Commonly Required Documents

General Approval Documentation

1. Identification Requirements

Two pieces of identification must be provided by all applicants. There are two categories, primary and secondary.

• Primary includes driver's license, passport, or any government issued photo identification with a photo and signature.
• Secondary includes birth certificate, SIN card, certificate of Indian Status, but must be accompanied by a primary ID.

2. Credit Authorization

An authorization form confirming consent for the broker and lender to pull TransUnion and Equifax bureaus must be signed by you and provided to your broker.

3. List of Assets

• Savings account balances
• TFSA or RRSP balances
• FTBH account balance
• Vehicles, including year, make, model, and value
• Life insurance policies
• Real estate

4. Proof of Income

• 2 most recent pay stubs, dated within 30 days, showing year-to-date income
• Letter of employment, signed and dated by HR or payroll within 30 days
• Previous 2 years T4 statements. These government forms show all income for the year including employment income, pensions, commissions, or EI. These can be located on the CRA website.
• Proof of income statement. If T4s do not show your name, a proof of income statement can be provided for additional confirmation. In the CRA website, on the left side, click "Tax Returns". On the right of the page, you will find "Proof of Income Statement". Please provide the previous 2 years.
• T1 Income Tax Return, for self-employed borrowers or if receiving rental income
• Notice of Assessment, which details yearly income and taxes paid, confirming refund amount or taxes still owed

5. Divorce or Separation Agreement

If applicable, a copy of a divorce or separation agreement between you and your former partner is required. Child support and alimony amounts must be confirmed.

Property Related Documents

1. MLS Listing (Realtor View)

For applicants purchasing a new property, the MLS listing with all information detailed is required.

2. Offer to Purchase

This is the purchase contract with the property sellers, provided by your realtor or property developer.

3. Waiver of Conditions

Once all conditions of the purchase are removed, the waiver of conditions document must be supplied to your broker.

4. Proof of Down Payment

• If personal cash or savings, 90 days of bank statements are required. It should show a comprehensive history of all transactions, and funds sitting in your account or growing at an appropriate rate.
• If gifted, a letter outlining the conditions of the gift and from whom. This should be accompanied by the bank statements of the gifting party to confirm proof of funds. A bank statement from yourself showing the funds deposited into your account is also required.

For Existing Property Owners

• Mortgage Statement, a statement from the current lender showing all details of any current mortgage you have
• Property Tax Statement, the annual tax statement for each property you own
• Rental Lease Agreement, for any rental property, a current signed lease agreement is required
• Condo Board Letter, if your home is part of a condo board, a letter stating your monthly condo fees is required
• Sale Agreement, if selling your current home, a copy of the purchase agreement must be provided

Remember, having all documents ready can significantly streamline your mortgage application process and improve your chances of approval.