List of Data Needed for Lo/No Condition Offers

Documents needed for Low/ No Condition Offers are below.

For Employees:

Employment Data

• Employment letter ** – order from payroll or HR
• 2 x recent pay slips

Tax Data

• Last 2 years of your NOAs – Notice of Assessments – you get them back after you pay your federal income taxes
• Last 2 years T4’s – to verify continued employment in your industry

Confirmation of down payment

90 days of detailed account history is needed – by way of:

• 3 months of on-line bank statements (print-out to PDF and email is perfect) showing funds on deposit AND / OR
• For RRSP/ TFSA funds: 3 x monthly account statements OR at least 2 statements, 3 months apart OR a year-end summary and recent statement.
• If your name is not on the statements please print the “welcome page” that should show your name AND last few digits of the account numbers so they can be cross referenced.

** Employment letter – A letter of employment is needed that includes the following:

• Addressed to: Whom It May Concern:
• Position,
• Length of time with employer,
• Status: either Fulltime or Part-time; “with XX hours per month guaranteed,”
• Salary: Annual base salary, hourly pay,
• Any applicable bonuses,
• Contact information for the author of the employment letter – many lenders will call to verify information,
• Letter to be on company letterhead,
• Letter to be signed by writer.

For SELF-EMPLOYED

Tax Data

• Last 2 years of your NOAs – Notice of Assessments – you get them back after you pay your PERSONAL income taxes
• Last 2 years T4’s – if you T4 yourself, if you don’t T4 yourself you will not have these.

Your accountant may have these and can usually forward them to us in PDF if you ask them too:

• Last 2 years of T1 Generals – a copy of the actual PERSONAL tax return that was sent to RevCan
• Specifically with the “schedule of business of activities”

If you are incorporated, also add:

• Articles of Incorporation
• Last 2 years of financials – balance sheet, cash flow, income statment, with Notes to Readers.

Confirmation of down payment – by way of:

• 3 months of on-line bank statements (print-out to PDF and email is perfect) showing funds on deposit AND / OR
• For RRSP/ TFSA funds, at least 2 statements, 3 months apart showing funds on deposit in your name on the print outs.
• If your name is not on the statements please print the “welcome page” that should show your name AND last few digits of the account numbers so they can be cross referenced.
• All the funds in both your personal and business bank accounts count as your own funds – for mortgage math – so you don’t have to move money between accounts when we are qualifying you. We can discuss this in more detail.