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Other Sources of Income You Can Use To Qualify For Financing

London, Ontario Area

As with employment income, you will also have to provide proof of any other sources of income you may have. Below are some of the most common sources of income and the documentations required. 

Rental Income

A copy of the lease(s) on the property stating the monthly rent(s) are required. If the rent is coming from a property that you do not also live in, you will be required to provide a copy of the mortgage statement and list of expenses to maintain the property (i.e. insurance costs, maintenance, etc.).

Examples of income that fall into this category are: Canada Pension Plan (retirement as well as disability), Old Age Security, Worker's Compensation, Super-annuation and private employees' pension plans. Unemployment Insurance income may be used in certain parts of the country and only under certain circumstances. 

Investment Income

A copy of bank, insurance or investment company statements confirming the length, nature and amount of the investment as well as the monthly income. Examples of this would be income from bonds, stocks, GICs, RRIFs, Annuities or Trust Accounts.

Support or Alimony

A copy of the legal separation agreement confirming the amount of the support, the terms (if any) and length of time it has been in place for. In cases where a legal separation agreement does not exist, it would be the lender's decision as to what type of confirmation would be acceptable to them.

In all the above cases, the lender may request 2-3 years' copies of your Revenue Canada Notice of Assessment to confirm the amount of these incomes.

Pension Income

Whether private or government pensions, a copy of a letter of confirmation and/or cheque stubs will be required. The nature and source of the pension must be disclosed. The pension must be permanent to be used to qualify.

519-471-8888    London, ON
Sutton Preferred Realty Inc., Brokerage
Independently Owned and Operated
181 Commissioners Rd W
London ON
N6J 1X9
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