Your documents talk to each other. Underwriters listen.
Your T1, your Notice of Assessment, your slips and your company's financial statements are read together, figure against figure. When they agree, files move. When they don't, the questions start.
Follow one dollar
One dollar, six documents. Every one has to agree.
Keep scrolling and watch where a single dollar of company profit shows up.
- Financial statementsThe company earns itRevenueEvery dollar starts in your company's income statement.
- Financial statementsWhat's left after expensesNet incomeExpenses come off first. What remains is what the company can pay out, or keep.
- Financial statementsThe company pays youDividends paidPaying yourself shows up in the company's books, not just your bank account.
- T5 slipThe slip records itActual and taxable amountsYour slip shows two numbers for the same dividend. That surprises most people.
- T1 GeneralYour return reports itTaxable dividendsThe figure on your return isn't the cash you received. Underwriters know the difference.
- Notice of AssessmentCRA confirms itAssessed incomeCRA's answer closes the loop, and any balance owing is right there on the page.
When every station agrees, an underwriter moves on. When one doesn't, they stop and ask. Knowing where they'll stop is my job.
Illustration. Every lender reads these figures its own way.
The cross-check
Tap a document. See what it's checked against.
Every line is a question an underwriter can ask.
Tap any document to see which others it has to agree with. Your application is on the map too: what you tell a lender is checked against the paper.
What underwriters notice
Eight things that make an underwriter stop and look twice.
Tap a card to turn it over
None of these is automatically a no. Each one changes which lenders fit and what they'll ask for, which is exactly what I sort out before your file goes anywhere.
Same file, different answers
The same documents can qualify you for very different amounts.
Each lender has its own way of reading self-employed income. Knowing which lender reads your documents best, and what each one will check, is my job. I take pride in doing it well.
Discuss Your MortgageIncome each lender uses, from the same documents
- Lender AUses the lower recent year
- Lender BAverages two years
- Lender CAdds back some expenses
Illustration only, not real lender figures. Policies vary and change.
Common questions
Do lenders need both my T1 and my Notice of Assessment?
Often, yes, because one is what you filed and the other is what CRA assessed. Some lenders and programs ask for less, and some ask for more. Which ones a lender needs depends on the lender, the program and how you're paid.
Why doesn't the dividend on my T1 match what I was paid?
Dividends are grossed up for tax purposes, so the taxable amount on your return is higher than the cash you received. Lenders don't all treat that difference the same way.
Can money left in my corporation help me qualify?
Sometimes. Some lenders consider part of a corporation's earnings in specific circumstances, and many don't. Retained earnings do not automatically count as qualifying income.
Do lenders need my corporate financial statements?
If you're incorporated, many lenders will ask for them, usually for two years, to see that the business supports what you pay yourself. Requirements vary by lender.
What if I owe CRA?
It depends on the lender. Some lenders don't mind a balance owing for personal tax, GST/HST or payroll and will pay it out from the mortgage itself; others want it cleared before they approve. Matching you with a lender that's comfortable with it is part of my job.
General information about how mortgage lenders in Canada may review self-employed income, not tax, legal or accounting advice. Every example is illustrative. Each lender and mortgage insurer sets its own documentation and income policies, and they change. Information provided to a lender must always be complete and accurate. Qualification depends on lender underwriting. Rates, terms, fees and penalties vary by lender and are subject to change. Examples are illustrative only and are not a commitment to lend. Content reviewed October 22, 2026. Back to self-employed mortgages.
Let's discuss your mortgage.
Whether you're purchasing, refinancing, or reviewing an existing mortgage, start with a conversation about your circumstances and available options.