Approval Conditions

Job Letter

Letter from your employer on letter head stating your tenure at the job position, wage and hours worked per week. If you have less than 3 months on the job, it will need to state if you are off probation.

Paystub

You will need a paystub dated within the last 30 days showing your year to date. Note: if your paystub is not showing your year to date, you will need to supply a T4 as well.

T1 Generals

Also called T1, General Income Tax Form or Income Tax and Benefit Return, the T1 tax form is what individual Canadians use to complete their personal income tax return. You will need to hand these in at the time of application.

T4

This form is supplied to by your employer every year. It states your total earnings and deductions for the previous year.

T4A

Supplied to you by Canada Revenue Agency (CRA). This form states your pension earning for the previous year. Depending on what kind of pension you receive your form may be called:

T4A (Statement of Pension, Retirement, Annuity and other Income
T4A (OAS) (Statement of Old Age Security
T4A (P) (Statement of Canada Pension Plan Benefits

Business Financials

If you run your own company, which is incorporated, you will need to hand in your business financials of that company at the time of application. These financials could include and are not limited to the income statements, expenses, fiscal numbers etc.

Notice of Assessment (NOA)

This is sent to you from Canada Revenue Agency (CRA) after they have reviewed your tax return and will state the main lines/amounts used to calculate if you have a refund or balance owing.

Property Tax Statement

This form is provided to you by the Provincial Government showing you what your property assessment is for the previous year and the balance owed for the current year. Most lender require this form as they need to see that your property taxes are paid up to date.

Child Tax Benefit Awards Letter

Child Tax benefit can be used as other income in your application and can be presented as a source of income on your application.

90 Day Bank Statements for Down Payment

You will require you bank statements from the last 3 months at the time of application.

Purchase Contract

When you are buying or selling a house, you will sign a home purchase agreement that outlines the conditions that both buyer and seller agree to, including the purchase price. It is a legally binding contract between the two parties.

MLS Listing

A Multiple Listing Service (MLS) is a suite of services that real estate brokers use to establish contractual offers of compensation and accumulate and disseminate information to enable appraisals. The MLS listing will help you gauge the value of the property you are looking to purchase and is thus needed at the time of application.

Mortgage Statement

You will need to provide your most recent mortgage statement which is provided by your lender once a year. Showing the breakdown of principal and interest paid over the year and the details of your mortgage (eg. Remaining time left on your current term, maturity date, amortization, etc.)

Rental Lease Agreement

This agreement will need to show the tenants name, their monthly rent amount and it needs to be signed by the tenant.

Appraisal

An estimate of the value in real property. These are conducted by certified appraisers, for lending institutions to accurately gauge property value. Appraisals are often required by lenders so that they can receive an objective value of the subject property.

Home Inspection

A limited examination of the condition of a home, conducted by a certified home inspector. These inspections are for the client’s benefit; the report gives the client more information on the property in which they can use to make a more informed decision to purchase.

AGMS (Annual General Meeting)

This is a meeting of the stakeholders in strata in which they go over the financial history of the year and discuss any issues that need to be resolved.

Strata Minutes

These are the notes documented from AGMs and other strata meetings. These notes will help provide an in-depth look into the building as well as the operations of the building.

Strata Form B

This form details a variety of information about a strata lot and the strata corporation. It is requested when someone is considering buying a strata property.

Depreciation Report

Provides useful information to strata lot owners, prospective purchasers, and lenders about a strata property and its projected costs/plans for repairs, as well as replacement costs, over a 30-year period.

Property Disclosure Statement

This two-page document obligates the seller to disclose any and all known defects on the property. Its purpose is to protect the purchaser in the real estate transaction.