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For self-employed professionals, traditional income verification methods can make securing a mortgage challenging. A Self-Employed Mortgage is designed to address these challenges by offering more flexible income documentation requirements.
Whether you’re a freelancer, a small business owner, or a contractor in Alberta, I’ll help you access the financing you need to achieve your homeownership goals.
This program is ideal for:
If you’ve been self-employed for at least two years and can provide alternative documentation for your income, you’re likely eligible.
Step 1: Pre-Approval
I’ll review your financial situation and help you gather the documentation needed for pre-approval.
Step 2: Find the Right Program
With access to a wide range of lenders, I’ll identify the best self-employed mortgage options for you.
Step 3: Close the Deal
I’ll guide you through the application process and work with lenders to secure approval for your mortgage.
If you're self-employed, your tax return rarely shows your real earning power. You write off expenses, so your net income looks lower than what you actually take home. Banks read that line and stop. I work with lenders who look at your bank statements, your business, and the full picture, not just line 15000. That's the difference between a no and a yes.
Common objections I solve: not enough T4 income, less than two years in business, income that swings month to month, and recently incorporated owners. Send me your situation and I'll tell you straight whether it works.
Most lenders want two years of self-employment history, backed by two years of Notices of Assessment from CRA. That said, two years is a guideline rather than a hard rule. If you spent years as an employee in the same field before going out on your own, some lenders will count that experience, and I've placed files at the one-year mark where the business was clearly established and the income well documented.
They can, and it's the single biggest issue I see on self-employed files. Writing off expenses lowers your taxable income, which is exactly what your accountant is aiming for, but lenders qualify you on that reduced net figure rather than your gross revenue. A contractor billing $180,000 who declares $60,000 after expenses gets assessed on the $60,000.
There are two ways around it. Some lenders add back a portion of specific deductions such as capital cost allowance and home office costs. Others use stated income or bank statement programs that look at your deposits rather than your tax return. If you know you'll be buying within the next two years, it's worth getting me and your accountant on the same page before you file.
The same 5% minimum applies if you can verify your income through traditional documents. Being self-employed does not automatically mean a larger down payment. Where it changes is on stated income programs, which generally require at least 10% down, and with alternative lenders, who often want 20%. The stronger your documentation, the smaller your down payment can be.
Not if you qualify through a traditional lender with full documentation. Self-employed borrowers who can verify income through Notices of Assessment access the same rates as salaried applicants. Rates only climb when you need a stated income or alternative lender solution, where you might pay roughly half a percent to two percent more depending on the lender and the size of your down payment.
Start with two years of Notices of Assessment and your full T1 Generals. If you're incorporated, add two years of corporate financial statements and your articles of incorporation. Most lenders also want a business licence or proof of registration, six to twelve months of business bank statements, and confirmation that your GST account is in good standing. Having this assembled before you apply is the difference between a smooth approval and a file that stalls for weeks.
Being self-employed shouldn’t be a barrier to owning your dream home. Whether you’re buying a home in Calgary, Edmonton, or rural Alberta, I’m here to help you secure the right mortgage.
My Alberta Mortgage Guide explains how lenders assess income, credit, and down payment — including for non-traditional borrowers.
Contact me today to learn more about how a Self-Employed Mortgage can work for you.
If you have more questions, or would like assistance with planning your mortgage, please reach out to me today!
