Self-Employed Mortgage Planning in Edmonton and Alberta

Being self-employed doesn't mean you can't qualify for a mortgage, but lenders may look at your income differently. The earlier we talk, the more time we have to plan.

Can I qualify for a mortgage if I'm self-employed?

Often, yes. Lenders generally want to see two years of history in the same line of work, your tax returns, and proof your income taxes are filed and paid. There are also lending programs designed for self-employed borrowers where approval leans on factors like good credit, time in business, and the property type and location, not only your tax returns.

How do lenders calculate my income?

Typically from your tax returns. Lenders often use a two-year average if your income is increasing. If it went down, they'll usually use the most recent (lower) year.

What documents will I need?

If you've been self-employed for two years or more, usually:

  • 2 years of T1 Generals (personal)

  • 2 years of Notices of Assessment

  • Company financial statements for the past 2 years

  • Proof your income taxes are up to date and paid

See the full Mortgage Documentation Guide.

What if I've been self-employed less than two years?

It depends on your situation and the lender. Contact us and we'll tell you what's likely to be required.

What if I write off a lot of expenses?

Writing off expenses lowers your taxable income, and that's often the income a lender uses to qualify you. If you're planning to buy in the next year or two, it's worth talking to us (and your accountant) before you file, so your tax strategy and your mortgage plans work together.

Do I have to go to a big bank?

No. Banks don't always "read between the lines" on self-employed income. We work with a range of lenders, including programs specifically for self-employed borrowers.

What if my income varies year to year?

Lenders look at history and trend. Two years of steady or rising income is the strongest position. If yours dips, the most recent year usually counts most. Planning ahead lets us time your application well.

Self-employed and thinking about buying? Let's figure out the mortgage before you start shopping. Let's start a conversation