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Income Requirements

Know Your Income Requirements.

If a Salary or Hourly Paid Employee

  • Letter of Employment (LOE) – Letter must be dated within the last 30 days, typed on company letterhead and signed by someone of authority. Letter confirms name of employee, salary or hourly wage, length of employment (confirming no probation), position, and prospect for continued employment.
  • Recent Pay Stubs – Provide your most recent pay stub (dated within 30 days), must show income deductions and year to date income earned. If you receive Overtime, bonus, or shift differential, we will need your 2 year average of income, based on your previous 2 years of income.

If a Business or Self Applicant

  • Last 2 years of Notice of Assessment (NOA) indicating that no income tax is owed to Revenue Canada.
  • We also require evidence of at least two years self-employment by one of the following:
    • Business License
    • Canada Revenue Agency’s Notice of Return Adjustment/Summary (for a GST return)
    • T1 Generals with Statement of Business Activities attached for a minimum of 2 years
    • Financial Statements for the last 2 years, prepared and signed by an accountant
    • Articles of Incorporation
   

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