental income documentation (see below)
Commission-Based Income:
… the above (as applicable) and:
- Commission statements (T4As) for last two years
- Notice of Assessment (NOA) last two years
Self-Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Purchasing Property: Net Worth Program
A Net Worth Program in Canada is a mortgage product designed for high-net-worth individuals who may not have a regular or high income but possess significant assets. This program allows you to qualify for a mortgage based on your overall net worth rather than relying solely on your income to meet traditional mortgage lending criteria.
Property Information:
- Realtor version MLS property listing
- Signed Agreement of Purchase and Sale
- Signed waivers – Agreement of Purchase and Sale (if applicable)
- Property Appraisal (if applicable)
- Property Tax Information
- Status / Strata Certificate (Condominium )
- Proof of Home Insurance
Net Worth Program Applicants:
Lenders will require substantial documentation to verify your financial position:
Proof of Assets:
You must provide documentation of your liquid and non-liquid assets. This may include:
- Bank statements (for savings and checking accounts)
- Investment account statements (stocks, bonds, mutual funds, GICs)
- Appraisal reports for real estate properties owned
- Business ownership documents or shares in companies
- Pension or retirement account balances (RRSP, TFSA)
Income from Investments:
Documentation of any investment income (e.g., dividends, interest, or rental income from properties).
Tax Returns:
Some lenders may request tax returns from the past 1-3 years to verify how you have managed your wealth or report investment gains. This also shows consistency in income generation or withdrawals from investment portfolios.
Net Worth Statement:
A net worth statement that lists all of your assets and liabilities may be required. Some lenders may ask for this to be certified by an accountant or financial advisor.
Mortgage Payment Reserves: You may need to provide a statement showing that you have sufficient liquid assets to cover future mortgage payments (typically 12 to 24 months’ worth).
Real Estate Rental Income:
If you own investment properties, you may need to provide rental agreements, current lease agreements, or statements showing consistent rental income through bank deposits.
Not eligible
The following are ineligible at many, but not all lenders (see Allen Ehlert for details):
- Gifted Assets
- RESP Holdings
- Margin Investment Accounts
- Restrained savings/investments
- Liquid Assets in an Operating Company
- Insurance
- Real Estate Equity in unsold property
- Assets jointly owned/shared with a person not on the application
- RDSP Holdings
- Assets in a Locked-in Registered Account
Purchasing Property: New to Canada Program
The New to Canada Program in Canada is a mortgage product designed for high-net-worth individuals who may not have a regular or high income but possess significant assets. This program allows you to qualify for a mortgage based on your overall net worth rather than relying solely on your income to meet traditional mortgage lending criteria.
Property Information:
- Realtor version MLS property listing
- Signed Agreement of Purchase and Sale
- Signed waivers – Agreement of Purchase and Sale (if applicable)
- Property Appraisal (if applicable)
- Property Tax Information
- Status / Strata Certificate (Condominium )
- Proof of Home Insurance
Net Worth Program Applicants:
Lenders will require substantial documentation to verify your financial position:
Proof of Assets:
You must provide documentation of your liquid and non-liquid assets. This may include:
- Bank statements (for savings and checking accounts)
- Investment account statements (stocks, bonds, mutual funds, GICs)
- Appraisal reports for real estate properties owned
- Business ownership documents or shares in companies
- Pension or retirement account balances (RRSP, TFSA)
Income from Investments:
Documentation of any investment income (e.g., dividends, interest, or rental income from properties).
Tax Returns:
Some lenders may request tax returns from the past 1-3 years to verify how you have managed your wealth or report investment gains. This also shows consistency in income generation or withdrawals from investment portfolios.
Net Worth Statement:
A net worth statement that lists all of your assets and liabilities may be required. Some lenders may ask for this to be certified by an accountant or financial advisor.
Mortgage Payment Reserves: You may need to provide a statement showing that you have sufficient liquid assets to cover future mortgage payments (typically 12 to 24 months’ worth).
Real Estate Rental Income:
If you own investment properties, you may need to provide rental agreements, current lease agreements, or statements showing consistent rental income through bank deposits.
Not eligible
The following are ineligible at many, but not all lenders (see Allen Ehlert for details):
- Gifted Assets
- RESP Holdings
- Margin Investment Accounts
- Restrained savings/investments
- Liquid Assets in an Operating Company
- Insurance
- Real Estate Equity in unsold property
- Assets jointly owned/shared with a person not on the application
- RDSP Holdings
- Assets in a Locked-in Registered Account
Bridge Loan / Financing
Click here to learn about bridge financing.
When applying for a bridge loan in Ontario to facilitate the transition between selling your current home and purchasing a new one, the lender will typically require a specific set of documents. The purpose of these documents is to verify the applicant’s financial situation, the details of the current home sale, and the purchase of the new home.
Key Documents Required for a Bridge Loan:
Sale Agreement of the Current Home:
A copy of the firm Agreement of Purchase and Sale for the home that you are selling. This document proves that you have a buyer and outlines the closing date when the sale proceeds will be available.
Purchase Agreement for the New Home:
A copy of the firm Agreement of Purchase and Sale for the home you are purchasing. This document shows the purchase price, the closing date, and any other pertinent details of the new home transaction.
Mortgage Statements:
Recent mortgage statement(s) for the property you are selling. This includes details of your current mortgage balance, as it helps the lender determine the amount of equity available for the bridge loan.
Appraisal Report (if required):
Some lenders may require a recent appraisal of your current home to confirm its market value, although this is not always mandatory if the sale price is well-documented and accepted by the lender.
Proof of Down Payment for New Home:
Documentation proving the source of the down payment for the new home, such as bank statements, investment account statements, or other relevant financial documents.
Confirmation of Employment and Income:
Recent pay stubs, a letter of employment, and possibly the last two years of Notice of Assessments (NOAs) from the Canada Revenue Agency (CRA) to verify your income and employment status.
Identification:
Government-issued photo identification, such as a driver’s license or passport, to verify your identity.
Property Insurance:
Proof of property insurance for the new home, which is usually required by the lender before the loan can be advanced.
Legal Documents:
Information about your real estate lawyer, as the lender will need to work with your lawyer to finalize the bridge loan and ensure that all legal aspects of the transaction are in order.
Existing Debts and Liabilities:
Details of any other outstanding debts or liabilities you may have, as this can impact your eligibility and the terms of the bridge loan.
Additional Considerations:
- Bridge Loan Details: Some lenders may also require you to provide specific details about the bridge loan itself, such as the exact amount you are requesting and the anticipated duration of the loan.
- Equity Requirements: The lender will assess the amount of equity you have in your current home, as the bridge loan is typically secured against this equity. They will consider the difference between your home’s selling price and the remaining mortgage balance.
- Credit Check: Lenders will also conduct a credit check as part of the application process to assess your overall creditworthiness.
Providing all the required documentation promptly and accurately is crucial to ensure a smooth approval process for your bridge loan.
Mortgage Renewal (Switch/Transfer to New Lender)
At mortgage renewal time, moving your mortgage to a different lender (switch/transfer) can save you a lot of money and get your mortgage paid off faster.
The following documents are typically required but can vary depending on the lender
Identification Documents:
- 2 Pieces (see above)
- At least one must be a Government-issued photo ID (passport, driver’s licence, etc.)
- Health card not acceptable
Current Mortgage Information:
- Mortgage statement or payout statement from the existing lender.
- Details of the current mortgage, including the balance, term, rate, and payment history.
- Existing mortgage discharge form authorizing the current lender to discharge the existing mortgage
- Void Cheque to set up new mortgage payments with the new lender
Property Information:
- Property Tax Information
- Status / Strata Certificate (Condominium )
- Proof of Home Insurance
- Copy of original purchase agreement (if requested by the lender)
- Appraisal (if LTV is high or property value has significantly changed)
Employed Individuals:
- Signed Credit Authorization
- Letter of Employment
- 3 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Investment statements showing income earned (if applicable)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Recent bank statements showing the account where mortgage payments are drawn from, typically covering the last three to six months.
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
Commission-Based Income:
… the above (as applicable) and:
- Commission statements (T4As) for last two years
- Notice of Assessment (NOA) last two years
Self-Employed Individuals:
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Fees:
When a client is with a prime lender and wants to switch to a different lender at mortgage renewal time, typically, there are no fees charged by the original lender to switch to a new lender if the client is switching at the time of renewal.
While most lenders do not charge an early termination fee at renewal, there may still be a discharge fee when the mortgage is transferred to a new lender. This fee covers the administrative costs of closing the mortgage and is generally modest, often ranging between $200 to $400.
Other Costs:
- Appraisal Fees: If the new lender requires a new property appraisal, the client may need to pay for it unless the lender covers this cost.
see: Appraisal Cost - Legal Fees: While switching lenders at renewal, some legal work is required to discharge the old mortgage and register the new one. These legal fees might be covered by the new lender as part of an incentive to attract new clients, but if not, the client may need to pay them.
- Title Insurance: Title insurance may be required, though this cost is often covered by the new lender.
See: Is Title Insurance Transferrable
Refinancing Property
HELOC / Equity Access
Investment Property (Rental)
When purchasing an investment property, the following documents are typically required for each mortgage applicant:
Property Information:
- Realtor version MLS property listing
- Signed Agreement of Purchase and Sale
- Signed waivers – Agreement of Purchase and Sale (if applicable)
- Property Appraisal (if applicable)
- Property Tax Information
- Status / Strata Certificate (Condominium
- Proof of Home Insurance
Rental Income
Purchase
- Appraisal with Market Rents on subject property
- Lease Agreement (if property is tenanted)
Refinance
- Lease Agreement
- Appraisal with Market Rents
- 3 months bank statements
- T1 General (including form T776 Statement of Real Estate Rentals)
- 2 years Notice of Assessment (NOA) (if requested)
… other documents as required (lender specified)
Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Letter of Employment
- 3 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Investment statements showing income earned (if applicable)
- Bank Statements showing the source of down payment (min. 3 months)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
Commission-Based Income:
… the above (as applicable) and:
- Commission statements (T4As) for last two years
- Notice of Assessment (NOA) last two years
Self-Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Construction Loan
Building a new home or a laneway home can be a very complex undertaking. There are many scenarios that are possible.
When building a new home on vacant land, doing a teardown and build, or building a laneway home, the following documents are typically required. The specific documents for a given application depend on lender requirements, the type of construction, and your unique financial situation.
Property Information:
- Land Title or Deed (proof of ownership)
- Property Survey
- Property Appraisal (if applicable)
- Zoning Compliance, permits, and approvals
- Architectural Plans
- Construction Contract (timeline, construction costs, estimates, invoices)
- Contractor’s License and Insurance
- Proof of Home Insurance
Financing Information
- Proof of down payment (bank statements, investments, gift letter, etc.)
- Existing Mortgage Statements (if applicable)
- Appraisal Report (expected value after construction completion)
- Home owner’s insurance (construction update)
- Draw Schedule
- Progress Inspections
Rental Income
- Appraisal with Market Rents on subject property
- Lease Agreement (if property is tenanted)
Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Letter of Employment
- 2 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Investment statements showing income earned (if applicable)
- Bank Statements showing the source of down payment (min. 3 months)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
- Other income supporting documentation (as applicable)
Commission-Based Income:
… the above (as applicable) and:
- Notice of Assessment (NOA) last two years
- Commission statements (T4A) for last two years
Self-Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Rural / Cottage / Recreational Property
When purchasing a cottage or recreational property, the following documents are typically required for each mortgage applicant:
Property Information:
- Realtor version MLS property listing
- Signed Agreement of Purchase and Sale
- Signed waivers – Agreement of Purchase and Sale (if applicable)
- Property Appraisal (if applicable)
- Property Tax Information
- Proof of Home Insurance
Additional Cottage/Recreational Property Information:
A lender may require any of the additional documentation as per lender policies:
- Certified Water Potability Test (see local public health unit)
- Septic Inspection (if applicable) (see Ontario Association of Sewage Industry Services (OASIS) or local health unit)
- Road Access and Maintenance Agreement (Contact local municipal office)
- Zoning and Land Use Information (Contact local municipal office)
- Survey or Site Plan (if applicable)
- Year-Round Use (Contact local municipal office)
- Property Survey (Contains details of any easements affecting the property)
Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Letter of Employment
- 3 most recent pay stubs (not older than 30 days)
- Income documents: T4/T4A, Notice of Assessment, (as applicable for your situation to demonstrate income)
- Investment statements showing income earned (if applicable)
- Bank Statements showing the source of down payment (min. 3 months)
- Comprehensive list of assets (investment accounts, registered & non-registered accounts, vehicles, etc.)
- Confirmation of savings or investments (if applicable)
- Gift letter (if applicable)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
Commission-Based Income:
… the above (as applicable) and:
- Commission statements (T4As) for last two years
- Notice of Assessment (NOA) last two years
Self-Employed Individuals:
- 2 pieces of Government ID
- Signed Credit Authorization
- Income documents (as applicable for your situation to demonstrate income)
- Divorce/Separation Agreement (if applicable)
- Child/Spousal Support Payment (if applicable)
and …
Standard Program
- Master Business License (not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- Income must be paid from the same entity; can’t go from sole proprietor to corporation and use 2 years standard; need to wait a year.
- 2 most recent years’ Notice of Assessment (NOA)
If Incorporated, the above and:
- 2 most recent years’ financial statements from your accountant
- Articles of Incorporation
- Other documents depending on your situation
Insured Stated Income Program
- Master Business License (if not incorporated)
- 2 most recent years complete T1 returns
- Statement of Business Activities
- 2 most recent years’ Notice of Assessment (NOA)
- HST Return
- Stated Income Declaration Form (I will provide)
If Incorporated, the above and:
- 2 most recent years’ audited financial statements from your CPA accountant
- Articles of Incorporation
- Other documents depending on your situation
Alternative Stated Income Program
- Master Business License (if not incorporated)
- Stated income most be reasonable for your industry and align with most recent tax assessment
- 6 months history of bank deposits to support stated income
- Stated Income Declaration Form (I will provide)
- Statement of Account: Taxes paid to CRA
If Incorporated, the above and:
- Articles of Incorporation
- Other documents depending on your situation
Note: For this program, rates are tied to the strength of your credit
Reverse Mortgage
Send a Message
Frequently Asked
Is a mortgage agent a mortgage lender?
A mortgage agent has access to many types of lenders, including banks, including many financial institutions who only lend mortgage money through mortgage agents. A mortgage agent shops the market to provide you the best solution at your best rate.
What types of mortgage loans do you offer or have access to?
I engineer financial solutions using every type of mortgage loan available in the market today. Sometimes a single mortgage is required, other times a more complex solution involving multiple types of mortgages provides the optimized deal.
Do I need a minimum credit score?
I work with all types of clients; some have outstanding credit, others not so much. Don’t worry, I can get you to where you want to be no matter what your score. I don’t push mortgages, I engineer financial solutions to help you live your best life!
What do I need to apply for a mortgage?
There is a general collection of documentation required to apply for a mortgage, but different lenders have different requirements. Not to worry, I will professionally handle the application process on your behalf.
How fast can I be pre-approved?
I can pre-qualify you today so you can begin your ‘home shopping’ and get you pre-approved within 24 hours. Please note, do not make an offer before I get you pre-approved.
Mortgage & Planning Resources
Rates And Statistics
Get the latest information on mortgage rates, credit, and market reports.
Mortgage and Money Radio
Never miss an episode of Mortgage and Money Radio where we talk mortgages and money.
Calculators
Calculators to help you budget, figure out your mortgage payment, affordability, and much more!
Get a free subscription to “The Mortgage Insider” containing rate updates and financial strategies!
