Everything You Should Know About Self-employed Mortgages In Ontario According to a 2016 census, around 12.1% of workers in Ontario are self-employed. The Covid-19 pandemic has influenced the employment market to a huge extent. It is estimated that by 2023 around 7 million Canadians will become self-employed. Even though the number of self-employed people is on the rise, obtaining a mortgage for self-employed in Ontario is not easy. Taking out a mortgage for self-employed people is not easy primarily because they often can’t show proof of their income. Moreover, business owners are encouraged to spend as much as possible. It helps in reducing their taxable amount. But many money lenders are not in favor of these expenses. Keep reading to understand the various conditions for obtaining a mortgage for self-employed people.
Requirements For Self-employed Mortgages In Ontario If you are self-employed and want to obtain a mortgage, your lender will ask you to show the personal tax Notices of Assessment. The document should be from the past two or three years. You will have to include this document with your mortgage application. Being able to provide proof of income will ensure that you can get the same mortgage rates as other borrowers.