Mortgage advise and contests! 

From a Mortgage point of view, filing your income taxes is vital in a purchase or a refinance. If you are an hourly employee or receive overtime or a bonus, lenders want to be able to confirm you have filed your income taxes and do not owe anything to the CRA. Commonly it is requested that you provide different tax forms and here is a brief summary of the most common ones and why they are requested: 

  1. T4 - this is the slip that your employer gives you to summarize the previous year. They must give this to you by the end of February. Lenders want to see these slips to match up the employer with your job letter and current pay stub to confirm you are at the same place of employment.
  2. T1 General - this is the 'package' (usually 6-8 pages) that is done when you do your income taxes and submits to the CRA. This is 'I have filed my taxes' stage. Lenders want to see this sometimes because it breaks down all the various types of income you may have received, not just employment income (investmnet income, loss investment income, CERB, E.I, etc). 
  3. Notice of Assessment (NOA) - this is what comes back from the goverrment after you file your taxes. This confirms that the CRA agress with what you filed and is the last step/confirmation that income taxes are done. Lenders want to see this because it is proof that you filed and it was received. It shows if you owe or will received a refund. 

Need help with your incomet taxes? Just reach out and we can assist. 

Sherry Corbitt, Mortgage Broker

Thanks for reading!!!

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