Key takeaways
- Two years of filed tax returns are the standard for prime lenders.
- Stated-income programs exist with alternative lenders, often at higher rates.
- Write-offs lower your taxable income and your qualifying income.
What do lenders need from self-employed borrowers?
- Two years of T1 Generals and Notices of Assessment
- Business licence or articles of incorporation
- Financial statements if incorporated
- Six to twelve months of business bank statements (alternative lenders)
What is a stated-income mortgage?
You state a reasonable income for your industry, supported by bank deposits, instead of relying on taxable income. Rates are higher and down payment requirements larger.
Brokers know which lenders read business income
Licensed mortgage brokers place self-employed borrowers with banks, credit unions and alternative lenders every day and know which ones accept stated or business income. Why use a mortgage broker · Get broker and lender bids
Which lender types suit self-employed borrowers?
| Situation | Likely lender |
|---|---|
| 2+ years, solid taxable income | Banks, credit unions, monolines |
| Under 2 years, or heavy write-offs | Alternative (B) lenders |
| Complex or urgent | Private lenders, MICs |
Frequently asked questions
Can I get a mortgage after one year self-employed?
Some lenders accept one year in the same industry with prior employment history.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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