Earlier mortgage approval for the self-employed:

New guidelines have been released that may help self-employed people secure a mortgage. The new guidelines are meant to help those who have worked for themselves for less than two years, and are not able to provide the standard 2 year history of personal income taxes. Those that are under this category still need to show that they have been within the same line of work as they had been before they were self-employed. For example, a geologist who was working as an employee for an oil company, but has left the oil company and started their own geology consulting company can now be qualified for a mortgage -without first having 2 full years of personal business documentation.

Think this change might affect you or someone you know?

Check out the basic info on the new guidelines:

  1. Changes are meant to help those that have not been self-employed for 2 full tax years and are not able to provide the standard 2 year history of personal income taxes.
  2. Lenders will still use the lesser of last 2 years of income or most recent year for qualifying.
  3. For someone that is less than 1 year self-employed, lenders can use the previous 2 years of T4 income.
  4. For self-employed clients that have 1 year of taxes to show in the business, lenders will use the T1 general, notice of assessment and T2 or business financials if they are incorporated.
  5. The client must show reasonable proof for why they fit under the new guidelines. Contracts or previous history in the line of work are required.


Have questions about the new guidelines?
Have other mortgage related questions?

Contact one of our trusted mortgage specialists!


cell: 403.389.5202


cell: 587.436.2348


cell: 403.861.7399

In the Calgary real estate market, it is important to ensure you are qualified for your mortgage before you start looking. Let us help you find the home of your dreams!

It’s not just a listing, it’s a lifestyle.