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.
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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