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Get to Know Our Stated Income Product

This program is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven two year history of managing their finances responsibly. Eligible borrowers typically own a small business for a minimum of two years. In addition, the borrower is required to declare their income which should be reasonable based on the industry, length of operation and type of business.

For Purchases Only
Insured Stated Income 65-90% LTV

To Apply – We Need to Know:

  • Income amount confirmed by your most recent Notice of Assessment
  • Stated gross annual business revenue
  • Business type/profession (e.g. landscaping, bookkeeping, etc…)
  • Ownership structure and the percentage of ownership (e.g. sole proprietor, partnership or incorporated)

Borrower Qualifications:

  • Minimum 2 Years Business for Self
  • Most recent Notice of Assessment confirming no outstanding income tax arrears
  • Strong credit history
  • Income must be stated and reasonable based on industry, length of operation and type of business
  • Commission income is ineligible

Documentation Requirements:

Minimum 2 years self-employed confirmed by way of any one of the documentation below:

  • Articles of Incorporation
  • Business License
  • GST/HST Return
  • 2 years T1 Generals with Statement of Business Activities
  • Audited Financial Statements for the last 2 years